Panama’s Ship Registry is number-one worldwide in popularity due to the ease of use and very low registration taxes and fees as compared to other countries throughout the world. Marine vessel registration in Panama is widely used by international shipping companies due to the numerous advantages.
At the time of registration all vessels must pay a one-time enrollment fee, based on a variable scale, plus a government fee. Registration of the bill of sale is $0.20 per net registered ton or fraction thereof, plus 20% surtax. Annual tax is $0.10 per net ton, plus other charges.
Liberal labor laws concerning Panama flag vessels are also an important consideration, and income earned on international shipping activities are specifically and expressly exempted from Panama income taxes.
Yacht Registration
It is possible to register recreational yachts in Panama. This has a different pricing structure than the ship registration described above. The registration certificate is issued for a two-year period, which is renewable after this period.
Applicable Registration Tariff:
* $1,500.00 – if owned by a foreigner
* $1,000.00...
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