Benefit #1: Panama has a Simple Yacht Vessel Registration Process
Passport: A copy of the owner’s passport. If owned by a company, you will need a copy of hte articles of incorporation.
Power of Attorney: Power of Attorney allows Delvalle & Delvalle to represent you before the Panamanian Maritime Authority.
Purchase and Sales Contract: A copy of the current owner’s bill of sale. Those who own new yachts will need the construction certificate.
Declaration Note: A note from the owner promising that the yacht will not be used for commercial purposes.
Tonnage: Panama doesn’t have a minimum tonnage requirement.
Certification: Panama allows any certified international company to provide tonnage and security documents.
Benefit #2: Panama Allows Dual Yacht Vessel Registration
Panama allows yachts and vessels to register in other countries simultaneously.
Foreign boats with a charter contract lasting two years or less can also register in Panama.
Benefit #3: Panama Helps Yacht and Vessel Owners Save Money
Yachts and vessels less than 20 years old do not pay utilities taxes.
Vessels registered in Panama do not have to pay taxes on their profits.
Benefit #4: Protection from Panamanian Marine Court
The Panamanian Marine Court is open 24 hours a day all year long.
The court offers juridical security no matter where you take your yacht or other vessel.
Nearly 10,000 vessels have already registered in Panama, proving that the Panamanian Marine Court works efficiently for people and companies all over the world.