Panama Ship Registration

PANAMA SHIP REGISTRATION

MARITIME LAW

To solve the admiralty and maritime disputes Panama created the Maritime Court of Panama, a specialized Tribunal handling exclusively cases related to shipping and transportation. Today, the Maritime Courts of Panama have become internationally recognized forums for maritime dispute resolution.

Why Panama?

Panama has a specialized maritime and admiralty court at a place where over 13,500 vessels transit every year, thousands of vessels make calls to local ports, and thousands of vessels and companies are registered. The Maritime Court of Panama is then a highly specialized maritime tribunal operating at a vital place to the worldwide shipping community. The Maritime Court of Panama, available 24 hours per day, 365 days a year, has flexible rules of procedure to handle all kind of claims arising anywhere in the world, if the vessel is present at the Panama Canal, or calling at a Panamanian port, or if the vessel involved is registered in Panama or owned by a Panamanian company. The jurisdiction of the Court works regardless the flag the vessel flies, or the country of registration. Owners and operators are also subject to the jurisdiction of the court. The Maritime Code permits the filing of actions for almost every conceivable maritime claim, such as collection of debts, maritime liens, cargo and insurance claims, charterparty litigation, collisions and salvage, personal injury claims, among others.

Ship Registration

Nowadays, the Republic of Panama has the first largest Merchant Marine fleet in the world. The Panamanian registration has achieved a steady increase in tonnage from 1979, when Panama had the seventh largest fleet in the world with 9,308 vessels representing 24.4 million gross registered tons until June 2004, when our Register had 10,470 vessels representing 149,597,849.35 gross registered tons. Our lawyers can assist our clients in all necessary steps required to register any vessel under the Panamanian flag.
Advantages of the Panamanian Registration:

- No restrictions on nationality ownership to individuals or corporations.

- No minimum tonnage is required on any type of vessel.

- Dual registry: Foreign vessels under charter for a period of 2 years (renewable) can be registered in Panama without losing its original registration; likewise, vessels registered in Panama may be enrolled in a special foreign registry without losing their Panamanian status.

- Profits derived from the operation of vessels registered in Panama are totally exempt from local income tax.

- Up to 50% discount incentives on the registration fees and annual taxes are granted to ship owners who wish to place three or more vessels under the Panamanian flag, provided that they belong to the same group and that the combined gross tonnage exceeds 50,000 tons.

- Reasonable costs for enrollment of vessels. Legislation passed on October 26th, 1988 significantly reduced enrollment charges. In addition, this legislation eliminated the size and tonnage restrictions which previously applied to pleasure vessels or yachts and now there is a sole enrollment charge of US$1500 for pleasure vessels or yachts, and US$1000 if such vessels are owned by a Panamanian individual or company.

- Favorable legislation allowing certain arrangements which are beneficial to ship-owners in international service such as:

- The possibility of registering a vessel which is under construction provided at least one-third of the total amount budgeted for the hull has already been invested.

- The possibility of obtaining a special type of yacht registry which require a provisional registration for particular reasons such as scrapping, delivery voyages or other reasons of a temporary nature. This special registration is effective for a three month period and is available at a reduced rate.

- Inspectors in the principal ports of the world who examine
the seaworthiness of Panamanian vessels

Call Free USA & Canada: 1- 877-2910410

Panama Legal Bureau
Phone: ++ (507) 213.2768 - Fax: ++ (507) 213.2767
Email: info@panamalegalbureau.com