Vessel Laws

Panama has approximately 10,000 vessels registered under its flag. That includes everything from luxury yachts to cargo ships. Many individuals and organizations find that they get advantages from registering their ships, boats, and similar vessels in Panama.

Panama became a popular registry for offshore vehicles when Law 63 of 1917 made registration easy and convenient. The law was revised in 2008 (Law 57 of 2008) to offer companies incentives when they built new shipping vessels. The newer law also gives incentives to individuals who register certain fleets in Panama.

Incentives Created by Law 57 of 2008

Law 57 of 2008 awards discounted registration fees to fleets.

• Fleets with five to 15 vessels get a 20 percent discount

• Fleets with 16 to 50 vessels save 35 percent

• Fleets with more than 50 vessels get a 60 percent discount

The law also contains language that gives cruise ships registered in Panama the right to officiate wedding ceremonies.

Law 57 of 2008 established General Law of Ports that made regulations easier to understand and follow. This attracts organizations that want to understand business environments before making large investments. Many organizations also appreciate that the law promotes the success of private businesses by giving them the opportunity to develop ports and participate in free and fair competition without unnecessary oversight.

The Panamanian Marine Court

Owners who register their vessels in Panama get the advantage of working with the Panamanian Marine Court. This court is recognized as one of the world's most efficient regulatory bodies that deals with maritime conflicts. It is open 24 hours a day, 365 days a week to provide security and conflict resolution services to all vessels registered under Panama's flag. No matter where cargo boats, yachts, and other vessels travel, they receive juridical security from the Panamanian Marine Court.