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For more information please contact:

MF LEGAL SERVICES www.mossfon.com legal@mossfon.com Tel. +507 205-5888

Contact person: Alexandra Kourany Lawyer akourany@mossfon.com

HEADQUARTERS - ISO 9001 CERTIFIED

www.mossfon.com

PANAMA SHIP AND YACHT REGISTRATION


www.mossfon.com

British Virgin Islands - Cyprus - Bahamas - British Anguilla - Samoa - Seychelles Republic of Panama - Nevada - Wyoming - Florida - Vancouver - United Arab Emirates Hong Kong - Da Lian - Hangzhou - Nanjing - Ningbo - Qingdao - Shanghai - Shenzhen Singapore - Thailand - Czech Republic - Geneva - Gibraltar - Isle of Man - Jersey Liechtenstein - London - Luxembourg - Zug - Zurich - Brazil - Boquete (Panama) Colombia - Chile - Quito - El Salvador - Guatemala - Guayaquil - Peru - Uruguay Venezuela.


The registration procedure will be as follows: Upon receipt of the above-mentioned documents and fees, we file an application with the Maritime Authority of Panama for the provisional licensing of the vessel. The Maritime Authority then issues a provisional six month Navigation and Radio Licenses. One advantage of the Panamanian Registry is that copies instead of originals of the required documents may be submitted to the Maritime Authority for the provisional registration. for the definitive registration, documents 3 to 6 must be sent to Panama duly legalized at a Panamanian consulate or apostilled. We advise clients to submit the complete set of documents within the first six months of the provisional registration to avoid additional disbursements of monies. Once submitted the above-mentioned documents in order obtain the definitive registration of the yacht, the Maritime Authority will issue a renewable Statutory Navigation License and a Radio Licence valid for two years each time. For pleasure vessel (yacht) whose owner is a Panamanian individual or company, the sole fee is only One Thousand Dollars (US$1,000.00), every two years. The sole fee referred to in this article does not include payment of any other fee, tax or fiscal assessment envisaged in the laws in force. In an effort to provide you a good service, we would recommend that you follow the procedure as stated above to ensure that you will obtain the yacht’s registration in the time. Also, we will need you to provide us with the name you would like to give the yacht in Panama so that we may conduct a search at the Maritime Authority in order to ascertain whether the name provided is available for registration. The yachts do need to be recorded at the Panamanian Maritime Authority in order to be able to navigate. However, there is also the opportunity to register the yacht at the Panamanian Public Registry if the yatch is to be mortgaged sometime in the future. Mossack Fonseca & Co. will be pleased to also render such service.

PANAMA SHIP AND YACHT REGISTRATION We offer a wide variety of services: 

Vessels and Yacht registrations in Panama

Naval Mortgage registration

Legal advise on financing transactions

Legal assistance at closings

Drafting of agreements

Technical Certificates

Crew licenses

Private Litigation

Maritime salvage

General average and maritime pollution proceedings

Cargo claims and advice in protests and surveys

Maritime collisions and casualties

Maritime insurance


YACHT REGISTRATION ADVANTAGES OF FLAGGING SHIPS IN PANAMA 

The Panamanian Registry is one of the leading vessel registration centers not only because of its swiftness based on 24-hour services, but also for its faithful observance of international conventions on maritime safety, reasonable costs including significant discounts for fleet flagging and the fact that it is an open registry where the nationality of the owner of the ship is not an obstacle to becoming part of it. Panamanian authorities have established a global network of more than 65 consular offices around the world to support users of the Panamanian flag.

Unlike other registries, individuals or corporations of any nationality may register their vessels or yachts in Panama, thanks to simple and rapid procedures at considerably lower costs.

Users can receive pre-registration documentation and the necessary authorizations to navigate within the next 8 hours following application.

Panama’s financial center and technological advances in the field of telecommunications counterpart the efficient yacht and ship registration.

The vessel does not have to pay any taxes whatsoever for the money it earns in the transportation and chartering outside of the Republic of Panama.

Crew can be of any nationality.

The Panamanian flag is part of The Paris Memorandum of Understanding on Port State Control (Paris MoU) white list.

The Maritime Authority of Panama is certified with ISO 9001-2008.

SHIP REGISTRATION A.

REQUIREMENTS

We need you to provide us with the name of the vessel so that we may conduct a search at the Maritime Authority in order to ascertain whether the name is available for registration. The following data and documentation are required for registration: 1.

Basic Information Form for the registration of vessels under the Panamanian flag.

Pleasure or private use vessels (yachts) may be registered in the Republic of Panama through an expeditious procedure. To proceed with the registration of the yacht, the following documents must be filled out and sent to our office in Panama for submission to the Maritime Authority, to wit: 1. Application Data for Registration of Vessels (yachts) under the Panama Flag; 2. Application for a Radio communications License. This form is very technical, so we strongly suggest that the client engage a telecommunication technician, engineer or ship captain to fill in the form. Similarly to other small vessels, yachts usually maintain strictly private correspondence, for which the use of a radio accounting authority is not required. Therefore, when applying for the flagging of a yacht, the following needs to be stated, in a separate document to be delivered to MF LEGAL SERVICES without need for any authentication: a. b. c. d.

Yacht’s navigation area; How far away from the coasts it navigates; Frequencies used by the vessel; Name and address of the operating station with which the vessel communicates directly.

3. Power of Attorney whereby the current owner of the yacht, i. e., the buyer, appoints MF LEGAL SERVICES as the yachts Legal Representatives in Panama. 4. Bill of Sale (if the yacht was registered previously) or Builder’s Certificate (if Panama will be the yacht’s first registry) whereby the yacht is transferred to the current owner); 5. Certificate of deletion from the previous registry, if the vessel was registered previously (not applicable if the yacht is a new construction). 6. Acceptance of Sale whereby the current owner accepts the sale of the yacht or accepts to be the first owner of the yacht.


TAXES AND FEES There are several taxes and fees to be paid to the government for the registration of vessels under the Panamanian flag: Annual Registration Tax, Annual Consular Fee, Annual Inspection Fee, Fee for Annual Investigation of Accidents and Participation of the Panamanian Administration at Conferences and International Treaties. These taxes and fees are calculated on the basis of the Gross Registered Tonnage and the type of vessel. All these taxes and fees are payable in advance upon registration of the vessel concerned See point 8, part A, and thereafter in January of each year. Such charges are not reimbursed in any case, fully or partially, even if the vessel is deleted from the Panamanian Registry. If taxes and fees are not paid during the month of January, a 10% annual surcharge plus 1% interest for each month or fraction of a month they remain outstanding are levied.

2. Application for radio license. The Radio License Application Form and the Basic Information Form are very technical, so we strongly suggest the client hire a telecommunications technician, an engineer or a boat captain to fill in the forms; 3. Power of Attorney whereby the current owner of the vessel, i.e., the buyer, appoints MF Legal Services as the vessel's Legal Representative in Panama. 4. Bill of Sale (if the vessel was registered previously) or Builder's Certificate (if Panama will be the vessel's first registry) whereby the vessel is transferred to the current owner. 5.

Certificate of Deletion from the previous registry if the vessel was registered previously (not applicable if the vessel is a new construction).

6. Acceptance of Sale whereby the current owner accepts the sale of the vessel or accepts to be the first owner of the vessel. 7. International Tonnage Certificate

CHARTER OF VESSELS / DUAL REGISTRATION Any vessel registered in Panama may be bareboated to a company in another country, and registered and reflagged if the laws of that other country so allows. In such a case, the chartered vessels are issued a special Navigation License once all the formalities are met. During the bareboat charter registration period, the vessel registered in Panama is subject to the same taxes payable by vessels with a regular registration. The owners of vessels of Panamanian registration recorded in a Special Foreign Registry may not record their title deeds and mortgage liens thereon in any registry other than that of the Republic of Panama. The following documents must be submitted for dual registration: 1. Authenticated copy of the charter agreement; 2. Consent of the owner for the dual registration; 3. Compliance or Certificate of consent from the country where the chartered vessel will be registered; 4. Consent of the mortgage creditors.

8. Governmental fees (in order to determine the governmental fees, we would have to know the type of vessel, gross and net tonnages). Documents 3 to 6 must be sent to Panama duly legalized at a Panamanian consulate or apostilled. ***Additionally, Mossfon will need further information about any vessel falling under any of the following categories: a. b. c. d. e.

Passenger High speed (passenger or cargo); Bulk carrier over 500 gross tons; Tanker over 500 gross tons; and Carriers over 500 gross tons.

In such cases, the Document of Compliance (DOC) issued to the vessel's operating company and the Safety Management Certificate (SMC) issued to the vessel by a Classification Company are strictly required. These certificates must be issued in the name of (addressed to) the Maritime Authority of Panama. However, valid certificates issued in the name of any authority other than the Maritime Authority of Panama are acceptable for the six-month provisional registration.


B.

PROCEDURE FOR GRANTING OF THE PROVISIONAL REGISTRATION

The procedure for granting of the provisional registration is as follows: Upon receipt of the above-mentioned documents and fees, we file an application with the Maritime Authority of Panama for the provisional licensing of the vessel. The Maritime Authority then issues a provisional six-month Navigation and Radio Licenses.

Provisional licenses can be obtained before the registration of the title deed at the Panamanian Public Registry. However: 1. If the complete set of the above-mentioned documents (in original) is not submitted and the title deed is not registered at the Public Registry within the first six months of the provisional registration: a. The vessel's owner must pay a US$500.00 penalty to the Maritime Authority; b. The preliminary Navigation License may be extended for a US$50.00 fee per month, and the Radio Licenses for a fixed fee of US$150.00 per month until the permanent registration process is completed.

One advantage of the Panamanian Registry is that copies instead of originals of the required documents may be submitted to the Maritime Authority for the provisional registration. For the definitive registration, the documents must be sent to Panama duly legalized at a Panamanian Consulate or apostilled.

C.

PROCEDURE FOR GRANTING OF THE PERMANENT / STATUTORY REGISTRATION

The renewable Statutory Navigation and Radio Licence, which is valid for five years, will be issued by the Maritime Authority in Panama once: 1. The complete set of required documents has been submitted. We reiterate that the documents listed in points 3, 4, 5 and 6 must be legalized by Apostille or at a Panamanian Consulate (Power of Attorney, Bill of Sale or Builder's Certificate, Acceptance of Sale and the official certificate of deletion or consent for transfer issued by the previous registry);

EXTENSIONS OF THE PROVISIONAL REGISTRATION We advise clients to submit the complete set of documents within the first three months of the provisional registration to avoid additional disbursements of monies. The Panamanian flagging system of vessels consist of two stages: obtainment of navigation/radio licenses at the Panamanian Maritime Authority and registration of the title deed at the Panamanian Public Registry. The registration of the vessel at the Public Registry is essential, as the vessel cannot be mortgaged without such registration.

2. The vessel's title deed has been registered at the Public Registry of Panama. If for any reason the vessel does not need to be registered indefinitely in Panama, its registration at the Panama Maritime Authority can be deleted without the vessel ever having been registered at the Public Registry, provided that all fines and surcharges due have been paid to the Panama Maritime Authority.


B.

PROCEDURE FOR GRANTING OF THE PROVISIONAL REGISTRATION

The procedure for granting of the provisional registration is as follows: Upon receipt of the above-mentioned documents and fees, we file an application with the Maritime Authority of Panama for the provisional licensing of the vessel. The Maritime Authority then issues a provisional six-month Navigation and Radio Licenses.

Provisional licenses can be obtained before the registration of the title deed at the Panamanian Public Registry. However: 1. If the complete set of the above-mentioned documents (in original) is not submitted and the title deed is not registered at the Public Registry within the first six months of the provisional registration: a. The vessel's owner must pay a US$500.00 penalty to the Maritime Authority; b. The preliminary Navigation License may be extended for a US$50.00 fee per month, and the Radio Licenses for a fixed fee of US$150.00 per month until the permanent registration process is completed.

One advantage of the Panamanian Registry is that copies instead of originals of the required documents may be submitted to the Maritime Authority for the provisional registration. For the definitive registration, the documents must be sent to Panama duly legalized at a Panamanian Consulate or apostilled.

C.

PROCEDURE FOR GRANTING OF THE PERMANENT / STATUTORY REGISTRATION

The renewable Statutory Navigation and Radio Licence, which is valid for five years, will be issued by the Maritime Authority in Panama once: 1. The complete set of required documents has been submitted. We reiterate that the documents listed in points 3, 4, 5 and 6 must be legalized by Apostille or at a Panamanian Consulate (Power of Attorney, Bill of Sale or Builder's Certificate, Acceptance of Sale and the official certificate of deletion or consent for transfer issued by the previous registry);

EXTENSIONS OF THE PROVISIONAL REGISTRATION We advise clients to submit the complete set of documents within the first three months of the provisional registration to avoid additional disbursements of monies. The Panamanian flagging system of vessels consist of two stages: obtainment of navigation/radio licenses at the Panamanian Maritime Authority and registration of the title deed at the Panamanian Public Registry. The registration of the vessel at the Public Registry is essential, as the vessel cannot be mortgaged without such registration.

2. The vessel's title deed has been registered at the Public Registry of Panama. If for any reason the vessel does not need to be registered indefinitely in Panama, its registration at the Panama Maritime Authority can be deleted without the vessel ever having been registered at the Public Registry, provided that all fines and surcharges due have been paid to the Panama Maritime Authority.


TAXES AND FEES There are several taxes and fees to be paid to the government for the registration of vessels under the Panamanian flag: Annual Registration Tax, Annual Consular Fee, Annual Inspection Fee, Fee for Annual Investigation of Accidents and Participation of the Panamanian Administration at Conferences and International Treaties. These taxes and fees are calculated on the basis of the Gross Registered Tonnage and the type of vessel. All these taxes and fees are payable in advance upon registration of the vessel concerned See point 8, part A, and thereafter in January of each year. Such charges are not reimbursed in any case, fully or partially, even if the vessel is deleted from the Panamanian Registry. If taxes and fees are not paid during the month of January, a 10% annual surcharge plus 1% interest for each month or fraction of a month they remain outstanding are levied.

2. Application for radio license. The Radio License Application Form and the Basic Information Form are very technical, so we strongly suggest the client hire a telecommunications technician, an engineer or a boat captain to fill in the forms; 3. Power of Attorney whereby the current owner of the vessel, i.e., the buyer, appoints MF Legal Services as the vessel's Legal Representative in Panama. 4. Bill of Sale (if the vessel was registered previously) or Builder's Certificate (if Panama will be the vessel's first registry) whereby the vessel is transferred to the current owner. 5.

Certificate of Deletion from the previous registry if the vessel was registered previously (not applicable if the vessel is a new construction).

6. Acceptance of Sale whereby the current owner accepts the sale of the vessel or accepts to be the first owner of the vessel. 7. International Tonnage Certificate

CHARTER OF VESSELS / DUAL REGISTRATION Any vessel registered in Panama may be bareboated to a company in another country, and registered and reflagged if the laws of that other country so allows. In such a case, the chartered vessels are issued a special Navigation License once all the formalities are met. During the bareboat charter registration period, the vessel registered in Panama is subject to the same taxes payable by vessels with a regular registration. The owners of vessels of Panamanian registration recorded in a Special Foreign Registry may not record their title deeds and mortgage liens thereon in any registry other than that of the Republic of Panama. The following documents must be submitted for dual registration: 1. Authenticated copy of the charter agreement; 2. Consent of the owner for the dual registration; 3. Compliance or Certificate of consent from the country where the chartered vessel will be registered; 4. Consent of the mortgage creditors.

8. Governmental fees (in order to determine the governmental fees, we would have to know the type of vessel, gross and net tonnages). Documents 3 to 6 must be sent to Panama duly legalized at a Panamanian consulate or apostilled. ***Additionally, Mossfon will need further information about any vessel falling under any of the following categories: a. b. c. d. e.

Passenger High speed (passenger or cargo); Bulk carrier over 500 gross tons; Tanker over 500 gross tons; and Carriers over 500 gross tons.

In such cases, the Document of Compliance (DOC) issued to the vessel's operating company and the Safety Management Certificate (SMC) issued to the vessel by a Classification Company are strictly required. These certificates must be issued in the name of (addressed to) the Maritime Authority of Panama. However, valid certificates issued in the name of any authority other than the Maritime Authority of Panama are acceptable for the six-month provisional registration.


YACHT REGISTRATION ADVANTAGES OF FLAGGING SHIPS IN PANAMA 

The Panamanian Registry is one of the leading vessel registration centers not only because of its swiftness based on 24-hour services, but also for its faithful observance of international conventions on maritime safety, reasonable costs including significant discounts for fleet flagging and the fact that it is an open registry where the nationality of the owner of the ship is not an obstacle to becoming part of it. Panamanian authorities have established a global network of more than 65 consular offices around the world to support users of the Panamanian flag.

Unlike other registries, individuals or corporations of any nationality may register their vessels or yachts in Panama, thanks to simple and rapid procedures at considerably lower costs.

Users can receive pre-registration documentation and the necessary authorizations to navigate within the next 8 hours following application.

Panama’s financial center and technological advances in the field of telecommunications counterpart the efficient yacht and ship registration.

The vessel does not have to pay any taxes whatsoever for the money it earns in the transportation and chartering outside of the Republic of Panama.

Crew can be of any nationality.

The Panamanian flag is part of The Paris Memorandum of Understanding on Port State Control (Paris MoU) white list.

The Maritime Authority of Panama is certified with ISO 9001-2008.

SHIP REGISTRATION A.

REQUIREMENTS

We need you to provide us with the name of the vessel so that we may conduct a search at the Maritime Authority in order to ascertain whether the name is available for registration. The following data and documentation are required for registration: 1.

Basic Information Form for the registration of vessels under the Panamanian flag.

Pleasure or private use vessels (yachts) may be registered in the Republic of Panama through an expeditious procedure. To proceed with the registration of the yacht, the following documents must be filled out and sent to our office in Panama for submission to the Maritime Authority, to wit: 1. Application Data for Registration of Vessels (yachts) under the Panama Flag; 2. Application for a Radio communications License. This form is very technical, so we strongly suggest that the client engage a telecommunication technician, engineer or ship captain to fill in the form. Similarly to other small vessels, yachts usually maintain strictly private correspondence, for which the use of a radio accounting authority is not required. Therefore, when applying for the flagging of a yacht, the following needs to be stated, in a separate document to be delivered to MF LEGAL SERVICES without need for any authentication: a. b. c. d.

Yacht’s navigation area; How far away from the coasts it navigates; Frequencies used by the vessel; Name and address of the operating station with which the vessel communicates directly.

3. Power of Attorney whereby the current owner of the yacht, i. e., the buyer, appoints MF LEGAL SERVICES as the yachts Legal Representatives in Panama. 4. Bill of Sale (if the yacht was registered previously) or Builder’s Certificate (if Panama will be the yacht’s first registry) whereby the yacht is transferred to the current owner); 5. Certificate of deletion from the previous registry, if the vessel was registered previously (not applicable if the yacht is a new construction). 6. Acceptance of Sale whereby the current owner accepts the sale of the yacht or accepts to be the first owner of the yacht.


The registration procedure will be as follows: Upon receipt of the above-mentioned documents and fees, we file an application with the Maritime Authority of Panama for the provisional licensing of the vessel. The Maritime Authority then issues a provisional six month Navigation and Radio Licenses. One advantage of the Panamanian Registry is that copies instead of originals of the required documents may be submitted to the Maritime Authority for the provisional registration. for the definitive registration, documents 3 to 6 must be sent to Panama duly legalized at a Panamanian consulate or apostilled. We advise clients to submit the complete set of documents within the first six months of the provisional registration to avoid additional disbursements of monies. Once submitted the above-mentioned documents in order obtain the definitive registration of the yacht, the Maritime Authority will issue a renewable Statutory Navigation License and a Radio Licence valid for two years each time. For pleasure vessel (yacht) whose owner is a Panamanian individual or company, the sole fee is only One Thousand Dollars (US$1,000.00), every two years. The sole fee referred to in this article does not include payment of any other fee, tax or fiscal assessment envisaged in the laws in force. In an effort to provide you a good service, we would recommend that you follow the procedure as stated above to ensure that you will obtain the yacht’s registration in the time. Also, we will need you to provide us with the name you would like to give the yacht in Panama so that we may conduct a search at the Maritime Authority in order to ascertain whether the name provided is available for registration. The yachts do need to be recorded at the Panamanian Maritime Authority in order to be able to navigate. However, there is also the opportunity to register the yacht at the Panamanian Public Registry if the yatch is to be mortgaged sometime in the future. Mossack Fonseca & Co. will be pleased to also render such service.

PANAMA SHIP AND YACHT REGISTRATION We offer a wide variety of services: 

Vessels and Yacht registrations in Panama

Naval Mortgage registration

Legal advise on financing transactions

Legal assistance at closings

Drafting of agreements

Technical Certificates

Crew licenses

Private Litigation

Maritime salvage

General average and maritime pollution proceedings

Cargo claims and advice in protests and surveys

Maritime collisions and casualties

Maritime insurance


www.mossfon.com

British Virgin Islands - Cyprus - Bahamas - British Anguilla - Samoa - Seychelles Republic of Panama - Nevada - Wyoming - Florida - Vancouver - United Arab Emirates Hong Kong - Da Lian - Hangzhou - Nanjing - Ningbo - Qingdao - Shanghai - Shenzhen Singapore - Thailand - Czech Republic - Geneva - Gibraltar - Isle of Man - Jersey Liechtenstein - London - Luxembourg - Zug - Zurich - Brazil - Boquete (Panama) Colombia - Chile - Quito - El Salvador - Guatemala - Guayaquil - Peru - Uruguay Venezuela.


For more information please contact:

MF LEGAL SERVICES www.mossfon.com legal@mossfon.com Tel. +507 205-5888

Contact person: Alexandra Kourany Lawyer akourany@mossfon.com

HEADQUARTERS - ISO 9001 CERTIFIED

www.mossfon.com

PANAMA SHIP AND YACHT REGISTRATION


Panama Corporations Ship and Yacht Registration - English