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Uribe & Asociados, your trusted lawyers in Panama and Colombia.
Maritime Services
Panama’s maritime trade is among the largest in the world. The Panama Maritime Authority operates one of the leading open ship registries globally, accepting both domestic and foreign vessels. Panama continues to lead in ship registration, with slightly more than 8,250 vessels.
The Panama Maritime Authority issued Board Resolution No. 011-2019, which regulates the nautical charter license, allowing yachts with Panamanian or foreign flags to engage in yacht rental activities in national waters.
Uribe & Associates had the privilege of being the third law firm to apply for a nautical charter license before the Maritime Authority.
Our team of lawyers is equipped to provide guidance on maritime matters, including:
- Ship registration and flagging (recreational and commercial vessels).
- Application for navigation patents and radio licenses.
- Renewal and extension of navigation patents and radio licenses.
- Change of vessel ownership.
- Vessel name changes and name reservations.
- Ship purchase and sale agreements.
- Obtaining an operations license (nautical charter) for yacht rentals.
- Maritime and charter contracts.
- General maritime law practice.
More Information on Maritime Law
In Panama, vessel registration is a quick process and can take as little as one business day. Any individual or legal entity, regardless of nationality or registered address, can register a vessel under the Panamanian flag.
Income earned from international maritime activities by vessels registered under the Panamanian flag is not subject to income tax in Panama.
FAQ
The license is granted for a term of ten (10) years, renewable; however, it may be revoked at any time if the service provider fails to comply with the applicable regulations, as determined by a reasoned resolution.
The fee is one thousand five hundred balboas (B/.1,500.00) per year, which must be paid by the provider of the auxiliary maritime service within the first fifteen (15) days of the year.
Yes, it is possible. The provider of auxiliary maritime services may include multiple vessels under a single operations license, provided that they notify the Panama Maritime Authority of the addition of each vessel and submit the documentation supporting their authorization to offer the service. Likewise, they must notify the Authority of any vessels that are no longer covered by the license.