Advantages of Ship Registry in Panama
Before you decide where to register your vessel, you should consider the benefits that you will get from registering in Panama. Whether you have a yacht or commercial boat, you will quickly understand why Panama has more vessels registered under its flag than any other country in the world.
Anyone Can Register a Vessel in Panama
Any person or company, regardless of where in the world they are located, can register a vessel under the Panamanian flag. This could give you access to tax incentives and breaks that help you save money every year.
No Minimum Tonnage Requirements
Panama does not require each vessel to carry a certain amount of tonnage. What you move with your ship is your business. If your vessel is over 20 years old, though, you will need to have your boat inspected for a Permanent Navigation Patent.
Certificates Give You More Freedom
If your vessel is currently registered under a different flag, you can transfer registration to Panama without dry docking the boat and having it resurveyed. You just need valid safety and tonnage certifications. Avoiding this troublesome process can save you a lot of money and allow you to continue working on your schedule.
Discounted Registration Rates for Fleets
If you have a fleet of vessels, then you could potentially save money with discounted registration rates. For instance, fleets with five to 15 vessels receive a 20% discount. Fleets with 16 to 50 vessels can enjoy a 35% reduction in fees. Fleets with more than 50 vessels can save 60% off their registration.
With all of these advantages, it quickly becomes clear that registering a vessel in Panama could help most businesses and individuals save money while increasing their freedom to operate as they see fit without a lot of unnecessary regulations.