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.
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.