Panama nowadays has the responsibility of administering the world's largest fleet of vessels. It is introducing new programs aimed at making the Panamanian Registry one of the most respected and active in the international maritime community.

Panama has become one of the world's most prominent jurisdictions for ship registries. Its status offers many advantages to the ship-owners. Between these advantages, we must note the incentives regarding the fiscal laws of Panama. All the activities of vessels registered in Panama done outside the country are not subject to income taxes or any other levy.

Additionally, Panama does not require that vessels be owned by a Local Resident of Panama. Nevertheless, since the Republic of Panama has a favorable law concerning incorporation of companies it is recommended that the vessel be owned by a Panamanian entity in order to take advantage of the limited liability in cases of collisions or accidents of the ship.

OMC can arrange for vessels to be registered under the Panamanian flag. Any ship can obtain, usually within two business days, a provisional Panamanian registration valid for six months. The permanent registration has duration of four years for merchant ships and two years for yachts, and is renewable for a like term. It can be obtained locally following the established provisional registration procedures through the Directorate General of Consular & Maritime Affairs.

For further information about the Panama shipping registration please contact us at marketing@omcgroup.com