Why Register Your Yacht Under the Panama Flag?

1. Fast and Streamlined Registration: Panama's registration process is known for its efficiency. We can secure provisional registration for your yacht within 24 hours, allowing you to get out on the water quickly and legally.
2. Open to All Nationalities and Entities: Panama allows yacht ownership by individuals or companies from any country. Whether the yacht is owned by a foreign entity (such as a UK or BVI company) or an individual, Panama's regulations accommodate both scenarios. If desired, we can also help you establish a Panamanian entity to hold your vessel, adding an extra layer of privacy and legal protection.
3. No Survey Requirement for Certain Yachts: For private yachts up to 20 years old, Panama does not require a survey. This exemption is a major advantage, saving yacht owners both time and money, as surveys in other jurisdictions can be costly and lengthy.
4. Significant Tax Advantages:
   • No VAT: Unlike many other countries, Panama does not impose VAT on the purchase of a yacht, offering considerable savings.
   • Exemption on Crew Wages: If your yacht operates in international waters, Panama exempts you from taxes on crew wages.
   • No Stamp Duty: Mortgages and other security documents for yachts registered in Panama are exempt from stamp duties.
   • Simplified Tax Structure: Owners pay a bi-annual tax every two years, which excludes additional tax burdens like VAT or other levies, making Panama one of the most cost-effective jurisdictions for yacht registration.
5. Enhanced Privacy: Panama offers a high level of confidentiality for yacht owners, particularly if the yacht is held by an offshore company. Our firm can set up a Panamanian corporation with nominee directors if desired, ensuring maximum privacy and security.
6. Ease of Resale: Yachts registered in Panama enjoy enhanced marketability due to Panama's favorable tax regime and the Panama flag's global recognition. Buyers are often drawn to the advantages of a Panamanian registration, which can make your yacht more attractive on the resale market.
7. Worldwide Recognition: A yacht under the Panama flag is accepted globally, ensuring unrestricted movement in international waters. Panama's longstanding maritime reputation reinforces the credibility and acceptance of its flag worldwide.
8. Long-Term Validity:
   • Provisional Registration: This is valid for six months, providing you ample time to submit necessary documents for permanent registration.
   • Permanent Registration: Once completed, this registration is valid for two years and can be renewed as needed.