Vessel and Yacht Registration in Panama
According to the law of Panama anyone, even without being a citizen of the Republic of Panama, may register here a yacht or a vessel. If the boat will be profitable, as well as other vessels, being registered in Panama she is a tax subject. Moreover, the Republic of Panama provides double registration. Unless of the country where the vessel is currently register allows double flag registry.
Registration of vessels in the Republic of Panama has become much easier, since 1995 the ship registration fee are lowered. Vessel Registration in Panama is recognized globally.
Before you register a boat permanently you get a temporary registration for six months, and a nice bonus in the form of license (ship station license) to use the radio for three months.
During this time, the owner of the yacht has time to collect and prepare all necessary documents for permanent registration. And by the way, if you want to sell the yacht, registered in Panama you don´t have to pay taxes.
After the permanent registration has been issued, the yacht gets the license to use radio communications, navigation. This license must be renewd every two years.
So, what documents must be provided to obtain a license for the yacht, whether it be a sailboat or large vessel. First and foremost, is the name of the yacht. Then, of course, the yacht owner's name, address and nationality (even if it is not a citizen of the Republic of Panama). Next, specify the location to which the yacht is heading to or a place where she is at this time. Company in the Republic of Panama shall apply for registration of the company. Still need to specify the gross and net tonnage, the country where the ship has been a registered boat, if it was registred at all. Of course, you need to specify the material of construction of the boat, the number of engines, as well as their capacity, brand name of the manufacturer, the number of cylinders, the speed of the yacht and its basic dimensions. In addition, you must specify how many decks, bridges and masts on a yacht. Of course, you also have to specify the place of manufacture, and year of manufacture.
It turns out that the Panamanian government - one of the most active participants of the International Maritime Organization. And it just seems that the procedure for obtaining a license for a boat is very easy. In fact, in comparison with procedures in other countries is greatly simplified. And she has the right to anonymous ownership, protecting the interests of each owner of the vessel. Moreover, there is a discount system for the registration of ships, if you have previously registered a ship in Panama or if you registring more then one ship at a time.
So if you suddenly want to buy a yacht, just know that it's best to register her in Panama. This give you a visa and the right to obtain the residence, based on the fact that you are registering a yachts. The average cost for the yacht registration of foreign citizens will be around fifteen hundred U.S. dollars. While the citizens of Panama will pay five hundred dollars less.