Panamanian Ship Registry

When it comes to registering a ship, ship owners have many choices. They can register their ships anywhere in the world from the United States, Europe, South Africa or just about anywhere else. However, most ship owners know there are many advantages to registering their ships in Panama. These advantages include cost, tonnage, dual registration, taxes, provisional registration and more. When it comes to deciding where to register a ship, most ship owners decide in favor of the Panama ship registry.

Cost is one major reason many ship owners choose to register their ship in Panama. While most ship owners are very wealthy people, saving money is still an issue. When it comes to saving money on the registration of a ship no country can compare to Panama. The cost of registering a ship in Panama is much lower than in any other jurisdiction in the world.

Tonnage is another major factor to consider when registering a ship. In most parts of the world ships must meet specific tonnage requirement in order for them to be registered. That is not the case in Panama. No matter the weight of the ship it is possible for their owners to register them in Panama. In fact there is no minimum tonnage requirement. This has encouraged many ship owner to choose Panama when it is time to register their ships.

Many countries will allow only their citizens to register ships in their country. This can be very restrictive and force ship owners to meet all manner of requirements before they can register their vessels. It can also mean they can be forced to pay very high costs. This is yet another reason ship owners choose to register their ships in Panama. Not only are costs lower and there is no concern about tonnage, there is no nationality requirement for one to register their ship in Panama. That means no matter where in the world one is from once one meets certain basic requirement it is possible to register a ship in Panama.

Still another benefit of registering a ship in Panama is the ability to get dual registration. A company can be incorporated in another country and register a ship in that country while simultaneously registering the vessel under the Panamanian flag. It provides the ship owner with a great deal of flexibility.

There are also a number of tax advantages to registering a vessel in Panama. One of the advantages of having a ship registered in Panama is that the country does not tax the money such vessels make in international trade. That means ship owners involved in international trade get to keep more of their profits if there ships sail under the flag of the Republic of Panama.

Ships whose preliminary title registration and mortgage is in Panama also have very little trouble should they need additional financing. The security provided by Panamanian registered vessels is considered adequate by banks in Europe, the United States and most other nations.

Panama also offers radio call letters and provisional registration to ship owners whose vessels are under construction. This can also be of great benefit and has proven to be helpful for ship owners.

The reasons stated above make registering a ship in Panama a good idea.