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Provisional Registration
Permanent Registration
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Seafarer Doc-Endorsements
Company Formation
Authorised Clas. Societies

Panama

Rising from the depths of a primeval sea, Panama was born to bridge two continents and live out a fateful history.  

The Republic of Panama is located in the Central American Isthmus and has an area of approximately 77,000 square kilometers or 30,000 square miles. It has a population of approximately 2.7 million of which a little more than fifty percent live in Panama City or its suburbs. The official language is Spanish, but nevertheless English is widely spoken, especially in the cities of Panama and Colon, which are the terminal cities in both extremes of the Panama Canal

Since the days of conquest and colonization, Panama's location on the narrowest point of the isthmus joining North and South America has attracted trade and commerce. Panama is a land of opportunities for businessmen.

The Panama Canal, of course is the doyen, which thrives in Panama today. Although the Canal provides only 9.6% of Panama's gross domestic product there is no doubt about its importance. The Canal ports and maritime trade spawned the Colon Free Zone and encouraged the growth of the Panama Ship Registry, the largest in the world, since June 1993.

There are no exchange controls in Panama. Panama has no currency restrictions or reporting requirements and imposes no limits on monetary transfers to and from the country. Approx. 100 different International and National Banks have made Panama a leading Financial Centre.

Incentives

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The Shipping Department is authorized by law to grant special discounts up to 50% in registration fees to any ship-owner. This will of course depends from the type, size and number of tonnages.

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There is no income or withholding taxes payable by non-resident shipping corporations.

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There is no minimum tonnage requirement demanded by Panamanian authorities. However, vessels of over 20 years old will have to pass a special inspection by an authorized Panamanian inspector in order to obtain the Permanent Registration.

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Shipowners 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 certificates.

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Since 1977, their 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 directs also the inspection program of Panamanian flag vessels.

Eligibility for Registration

Any individual or corporate entity, irrespective of nationality or country of incorporation, may register a vessel under Panamanian flag.

There is no minimum tonnage and almost any category of ships can be registered, from passenger ships to dredges and floating docks. There are no age restrictions; however vessels older than 20 years are subject to a special inspection. They will be issued a Provisional Patent and will have 6 months to complete the inspection.

Services

Provisional Registration
Permanent Registration
Mortgage Registration
Seafarer Documents - Endorsements
Company Formation
Authorised Classification Societies

If you would like additional information about this Ship's registry services or would like to register a vessel(s) please fill in the relevant information listed in Feedback Form and we shall contact you immediately.

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Last modified: 03-07-2003

All details provided in this website derives from latest releases from authorities. Mansoc Shipping Services Ltd holds no liability for any changes.