Panama Flag Advantages

Advantages of the Panama Registry

Ship Registry Nº1 worldwide, established since 1925. Approximately 23% of the world’s fleet is under the Panamanian flag.

  • No nationality restrictions for registry.
  • No nationality restrictions for manning.
  • No minimum tonnage or age requirements for vessels.
  • No re-inspections needed for vessels changing register if they have valid statutory certificates.
  • Free LRIT for vessels (Long range identification and tracking system).
  • Tokyo MOU White list.
  • Paris MOU White list.
  • Category “A” of the IMO Council.
  • Registration procedure is fast and easy. A ship can be registered in a period of 8 hours if it complies with all the requirements.
  • We offer discounts for new construction ships, for ships within 5 years of the laying of the keel, for ships that have not been detained in 
the past 24 months, for group of ships and much more.
  • We accept dual registry under bare boat charter.

OWNERSHIP

  • There are no requirements under Panamanian legislation for the owner, whether a natural or legal person, to be Panamanian.

TAXATION

  • The revenues generated from international maritime commerce of merchant ships registered in Panama are exempt from taxation, irrespective of whether the contracts were effected within Panama. Furthermore, the proceeds of the sale or transfer of a vessel registered in Panama are not subject to capital gains tax even when the transaction is executed in Panama.

MANNING

  • No nationality restrictions on manning.

SECURITY

  • Adopted all major international conventions promulgated by the International Maritime Organization
  • Panama is in the White List of the Paris MOU, placing itself among a select group of countries that meet the highest qualifications with regards to maritime safety standards.
  • Category “A” of the IMO Council (Category A are the States with the largest interest in providing international shipping services).
  • Quality System certified by Lloyd’s Register ISO 9001:2008.

PIRACY

  • Panama signed a joint declaration with other countries, condemning piracy violence against seafarers in the Gulf of Aden and the coast of Somalia.
  • As the world flag Registry leader we are actively involved in the fighting against piracy, in this regard Panama approved the use of Private Armed Security Personal on board Panamanian vessels.

CIVIL MARRIAGE ONBOARD PANAMANIAN FLAGGED VESSELS

  • The Panama Maritime Authority in accordance with Panamanian law Nº 57 of 6th of August 2008, has authorized Captains to celebrate civil marriages on board vessels while on open sea. People of any nationality may now celebrate their marriage on board.

DISCOUNTS

  • The Panama Maritime Authority offer discounts for new construction ships, for ships within 5 years of the laying of the keel, for ships that have not been detained in the past 24 months, for group of ships and much more.