YACHT OF MORTGAGES
Panama is the most widely chosen jurisdiction for yacht and ship registration in the world. The Panamanian Ship Registration Law offer very flexible terms and affordable cost for yacht registered in the Republic of Panama.
Any yacht or pleasure vessel, or vessel qualified as such by IMO, may be registered for a two (2) year renewable period. One of the advantages for registering pleasure yachts is that there is a flat registration fee, regardless of the size or tonnage of the yacht. When the yacht is property of a Panamanian company or an individual, the fee is $1,000.00 if it owned by a foreign company or individual, the registration fee will be US$1,500.00.
These fees must be paid every two years, at which time the navigational documents must also be renewed.
For provisional registration of yachts, you must provide the following:
- An affidavit stating that same it is for pleasure only and not for commercial use.
- Copy of Bill Sales as evidence of ownership.
For more information please contact us at offshore@biermanpautt.com
