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Yacht
Registration More ships, boats, and vessels are registered under the Panama flag than in any other country in the world. Over 8,100 vessels are registered as Panamanian vessels, fishing boats, yachts, cargo ships, and tankers. The closest second to Panama is Liberia with 2,300 registered vessels. The Bahamas have only registered 486 vessels. Panama also has the most tonnage of registered vessels in the world with the Panama fleet containing 81 million tons making up nearly 22% of the world's total tonnage. Panama has been registering all types of ships, boats and vessels since Law 63 was enacted in 1917. Panama became the top ship registry in the world by 1993 and has steadily increased its annual registration of merchant ships ever since. Here are some of the advantages offered by the PANAMANIAN REGISTRY: Ownership: Any person or company, regardless of nationality and place of corporation is eligible to register ships under the Panamanian flag. Furthermore, there is no income or withholding taxes payable when the income is a result of the operation of a vessel engaged in international trade. Minimum Requirements: There is no minimum tonnage requirement. However, vessels over 20 years old will have to pass a special inspection by an authorized Panamanian inspector, in order to obtain the Permanent Navigation Patent. Technical Certificates: Ship owners who wish to transfer their ships to the Panamanian flag will not be required to have them re-surveyed if the ships possess valid safety and tonnage certificates at the moment of registration, which eliminates the necessity to have the ship dry docked prior to registration and consequently saves the ship owner considerable expenses. However, upon the registration, a recognized entity (national or international) should issue a new set of certificates on behalf of the Panama Administration. Annual Safety Inspection Program (ASI): All Panamanian ships engaged in international trade are subject to an Annual Safety Inspection (ASI) which aims to determine whether or not they comply with safety or life at sea and marine pollution prevention requirements as prescribed by international and national laws and regulations. The surveys and the issuances of certificates on behalf of the Panamanian Administration, in accordance with the relevant and applicable Conventions, have been authorized by the leading classification societies and several national recognized organizations. The annual safety inspection (ASI) also verifies the existing living hygienic and working conditions of the crew in accordance with the International Labor Organization's Conventions ratified by Panama. In addition, the Certificates of Minimum Safe Manning and Certificates of Competency complying with the STCW Convention are issued. The Panama Maritime Authority or Autoridad Maritima de Panama (AMP, for its italics in Spanish) presented several proposed changes to the Maritime laws which were passed by the National Assembly and became laws in 2008: The new merchant shipping law (Law 57 of 6 August 2008) eased
administrative and legal procedures, created incentives for building
new vessels, and created loyalty to the Panamá Flag. The
new legislation also grants incentives to individuals that register
fleets, depending on gross tonnage, and vessel type. Among reforms to the Merchant Marine Law passed at the end of June 2008, are new laws where Panama-hoisted cruise ships "can officiate" marriages onboard. The legal marriage and paper signing is to be recorded by the Master of the vessel within the Marriage Record Book, where the marriage certificate is then authenticated by a Consul of Panama, and further submitted to the Directorate of Merchant Marine for its due entry before Panama's Civil Registry. The modification was undertaken before the petition made by the cruise industry, which has an extensive number of passenger cruise-liners registered with the Panama Flag. The implementation of the new General Law of Ports (Law 57 of August 6, 2008) particularly happens to be an important legal instrument to advance Panama as 'the maritime centre of the Americas'. Until the approval of Law 57, port regulation was ruled through administrative concession laws. The new law establishes a clear and efficient procedure to obtain the necessary concession or contract-law enable to operate ports in Panama, modernize the regulatory framework, as well as supervision by the respective public authorities that have competence on port activities. Additionally, the law is to rule over rights and obligations on all future port concessions handled overseas. Another characteristic of the aforementioned law is that it establishes principles on public policy, pertinent to port administration, with the primary task of promoting private investment over port development activities, and the practice of free and fair competition within port operators and service providers. Noteworthy to mention is the new law will not affect port concessions granted already through contract laws, nor amendments in terms of rates, exemptions and other conditions that have previously been ratified between the Panamanian government and port operators. FASTER SHIP REGISTRY was made possible in 2008 when AMP implemented an online fast vessel registration process. A new electronic Ship Register eases vessel registry procedures, as well as, issuance of a new digital seafarer identity document emitted by the Directorate of Seafarers. Ever since July 7, 2008, the aforementioned Directorate has been implementing Merchant Marine's Circular 163 addressed to ship owners and operators of Panama-flagged vessels, ROs, Masters, Surveyors and Port State Control authorities. The new system will save 80% of AMP clients' time by accessing AMP's data center, to be interconnected worldwide via Internet. Users and clients of the Registry are immediately able to see the statistics of each procedure achieved by the AMP. The new automation process and electronic Ship Register shall provide clients of Panama Ship Register, the best service ever. Panama Offshore Legal Services can process your application to register any type of vessel, boat, yacht, ship, or tanker under the Panama Flag. PANAMA SHIP REGISTRY DATA Panama has maintained constant leadership in the registration of vessels since it became the world's first largest merchant fleet in 1993. Any foreign or Panamanian national may register a vessel in the Panamanian Merchant Marine. International service vessels are exempt from Panama income tax. Shipowners take advantage of the flexibility of Panamanian offshore corporations by having such entity appear as owner of the vessel. Any ship may be registered provided it complies with the minimum seaworthiness, safety and environmental conditions required by international conventions. However, ships over 20 years old are subject to a special inspection before being granted a statutory certificate of registry. ADVANTAGES Ownership: Any person or company, regardless of nationality and place of corporation is eligible to register ships under the Panamanian flag. Furthermore, there is no income or withholding taxes payable when the income is a result of the operation of a vessel engaged in international trade. Minimum Requirements: There is no minimum tonnage requirement.
However, vessels over 20 years old will have to pass a special
inspection by an authorized Panamanian inspector, in order to
obtain the Permanent Navigation Patent. Segumar: Since 1977, our New York Representative Office has been providing assistance and advice on safety and technical matters concerning the Panamanian Registry. The New York Representative Office, which is commonly known as SEGUMAR also directs the inspection program of Panamanian flag vessels. Annual Safety Inspection Program (ASI): All Panamanian ships engaged in international trade are subject to an Annual Safety Inspection (ASI) which aims to determine whether or not they comply with safety or life at sea and marine pollution prevention requirements as prescribed by international and national laws and regulations. The surveys and the issuances of certificates on behalf of the Panamanian Administration, in accordance with the relevant and applicable Conventions, have been authorized to the leading classification societies and several national recognized organizations. The annual safety inspection (ASI) also verifies the existing living hygienic and working conditions of the crew in accordance with the International Labor Organization's Conventions ratified by Panama. In addition, the Certificates of Minimum Safe Manning and Certificates of Competency complying with the STCW Convention are issued. Big bucks in ship registries for Panama This is another little known income producer for Panama that requires little effort beyond documentation and monitoring. According to this article in La Prensa, there are over 8100 vessels carrying the Panama flag world wide, making it the worlds largest ship registry by far and away. Each vessel pays an initial government fee $0.20 per ton (180 million tons) and then an additional yearly tonnage fee of $0.10 plus a 20% surtax. They also require they registry under a Panama corporation which cost $300 a year tax and legal fees of usually about $1000 or more. Legal firms usually have a package fee of about $7500 for processing. Obviously there is a lot of money in ship registries that continue to generate income year after year with little additional effort beyond the initial setup. Why do so many companies use Panama registry? Taxes! They don't have to pay any beyond the yearly maintenance taxes and fees. A quick back of the napkin calculation comes up with initial fees of almost $100 million plus yearly registry fees of $25 million and ongoing legal fees of $8 million. Such a deal! A recent article in the largest newspaper in Panama, La Prensa,
was about Panama recently passing an audit for its ship registries. The Panama Ship registry has the largest Registry of Vessels worldwide. For decades, maritime operators everywhere have chosen to register their vessels of all types, including tankers, fishing boats, cargo vessels or yachts, in the Panamanian Merchant Marine The absence of nationality restrictions concerning the ownership of a vessel registered under the Panamanian flag. In effect, the owner of a vessel may be an individual or corporation, either Panamanian or foreign, residing or doing business in Panama or elsewhere. There are no minimum tonnage requirements in respect of a vessel (Application of MARPOL). La Autoridad Marítima de Panamá (AMP), Panama Maritime Authority During the first quarter of 2008, the Panama Maritime Authority or Autoridad Maritima de Panama (AMP, for its italics in Spanish) brought forth before the National Assembly of the Republic of Panama, reforms onto four crucial maritime aspects, such as: changes in Book Two of Panama's Commercial Code of 1916, a general port law pertinent to future national and international port concessions, a new procedural law, and reforms to the merchant marine legislation. The Assembly approved three of the four petitioned modifications, being such, the Merchant Marine Law, the Ports Law, and the Maritime Commercial Law (Law 55 of 6 August 2008). "We are convinced it is just a matter of time before we have get the complete package rolling, to boost ship registration, strengthen our maritime sector and reduce AMP's lengthy procedures," remarks the AMP Administrator Fernando Solorzano. The new merchant shipping law (Law 57 of 6 August 2008) is to
ease administrative and legal procedures, render incentives for
newbuilds, and loyalty to the Flag. The legislation, which enters
into force once divulged in the Official Gazette, besides granting
incentives over newbuilds, as mentioned before, also grants incentives
to individuals that register fleets, depending on gross tonnage,
and vessel type. Among reforms to the Merchant Marine Law legitimated at the end of June 2008, are found new legislations where Panama-hoisted cruise ships "can officiate" marriages onboard. The legal marriage and paper signing is to be recorded by the Master of the vessel within the Marriage Record Book, where the marriage certificate is then authenticated by a Consul of Panama, and further submitted to the Directorate of Merchant Marine for its due entry before Panama's Civil Registry. The modification was undertaken before the petition made by the cruise industry, which has an extensive number of passenger cruise-liners registered with the Panama Flag. The implementation of the new General Law of Ports (Law 57 of August 6, 2008) particularly happens to be an important legal instrument to advance Panama as 'the maritime centre of the Americas'. Until the approval of Law 57, port regulation was ruled through administrative concession laws. The new law establishes a clear and efficient procedure to obtain the necessary concession or contract-law enable to operate ports in Panama, modernize the regulatory framework, as well as supervision by the respective public authorities that have competence on port activities. Additionally, the law is to rule over rights and obligations on all future port concessions handled overseas. Presently, there are several port projects under consideration.Another characteristic of the aforementioned law is that it establishes principles on public policy, pertinent to port administration, also over the primary task of promoting private investment over port development activities, and the practice of free and fair competition within port operators and service providers. Noteworthy to mention is the new law will not affect port concessions granted already through contract laws, nor amendments in terms of rates, exemptions and other conditions that have previously been ratified between the Panamanian government and port operators. -------------------------------------------------------------------------------- AMP ADOPTS NEW ELECTRONIC TECHNOLOGY TO REGISTER SHIPS The AMP, having initiated its first phase of automation calls upon a new electronic Ship Register, to ease vessel registry procedures, as well as issuance of a new digital seafarer identity document emitted by the Directorate of Seafarers. Ever since July 7, 2008, the aforementioned Directorate has been implementing Merchant Marine's Circular 163 addressed to shipowners and operators of Panama-flagged vessels, ROs, Masters, Surveyors and Port State Control authorities. The new system will save 80% of AMP clients' time by accessing AMP's data center, to be interconnected worldwide via Internet. Access to the data center-for authorized users of the Registry orchestrated by clients, lawyers and individuals- bearing public key infrastructure (PKI) with their respective user identities, are granted further access onto an electronic page www.panamaregistry.com for required document inputs and consultation. This modern technology provides a rapid access to the website page www. panamaregistry.com, and likewise to each of the various services offered by the Directorate of Merchant Marine. Users and clients of the Registry are immediately able to see the statistics of each procedure achieved by the AMP. The new automation process and electronic Ship Register shall provide clients of Panama Ship Register, the best service ever. --------------------------------------------------------------------------------- Panama
is the most widely chosen jursidiction for yacht and ship registration
than any other country in the world! One of the primary advantages for registering pleasure yachts, is that there is a flat registration fee, regardless of the size or tonnage of the marine vessel. Panama Offshore Legal Services can process your application to register any type of vessel, boat, yacht, ship, or tanker under the Panamanian Flag. * We can also assist in obtaining a Panamanian yacht license for captain and crew. Order Now or Contact Us Today!! |
