Panama Yacht Registration and Offshore Vessel Information
Shipping companies have known for decades that Panama offers numerous advantages for offshore vessels. That's why more than 8,100 watercraft around the world are registered in Panama. This includes oil tankers, cargo ships, fishing boats, yachts, and many other types of vessels.
Panama's regulations and fees are so beneficial that more boats register in Panama than any other country in the world. Liberia comes a distant second with about 2,300 vessels.
Even when you count ships by tonnage, Panama comes out ahead. The vessels registered in Panama carry about 81 million tons of weight. That makes up almost 22 percent of all the watercraft and cargo tonnage in the world!
If your business wants to benefit from the advantages that so many other companies have used for years, then you will need to learn about offshore vessels and yacht registration.
Click next for information about how Panama's maritime regulations could benefit you or your business.
The Benefits of registering your vessel in Panama
Registering an offshore vessel or yacht in Panama can give you numerous benefits. Some of the most popular reasons that individuals and companies prefer Panama offshore vessels and yacht registration include:
- Non-Invasive Maritime Laws. You can register a yacht or other vessel in Panama regardless of where you live. Panama lets organizations and individuals from all over the world register their vessels under the Panamanian flag.
- Panama does not have a minimum tonnage requirement. If you have a vessel that is more than 20 years old, though, you will have to get it inspected before you qualify for a Permanent Navigation Patent. This is a simple process that most owners can pass quickly. Having a lawyer or representative in Panama makes the process even easier.
- When transferring your offshore vessels and yacht registrations to Panama, you do not need to have them surveyed as long you already have the proper certificates. This is helpful for companies that don't want to interrupt operations while transferring their registrations. Many countries require owners to dry dock their vessels for inspection even when they already have proper certification.
- Panama Offshore Vessels and Yacht Registration Can Save You Money. Companies that operate offshore vessels do not have to pay any taxes on the money they make through international trade. That's one of the greatest benefits of registering vessels in Panama: you get to avoid taxes that you would have to pay in many other countries.
If you want to take your business to the next level, it just makes sense to register your vessels in a country that doesn't charge unnecessary taxes.
Panama also has a speedy registration process. A recently developed electronic registry makes the process fast, efficient, and accurate. It's estimated that the new registration system can save individuals and companies up to 80 percent of the time they would have spent registering vessels with the old system.
Your responsibilities when registering a yacht
Panama has maritime laws, low registration fees, and incentives that encourage offshore vessels and yacht registration. There are, however, some responsibilities that you must accept when you register a vessel under the Panamanian flag.
Perhaps most importantly, vessels participating in international trade must submit to an annual safety inspection. This inspection makes sure that all vessels registered in Panama have the safety and pollution-control features needed to keep up with modern expectations.
Having a group of experienced lawyers on your side can help you determine what certificates and inspections you need before you can register your vessels in Panama.
International laws establish many of those expectations, but Panama must enforce them.
Panama also requires offshore vessels and yachts to carry proper certifications showing that they have passed inspections. This helps inspectors do their jobs properly and ensure everyone's safety.
Having a group of experienced lawyers on your side can help you determine what certificates and inspections you need before you can register your vessels in Panama. Delvalle and Delvalle Attorneys at Law have years of experience working with international clients who register a variety of vessels in Panama.