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Due
to its strategic geographical position and to the Canal existance,
Panama has become a supporter for maritime trade worldwide.
One of the
most important achievements is the National Merchant Marine, which
is the oldest and now is the largest registry open to vessels worldwide.
The Panamanian
Merchant Marine was created through Law 8 of 1925, whereby restrictions
on the nationality and residency of ship owners were eliminated,
and an open registry system was adopted.
Ever since,
the Panamanian ship registry accepts vessels owned by nationals
and foreigners provided they comply with the standards related to
navigation, maritime safety, prevention and control of pollution,
seamen training, certification and watch keeping and the technical,
social and fiscal standards.
Advantages
of the Panamanian registry
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Any
individual, or company, regardless of their nationality and
place of origin, is eligible to register vessels under the
Panamanian flag.
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The
process is simple and expedite, which allows the registration
of a vessel in a period of eight (8) hours, provided the requirements
are complied with.
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A
reliable system of naval mortgages backed up by the national
and international banking.
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Our
Panama office works on a 24 hours basis to satisfy the needs
of Asia and Europe despite time differences.
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Representative
offices strategically located in sixty (60) countries at our
merchant marine consulates.
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Adoption
of the quality system.
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Strict
enforcement of the international agreements on maritime safety,
the IGS. STCW 78/95 among others.
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Tax
exemption over the activities profits.
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Law
36 of June 1995, offers a 20% discount on the registration
fee of three (3) or more vessels representing 50,000 gross
tonnage.
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Ship
owners and operators of vessels under the Panamanian flag
are entitled to the system contemplated under the anonymous
partnerships.
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There
are no requirements for a minimum tonnage. However, vessels
exceeding 20 years of age must undergo a special inspection
by a duly authorized Panamanian surveyor, in order to obtain
a statutory patent.
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Ship
owners who wish to transfer them to the Panamanian flag, do
not need to have them re-inspected if the vessels holds a
valid safety certificate and a tonnage certificate issued
by an organization or recognized class society. However, upon
registration a recognized organization must issue new certificates
on behalf of the Panamanian administration.
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Since
1977, the Panama Maritime Authority's regional center in New York
offers users an expedite and efficient assistance and advisory on
safety and technical matters concerning the Panamanian registry.
REGISTRATION
PROCEDURES
The procedure
to register vessels under the Panamanian flag is simple and expedite.
It can be initiated with an application for a Provisional Registry
through a legal representative (competent in the Republic of Panama)
or at any Panamanian Consulates overseas. The required information
should be provided and the corresponding fee paid.
Issuance
of a provisional registry
Once the documents are submitted and the fees paid, a Provisional
Patent will be issued by the authorized consulate or at the main
office in Panama which is
valid for a period of six (6) months. A provisional radio license
for three (3) months will also be issued. The whole process takes
approximately one (1) working day.
The Statutory
Patent and the radio license are issued only in Panama. These are
valid for a period of four (4) years and are granted after all the
documents have been submitted. Likewise, it is required that the
title of the ship owner has been duly inscribed in the Public Registry.
In the case of the radio license, this is issued only when the interested
party submits a complete application, indicating the communications
equipment the vessel will have on board and complying with the GMDSS.
· Grace
period: In the case that the ship owners cannot supply any of the
above mentioned documents, necessary for the provisional registry,
they may request through their legal representative a grace period
of six (6) months to submit the missing documents.
Required
documents
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A
power of attorney from the ship owners, authenticated and
legalized by a qualified person.
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Title
of ownership of the vessels duly inscribed in the Public Registry.
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The
vessels should be cleared of all fiscal payments. |
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A
tonnage or gauging certificate issued by a recognized authority
in Panama and the confirmation of the same by the New York office. |
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An
original certificate of the Bill of Sale, and Title Deed of
Ownership. |
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Certificate
of cancellation of the former registry. |
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Certificate
of construction (if it's a new construction). |
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Technical
certificates of the vessels in accordance with the international
agreements. |
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Application
for a radio license. |
Vessels that are under construction.
A provisional
registry will be granted to vessels under construction when the
interested Party submits an application. The registry number and
radio letters will be granted. The registry fee will be paid only
when the vessel is apt to navigate. At this point the remaining
taxes should be cancelled, and the pertinent documents issued.
Class Societies
Authorized to issue technical certificates: are duly recognized
companies, authorized by the Panamanian administration to inspect
and issue technical certificates on behalf of the government of
Panama.
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