Panama has an important Merchant Marine resulting from its geographical position and the Panama Canal. A lot of vessels worldwide carry a Panamanian flag obtained as result of its registration under our laws.
Some of the advantages of vessels registry:
1. The Panamanian vessel registry accepts ships from Panamanian and foreigner equally.
2. There are no restriction on size, tonnage or age of vessels.
3. Tax exemption over international transactions on commercial activities.
4. Tax exemption on utilities.
5. The procedure is simple and fast.
6. Fiscal incentives, such as discount in Registry Rights, which depends upon the quantity of vessels and the gross tonnage registered by the owner.
7. Banking facilities, maritime financing, maritime insurance and port facilities.
