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Panama Ship Registry Procedures
We are a Panama Admiralty law experts and
our Law Firm offer Panama Maritime Legal Services. Any foreign
or Panamanian national may register a vessel in the Panamanian
Merchant Marine. International service vessels are exempt
from Panama income tax. Shipowners take advantage of the flexibility
of Panamanian offshore corporations by having such entity
appear as owner of the vessel. Any ship may be registered
provided it complies with the minimum seaworthiness, safety
and environmental conditions required by international conventions.
However, ships over 20 years old are subject to a special
inspection before being granted a statutory certificate of
registry.
The ship registration procedure is initiated by applying
through the Panama office or the Panama Merchant Marine General
Consulates, paying the corresponding fees and submitting the
following documents:
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Power of attorney
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Applications for navigation and radio licenses
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Bill of Sale (and builder's certificate for new buildings)
and Acceptance of Sale
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Official certificate of cancellation from the current
registry stating that the vessel is free of all liens.
Vessels under construction may also apply for the Provisional
Registration and radio call letters.The maritime office will
issue the Provisional Navigation License, valid for 6 months,
and a non-renewable Provisional Radio License for 3 months.
The Provisional Navigation License may be renewed for additional
3 month periods upon payment of a penalty. The Definitive
Radio License must be obtained before these 3 months or a
fine is imposed.
The previously mentioned ship documents, apostilled or authenticated
by a Panamanian Consul, must be recorded at the Public Registry
by a Panamanian attorney at law, so that a renewable, 4-year,
Definitive Navigation License may be issued by the Directorate
in Panama.
Mortgages and title deeds may be preliminarily registered
by the Public Registry Office and the Directorate anytime
in a period that averages 8 hours. Panamanian mortgages and
titles are widely recognized and accepted as enforceable by
U.S., Far East and European finance institutions. All vessels
are subject to an Annual Safety Inspection ( ASI ) conducted
by the Department of Maritime Safety of SEGUMAR
Panama Legal Consultants
- Panama Law Firm -
For more information please contact us:
info@panamalegalconsultants.com
Tel: (507) 6714-9326
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