For over eighty years the Republic of Panama has offered facilities for the registration of vessels of all kinds. By Law 8 of 1925 the procedure for the registration of vessels cargo, passengers, drills, barges and other ships was established.
One of the advantages offered by the registration of ships in Panama is that it requires that the owner of the ship, either a natural or legal person, are Panamanian. It can be of any nationality. It also does not require a minimum tonnage or a certain number of years of construction of the ship. Only in cases where the ship has more than 20 years an inspection of the same it is required when requested.
Other advantages offered by Panama’s registration discounts on the registration fee when groups of ships or vessels with a certain tonnage flag has. The Panama Maritime Authority implemented an electronic system that streamlines the process flag and automates the application of economic incentives new registered boats. This innovation goes beyond the economy of time and effort, as users will be benefited with this progress from anywhere in the world, including more than 60 proprietary consulates of Merchant Marine. Discounts and waivers can be up to 100% as is stated in the Act No. 57 of August 6, 2008 General of Merchant Marine and Resolution No. 106-65 Additional dispensations-DGMM.
Also they can be flagged in Panama private yachts, pleasure, pleasure.
Panamanian Merchant Marine offers the advantage of a special registry for ships that will be demolished or want to make a specific trip or any other purpose. This registration is effective for three (3) months and the amount payable is USD0.40 per net ton or fraction thereof with a minimum of USD300.00.
It is also possible championing ships with double registration. Whether you flagged in the registry of Panama and get the special register in another flag or vice versa…