The
Panama Ship Registry, established in 1925, is one of the oldest
and is largest open ship registry in the world. 2002 statistics
indicated 10,143 ships registered with a total tonnage of 146,458,175
GT.
Through our attorneys, we can arrange for vessel registration
under the Panamanian flag, usually within two business days.
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| Registration
Process |
 The
registration procedures is divided in two stages:
first, the Provisional Registration and second,
The Permanent Registration.
The first stage begins with the application for
the ship registration directly to the General Directorate
of the Merchant Marine in Panama. Once the application
is filed and the registration fees paid, the Provisional
Registration Certificate (valid for 6 months) and
the Provisional Radio License (valid for three months)
are issued within 24 hours. The Provisional Registration
Certificate or Patente may be renewed upon request
for additional 3 months periods.
In the second stage, the legal representative in
Panama appointed by the ship's owner shall obtain
both the Permanent Registration Certificate (valid
for 4 years) and Permanent Radio License (valid
for 4 years) from the General Directorate of the
Merchant Marine in Panama, provided all the documentation
required is presented accordingly. |
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Advantages
of the Panama Registry:
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 Fleet
Discounts. Pleasure yachts are entitled to reduced tariffs,
and ship fleets to tax rebates under current regulations. |
| Largest
Registry. An offshore sovereign system recognized by the
international maritime community as having successfully
adapted to its needs since 1925, and is presently the
largest world registry in both tonnage and number of vessels. |
| Residency
Requirements. Any shipowner, whether a natural or corporate
person, and irrespective of its nationality or domicile,
is entitled to register a vessel under the Panama flag. |
| Taxation:
The revenues derived from the international maritime commerce
of merchant ships registered under the Panama flag is
not subject to income tax in Panama, and are entitled
to very competitive tonnage tariffs. |
| Manning
and labor. The shipowners may crew vessels with personnel
of any nationality within the prevailing international
maritime norms under very advantageous labor conditions. |
| Financing
shipping activities. The Panama ship mortgage, used extensively
by the world's leading credit institutions, which have
accepted this instrument as an expeditious and institutionally
stable security vehicle. Registration proceedings may
be completed in 24 hours. |
A
Maritime Court at the Panama Canal
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Maritime Court has proven to be an adequate judicial forum
available to the international maritime community to institute
judicial proceedings to enforce their claims through the
seizure and arrest of vessels or of other property of
the defendant. |
| Court
Schedule. It is available 24/7 for urgent actions; i.e.
complaints with seizures or arrests of vessels, cargo
fuel, or freight, in transit; for the posting of bonds
or securities to release seized property, and in general,
for the presentation of motions or actions, that if not
presented in a timely manner, may cause damages, or impair
interests. |
| Bond
requirements. To enforce a lien, a bond in the sum of
$1,000.00, is to be posted, and a deposit of $2,500.00
in court for the initial maintenance and custody of the
vessels. For security purposes a bond of not less than
20% nor more that 30% of the amount sued for, to be fixed
by the court, must be deposited. |
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