Unlock the Benefits of Vessel and Yacht Registration in Panama
By eliminating property restrictions, Panama now holds one of the largest Marine Mercantile Fleets in the world. Factors such as the lack of nationality requirements referring to the property of a vessel or yacht registered under a Panamanian Flag, the fact that the owner of the vessel may be a natural person or a corporation, Panamanian or foreigner, no weight or age requirements for the vessel and reasonable registry costs, have made of Panama one of the main open registries for vessels. In this article, we will explore the process and benefits of vessel and yacht registration in Panama.
Panama Yacht Registration
Panama yacht registration is a straightforward process. It involves the submission of documentation and payment of fees to the Panama Maritime Authority. One of the main advantages of registering a yacht in Panama is the tax exemption on yacht sales. The owner of a Panamanian registered yacht is exempt from paying sales tax when selling the vessel to another party. Additionally, the registration process is fast, taking only two to three days to complete.
The requirements for yacht registration in Panama are minimal, which makes the process simple and quick. To register a yacht, the owner needs to submit the following documents:
- Characteristics of the yacht
- Declaration signed by the owner on which it states that the yacht won’t be used for any commercial purpose.
For the Permanent Registration, the following documents are required: (term: six months after the issuance of the provisional registration) proof of ownership such as a bill of sale or building certificate, a power of attorney on behalf of our law firm, and a deletion certificate or cancellation certificate from the previous registry; not required for new vessels.
Permanente registration (after six months, the following document must be submitted);
Power of attorney on behalf of Delvalle & Delvalle
Bill of Sale or Builder’s Certificate / Evidence of Ownership / Certificate of Building
Certification of cancellation of the previous registry
Benefits of Panama Yacht Registration
- No property restrictions: A yacht registered in Panama can be owned by anyone, regardless of nationality, and the vessel does not need to be physically present in Panama.
- Tax exemption: As previously mentioned, selling a Panamanian-registered yacht is no sales tax.
- Privacy: Panama offers a high level of privacy to yacht owners. The vessel’s ownership can be kept confidential, and the vessel’s name can be changed without needing to change the registration.
- Low registration fees: The registration fees for a yacht in Panama are relatively low compared to other jurisdictions.
Panama Vessel Registration
Panama vessel registration is similar to yacht registration in terms of the process and requirements. However, vessel registration includes a wider range of vessels, including commercial vessels, cargo ships, and oil tankers.
Delvalle & Delvalle Panama Law Firm
Delvalle & Delvalle Panama Law Firm is a trusted and experienced law firm that provides legal services for vessel and yacht registration in Panama. With over 17 years of experience, the firm has an in-depth understanding of the Panamanian legal system and can guide clients through the registration process smoothly and efficiently.
The firm offers a range of legal services related to vessel and yacht registration, including the incorporation of Panama corporations to hold the vessel, drafting and reviewing contracts related to the purchase and sale of the vessel, and registration of mortgages and liens on the vessel.
Delvalle & Delvalle, Panama Law Firm, also provides legal advice on tax planning and asset protection strategies, ensuring that clients can enjoy the benefits of vessel and yacht registration in Panama while minimizing their tax liability and protecting their assets.
In addition to their vessel and yacht registration expertise, Delvalle & Delvalle Panama Law Firm also offers legal services in other areas, such as immigration law, corporate law, and real estate law. With a team of skilled and experienced lawyers, the firm is committed to providing high-quality legal services to local and international clients.
Panama yacht registration and vessel registration offer numerous benefits to owners of vessels and yachts, including tax exemptions, low registration fees, and a fast registration process. Additionally, the lack of nationality restrictions and the high level of privacy make Panama a popular choice for vessel and yacht owners.
Suppose you are considering registering your vessel or yacht in Panama. In that case, it is essential to work with a trusted and experienced law firm that can guide you through the process and ensure that your interests are protected. Delvalle & Delvalle Panama Law Firm is a reputable law firm with extensive experience in vessel and yacht registration, tax planning, and asset protection. Contact the firm today to learn more about how they can help you with your vessel or yacht registration needs.