The Republic of Panama will allow most people to register yachts under its flag. Doing this, however, requires several steps that you must follow carefully. By doing this, though, you might find that you get to save money and gain exceptional freedoms that you cannot find elsewhere.
Dual Yacht Registry
If your yacht is already registered in a country, then you can still register it in Panama to take advantage of numerous benefits. Panama’s laws allow you to register you vessel as long as it has been chartered for at least two years.
Determine Whether You Qualify for a Discount
You can take advantage of even more benefits if you have a corporation in Panama. Corporations receive a discounted registration fee. If you have been thinking about establishing a corporation in Panama, then you should do so before you register your yacht. That way, you can take advantage of the discount.
Fill Out the Registration
Panama has made it easier to register yachts by moving the registration process to an online system. Still, you have to complete the required forms accurately. Failure to do so could cause a significant delay in registration.
Help Registering Your Yacht in Panama
Many people and corporations find that it makes sense for them to hire a law firm like Delvalle and Delvalle to register yachts and similar vessels. Hiring experienced lawyers means that you can take advantage of every benefit and discount without accidentally filling out required forms incorrectly.