Panama Vessel Registration
Below is a MRR and PLR article in category Business -> subcategory Other.
Panama Vessel Registration
Overview:
Panama's Ship Registry is the world's most popular choice for vessel registration, known for its simplicity and low registration costs compared to other countries. This has made it a preferred option for international shipping companies.
Vessel Registration Benefits:
Vessel registration in Panama requires a one-time enrollment fee, calculated on a variable scale, and a government fee. The bill of sale registration costs $0.20 per net registered ton, plus a 20% surtax. The annual tax is $0.10 per net ton, along with additional charges.
Panama offers liberal labor laws for Panama-flagged vessels, and income from international shipping activities is exempt from Panama income taxes.
Yacht Registration:
Recreational yachts can also be registered in Panama, following a different pricing model. The registration certificate is valid for two years and is renewable.
Registration Fees:
- $1,500: If owned by a foreigner
- $1,000: If owned by a Panamanian or Panamanian corporation
These fees apply at renewal as well.
Required Documents:
1. Sale & Purchase Agreement or Bill of Sale (or Builder's Certificate for new yachts)
2. Power of Attorney
3. Deletion Certificate from previous registry (or Builder's Certificate if new)
Yacht owners must comply with Radio Operator requirements, and yachts over 20 years old need a survey and safety inspection.
Anonymous Yacht Ownership:
Yachts can be owned anonymously through a Panama bearer share corporation, ensuring privacy since ownership records are not publicly accessible. Transactions are handled by nominee directors and law firms, with additional privacy strategies available. Conventional financing may not be suitable for anonymous ownership, but selling the yacht involves simply transferring the corporation ownership.
Residency Through Yacht Ownership:
Panama offers residency options linked to yacht ownership through a Panama anonymous bearer share corporation with investments over $150,000. The "business investor" program requires hiring three full-time Panamanian employees. Alternatively, investing $200,000 can qualify you for the "person of means" visa without the need to hire crew, by considering the yacht as a movable home.
After holding a provisional residency card for one year, full residency with a cedula is granted, with the opportunity for full citizenship after five years.
For further details on Panama corporations and foundations, please visit the respective links for more information.
You can find the original non-AI version of this article here: Panama Vessel Registration.
You can browse and read all the articles for free. If you want to use them and get PLR and MRR rights, you need to buy the pack. Learn more about this pack of over 100 000 MRR and PLR articles.