Ship Registration in Panama

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Panama is a small country in Central America, controlling the strategic canal. On the east, it is bordered by Colombia and on the west by Costa Rica. The population exceeds 3 million. The capital city is Ciudad de Panamá. The Panama Canal is known world-wide as the canal between the Atlantic and Pacific Oceans.

Thanks to its advantageous geographic position, the economy of Panama is one of the richest in Central America. The economy of Panama is based on services, which make up 78% of the GDP. In 2006, the gross domestic product of Panama increased by 8.1%. However, even though this is the highest in Central America, about 19% of the population lives in poverty.

Over 3000 boats are registered under the Panama flag, because the registration fees are low and the labor laws are very benevolent. One fifth of the population is employed in agriculture, which makes up only 6% of the GDP.

Advantages of Ship Registration in Panama

Ship registration in Panama? Why choose Panama? These are the most questions that our clients make. Panama is an international maritime center. The Panama Flag runs today over 72%+ of all vessels currently trading in the world´s oceans. The Panama Canal plays unquestionably a very important role in worldwide maritime transportation. The Panama Registry offers many advantageous facilities to ship owners who wish to register their vessels under the Panamanian flag. Following are some of the advantages offered by the Panamanian Registry.

Ownership – All Nationality are welcomed
Tonnage – Minimum tonnage is not required
Pre Registry Surveys – Are not mandatory , except for vessels over 20 years of construction
Technical Certificates – Panamanian Ship Registry does not required that vessels be re-surveyed. Panama Ship Registry has recognized a diverse and qualified RO´s wish provide the owners with alternatives when it comes to obtaining technical certificates
Competitive Costs – Discounted Registration Rates for Fleets
Fleets with 5 to 50 vessels may receive discounts from 20% up to 65% on registry fees.
Dual Registry – The Panama Ship registry accepts bare boat chartered for a period of two years. The Dual Registry System is mostly used by European ship owners that seek cost reduction and flexibility among other considerations.
Registration Procedures – A Provisional Patent is applied for and issued for a six month period, which can be extended for another three month period. A Permanent or full term patent is issued once owner has submitted, the vessel’s title documents (mainly bill of sale, or construction certificate, when new, technical certificates, among others) additionally, a Radio License is required for all vessels in the Panamanian Registry.

Preliminary Registration of Title/Mortgage

The procedures for the registration of a Preliminary Registration of Mortgage and Title Deeds are straightforward so that the whole process can be expeditiously completed. Panama has an extensive network of worldwide maritime consular offices, located in major ports.

Naval Mortgages – The Panama Public Registry is today the most prestigious, trusted and preferred by banks and financial institutions that seek to securing there credits.
Special preliminary naval mortgage are available for ships under construction.
Most of the banks that are providing credit for maritime purposes, grant full acceptance of the Panama Naval Mortgage registration system.

Classifying Societies

All prestigious classifying societies as well as IACS are authorized by the Panama ship registry (Segumar) authorities to survey Panamanian vessels.

Panama’s Maritime Court – Panama’s Maritime Court is enjoys of worldwide recognition for its efficiency and compliance with global maritime standards. The Panama Maritime Courts are available 24/7, year round.
International Standards – Statistically The Panama Vessel Registry is recognized as holding one of the world’s highest grades , when it comes to records in environmental and safety compliance, and vessel loss prevention.

If you need assistance and information about Ship Registration in Panama, please contact us.

Oleg - Klaipeda
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Well-known reputation
I was very pleased that I chose Gerli & Company some two decades ago, to represent me in my companies spin off, ever since we have set up and organized both onshore and offshore structures through Gerli & Company, whom have proven highly skillful. Our group exceeds 100 corporate structures and Panama Private Foundations. Their credibility and well-known reputation has been key to our success.
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I have worked with Gerli & Company for a number of years and have known Ismael Gerli, for over a decade. When it comes to detail, no questions to be asked, Ismael Gerli, knows how to run ships in rough waters. Thumbs Up
Very professional and proficient
I have the utmost appreciation and respect for the Gerli & Company Law Firm. Our case was complex and it included a number corporate structures and registration of vessels in four flag registries. There were multiple lawyers and paralegals assigned to us, from both Panama and Miami office. All with whom I communicated with was indeed professional and proficient in their role. They definitively exceed the expectations of their clients. The team worked earnestly towards structuring what we needed, a strong validation as well for the Gerli team in Ft Lauderdale and Marshall Islands Registry staff.
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Extremely knowledgeable and professional
I worked with Gerli & Company team on an Maritime labor dispute within our hear office in Panama City, involving gender grade group assignment. I am certain the firm had many other cases, however, I felt like I was a priority to the firm, and mostly to the staff assigned to our case. We had 24/ 7 communication while we visited Panama, they were reachable at all times and worked hand to hand with me during the entire process. Staff members, and legal assistants to the partners, had cutting knowledgeable and professionalism at its best. Without question, what was perceive as unpleasant, became more tolerable.