1. Panamanian Registry of Ships
Supporting Ship-owners/Operators’ Financial Efficiency
Panama Maritime Authority
Consulate General Of Panama
Panama Maritime Authority

2. Panama Maritime Authority
Economic Incentives
Scope
Vessels & MODUs
New buildings
Tonnage
Second hand
Age
Returning vessels
Panama Maritime Authority

3. Panama Maritime Authority
Economic Incentives
Applies (%)
Registration fee
Annual tax**
Consular annual fee
Casualty investigation fee**
Inspection fee**
Fee of 0.03% per each net ton**
** Only New Buildings
*** Important Economic Groups are dealt with case by case
Panama Maritime Authority

4. Panama Maritime Authority
Economic Incentives
Conditions
Registration up to December 31st 2015
New Buildings
> 10,000 GRT
Shipyards
Hong Kong People’s Republic of China Singapore South Korea Republic of China (Taiwan) Philippines Indonesia Vietnam France Germany Norway Holland Italy
Second hand > 10,000 GRT
15 yrs old
10 yrs old
Panama Maritime Authority

5. Panama Maritime Authority
Economic Incentives
Terms
Discounts
New Buildings
First Three (3) yrs.
Second hand > 10,000 GRT
First two (2) yrs.
15 yrs. old at registration
10 yrs. Old
PSC References two (2) prior
Registration, or
Renewal
UN Security Council References
At lease five (5) yrs. Of Registration
Panama Maritime Authority

6. Additional Supporting Activities
Administrative
Legal representation at Panama City (compulsory)
Consulates Network
Speed up proceeding for registration
Temporary (provisional)
Permanent (full term)
Technical
Regional Maritime Safety Offices (SEGUMAR)
Documents
Certificates
Regional Documentation Offices
Certification of Seafarers
Panama Maritime Authority

7. Vivianne Almario Consulate General Of Panama
Flag State Incentives: The Panama Perspective Supporting Ship-owners/Operators’ Financial Efficiency Advantages of the Panama Ship Flag
Vivianne Almario
Consulate General Of Panama

8. Member of the Council category A in the IMO.
Signatory of the majority of conventions protocols and codes.
Uniformity of costs by law.
Convenient preliminary registration of ownership, titles and mortgages, especially for closings cases.
Advantages in the mortgage contracts.

9. INCENTIVES
Speedy and reputable corporation registration.
Corporation shareholders can be of any nationality.
No nationality restrictions for registry.
No nationality restrictions for manning .
Corporations only have to pay taxes for incomes derived within the Panamanian territory.

10. INCENTIVES
Panama has a territorial taxation system (Article 694 of the Tax Code)
Income is deemed to be from a foreign source and is therefore exempt from taxation.
Additional category
Exempt income, earned from certain activities conducted inside Panama.
Income derived through international commerce of ships under the Panamanian flag is exempt from tax.
11/8/2018

11. Single sole enrolment charge for yachts.
INCENTIVES
No requirement for re-survey if ships possess valid safety management certificate and tonnage certificates.
Vessels under construction may also apply for the provisional registration and radio call letters.
Single sole enrolment charge for yachts.
11/8/2018

12. CONCLUSIONS A period of challenges.
The Panamanian professional community offers ship owners a broad array of world class maritime services, including legal, accounting, banking, finance and insurance. 
Strict regulatory legal framework.
Commitment to maritime safety, compliance with international agreements and environmental sustainability along with a world renowned service.

13. Additional References
General Info/Documents
PMA Website
SEGUMAR Website
Merchant Marine Circulars (MMC-298)
Contact Info
Panamanian Consulate London, UK
Ph (0)
Panama Maritime Authority