Yacht Registration in Panama
Panama is a small country located in Central America, famous for its canal that joins the Pacific and Atlantic Oceans. It is home to the world's largest ship registry. Twenty percent of the world's commercial fleet sails under the Panamanian flag, accounting for 23% of global tonnage. Panama holds a Guinness World Record as the small state with the largest fleet. More ships sail under the Panamanian flag than under the flags of the United States and China combined.
The ship registration process in Panama is divided into two steps. The first step is obtaining a provisional registration and radio license for a period of 6 months. The second step is to obtain the registration and radio license for a period of 2 years, with the possibility of further renewal every 2 years.
Start RegistrationRegistration of Pleasure Yachts
The first step: obtaining a provisional registration + radio license
Documents Required for Boat Registration:
1. Copy of the passport (page with photo) or ID card of the yacht owner*;
* In case of a corporate owner – copies of all corporate documents of the company (certificate of incorporation, M&AoA, appointment of the director, share certificates, etc.), including a copy of the director's and shareholder’s passport or ID card. If the documents are more than 6 months, an updated extract from the Register is required.
2. The scan of the signed Power of Attorney to register the yacht in Panama Maritime Authority - we will provide you with a sample;
3. The scan of the completed and signed Application Form for registration, in which it is necessary to provide detailed information about the boat and its owner, such as contact details, technical characteristics of the boat, navigation area, proposed name, etc. We will provide such form to you and will help you to complete it;
4. The scan of a document signed in the presence of a notary certifying that the yacht will be used for pleasure one only (such as for instance “Affidavit of Non-Commercial Use”);
5. After prior checking of all the documents, it is necessary to pay a government registration fee:
$ 1500 – for non-residents of Panama;
$ 1000 – for residents of Panama, both for private individuals and corporate entities.
Plus:
$ 1000 – our service fee;
$ 500 – Bill of Sale Registration.
The second step: obtaining a flag registration
for a period of 2 years
It is necessary to prepare the documents once the provisional registration is received.
Within 6 months from receipt of the provisional registration, the following paper documents should be sent to Panama Ship Registry:
1. Notarized and apostilled copy of Acceptance of Sale / Sale and Purchase Agreement / Bill of Sale, etc;
2. In case of new yacht – notarized and apostilled Builder's certificate;
3. If the yacht was registered earlier, an apostilled original of the Deletion Certificate issued by the previous yacht register is required;
4. Radio license application form with a list of all radio devices on your yacht.
Renewal is required every two years:
$ 2000 – for non-residents of Panama; or
$ 1500 – for residents of Panama, both for private individuals and corporate entities.
Yacht Registration
for Commercial Use
Registration of boats for commercial use is more complicated and in some cases requires additional documents, such as:
– Declaration stating the maximum number of passenger
s on board;
– Ownership Certificate;
– Document of Compliance;
– Safety Management Certificate;
– International Ship Security Certificate;
– Continuous Synopsis Record;
– International Tonnage Certificate.
An individual approach is needed when registering yachts for commercial use in Panama. The larger the vessel, the more requirements apply. Contact us, and we will review your case.
More Information
Panama is the oldest registrar of yachts and ships. The registration of vessels under the Panamanian flag commenced in 1922. Owing to the advantageous conditions offered by Panama to shipowners, its registry has evolved into the world's largest.
Provisional Registration of the Panamanian flag takes 1-2 days after submitting all documents. It is issued for 6 months and includes a provisional radio license.
Permanent registration is issued for 2 years and must be renewed biennially. Registration includes permission to use radio communications (MMSI, Call Sign). For private yachts up to 24 meters, a radio operator's certificate is not required.
Registration of flags takes place in the Panama Maritime Authority. On-line registration is available. Also, you can register a yacht through the Consulate of Panama. Now there are 64 Consulates, many of them are located in major ports of the world.
No survey or technical certificates are required for pleasure yachts. The exceptions are yachts 20 years or older and the yachts with wooden hull.
Panama’s boat register is opened and available for all nationalities (countries under sanctions are discussed individually).
Yacht Registration can be for an Individual or a Company. Registration with a Panamanian company is possible with respect for the tax law in your country. The tax authorities should be aware of the presence of a Panamanian company.
In Panama, there is a "dual registration" of a flag. It is available for yachts registered in countries that allow this possibility. So, the vessels that have never been registered in Panama and fly the flag of another state can be chartered by Panama for a period of two years. At the same time, a ship does not lose its home registration.
Interesting Facts
The unique advantages of the Panamanian flag were first utilized by American smugglers during the Prohibition era in the United States. They used vessels registered under the Panamanian flag to transport alcohol. Additionally, Panamanian-flagged passenger ships could legally sell alcoholic beverages to American passengers on board while in international waters.
The Panama Canal's construction was begun by the French in 1881 but ended in a major scandal. The developers established a company and sold shares to over 800,000 investors, raising substantial funds for construction before the company went bankrupt.
Later, Americans studied the French experience, learned from their mistakes, refined the project, and successfully opened the Panama Canal on August 15, 1914.
For the inaugural ceremony, a 4,000-kilometer electric cable was laid from the Сanal to the White House. On October 3, 1913, the U.S. President ceremonially pressed a golden button in his residence, detonating 20,000 kilograms of dynamite that removed the final barrier between the Atlantic and Pacific Oceans.
The Panama Canal has become the important world project. 3700 km can be saved by ships traveling between Europe and East Asia or Australia. 6500 km is saved by ships sailing between opposite coasts of North and South Americas.
Approximately 14,000 vessels transit the Panama Canal annually, representing about 5% of global maritime trade.
Summary of Panamanian Flag
The Largest Fleet
in the World
in the World
On the White List
of the Paris MoU
of the Paris MoU
Valid Worldwide
Available for Private and Commercial Use
The Oldest Ship Registry
Registration with MMSI
is Valid for 2 Years
is Valid for 2 Years
Provisional Registration in 1-2 Days Allows Immediate Sailing
No Navigation Restrictions
Dual Registration Possible
No Survey Required
for Pleasure Yachts
for Pleasure Yachts
Registration for Individuals
and Companies
and Companies
Available for all Nationalities
(countries under sanctions
are discussed individually)
(countries under sanctions
are discussed individually)