The Benefits of the Panamanian Maritime Area
Our country, at the present time have the highest index of registered vessels under the national flag. In our juridical order, this legal matter is governed by Law 8 of 1925 which created a flexible open registry of Vessels, which greatly benefits the world maritime community. The following are some of the many benefits this kind of registry offers:
• A low tax system (low registration taxes);
• Expedite issuance of the professional registry, change of owner and the persons responsible for the call letters of the Vessel;
• The owners are not required to have a determined nationality;
• There are no Minimum Tonnage requisites or number of manufactured years;
• A worldwide extensive organization of Consular Agencies offering services to maritime agencies and owners of Vessels using the Panamanian Registry;
• The fast and safe inscription of Maritime Mortgages and the possibility of a Double Registry.