Registration of Yatch in Panama
Square Tree Corp. provides coordination of the process necessary to register a yacht in Panama.
Please note that a yacht under the flag of Panama to be used for personal purposes and pleasure only, indicating that any commercial or lucrative activity could take place
Process for Registering a Yatch in Panama
The first step for registering a Yacht in Panama is the Provisional Navigation Patent. Here below are summarized the main requirements for this process:
- a) Name and full details of the yacht.
- b) Special Power of Attorney in favor of the elected law firm issued by the owner. This document is to be certified by a Public Notary and Authenticated by a Panamanian Consulate or by Apostille.
- c) Affidavit of non-commercial activity issued by the owner.
- d) Payments of US$ 1,500.00 (when the applicant is not a Panamanian citizen) in favor of the Panama Maritime Authority (AMP).
The provisional patent is issued for a period of six months and could be extended for an additional period of one month, for few months more, through the payment of a fee of US$ 50.00 per month.
It is at this point necessary to obtain the permanent navigation patent and radio license for the yacht to be registered under Panamanian flag. The following are the requested documents, all to be notarized and legalized by a Panamanian Consulate or by Apostille:
a) Builder’s Certificate issued in name of the owner in case of a new yacht or Bill of Sale and the Buyer’s Acceptance of Sale in the event the vessel was object of a previous sale.
b) Certificate of Deletion from the previous Registry. This document is to be issued by the competent authority of the country in which the vessel was previously registered.
c) Special Power of Attorney in favor of the elected law firm issued by the owner.
A foreign vessel will be subject to inspection in Panama. However, in the case of pleasure yachts, ships registered in Panama as foreign service, i.e. not sailing or remaining in national waters, it will not be necessary to perform an inspection.
The permanent navigation patent is valid for 2 years and maybe indefinitely renewed.