Panama Yacht Registration and Offshore Vessel Information - The Benefits of registering your vessel in Panama
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.