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Advantages and Benefits for Registration of Ships

Some of the most important advantages and benefits offered by the Panamanian Registry are the following:

  • • a rapid and uncomplicated registration process
  • • highest quality registration systems
  • • maritime security
  • • income tax exemption and competitive costs
  • • any person or company regardless his/her/its nationality is eligible to register ships under the Panamanian flag
  • • free of nationality requirements for owner of the ship
  • • system of double registration
  • • trustworthy and safe System of Naval Mortgages
  • • there are no requirements for tonnage limit
  • • Total exemption from taxes regarding income obtained outside the territory of the Republic of Panama
  • • Representative Offices in New York, “SEGUMAR”, the largest financial center in the globe, that enables contact among users and 132 Consulates throughout the world, of which 58 are Consulates of Merchant Navy, located in the most important ports of the world and are involved in providing maritime services.
  • • Shipwoners who desire to transfer their ships to Panamanian jurisdiction will not be required a new inspection if such ships possess valid safety and tonnage certificates issued by a company acknowledged by the Republic of Panama. Nonetheless, once the ship have been registered, an acknowledged entity (national or international) must issue a new set of certificates in the name of the Government of Panama.
  • • In the process of Registration of Ships in Panama, once the provisional letter of navigation is obtained the law allows six (6) months to comply with the requisites and thus choose the definitive letter of navigation.
  • • A net of maritime consulates on a worldwide scale located in the most important ports.

The Maritime Court of Panama is globally acknowledged for its efficiency and compliance with the maritime norms and standards. It facilitates any maritime transaction that is required independently of the location of the ship. The Court can settle any maritime dispute including lawsuits, seizures and labor issues. Due to the importance of the maritime industry in Panama the Maritime Court is available 24 hours each day during the 365 days of the year.