The panama register of ships will also allow ships to operate international trade without taxation as its only territorial and will not tax the income of ships involved in international navigation or trade. The panama ship register will not discriminate the citizenship or nationality of anyone willing to register a vessel under the Panama Flag.
Once a ship owner uses the panama register of ships, it will be able to use a mechanism called dual panama ship register. This ship register method will allow a foreign ship that has a previous registration of two years in a foreign country to register in the panama ship register at the same time without a cancellation of the registration of the previous country. This panama ship register system is also possible to be applied the opposite way. This is only allowed with a certification of consent from the country that originally had the register of ship or ships.
This panama ship register dual system can be of great advantage for shipping companies, ship owners and merchant shipping companies who have no ship register under the open registry.
It is important to mention other great advantages of the panama register;
a) There is no minimum tonnage requirement for vessel registration allowing any type of vessel to use the panama register of ships.
b) The panama ship register allows the registration under a Panamanian corporation. This will give protection to the vessel and anonymous ownership. You will be able to use a bulletproof asset protection structure (corporation + foundation) to register and ensure that your vessel’s income and ownership will always be safe and anonymously protected.
c) Panama register of ships done by the use of a Panamanian Corporation will allow changing ownership with ease and will not pay taxes on the sale! This will basically be the sale, trespass of the shares and name of the corporation to a new owner and can be done in a few hours.
The panama ship register payments are estimated as follows;
For ships you pay for the bill of sale’s registration at approx $0.20 per registered ton, then an additional 20% surtax. There will be annual taxes on your tonnage. If you compare to other legislations you will notice that the panama register of ships is one “if not the” most economical in the world. Taking in consideration that the tax savings are part of the system, you will find out its way cheaper in the long term.
For yachts applying on the panama ship register with the use of a Panamanian Corporation or Company, the flat payment is as follows;
It is basically $1000 for the provisional registration, $1000 for the permanent registration with radio license and $1300 (with Panamanian Nominee Directors and their letter of share resignation)
In order to process any ship registration in the panama ship register you will need to make the following steps;
1) You get in touch with us at;
http://www.PanamaCruise.Com.Pa or (507) 263 6873
2) We send a registration form you must complete with vessel details
3) We receive the form and information by e mail and send back with a quote
4) We receive the payment and requirements such as bill of sale, admeasure certificate of vessel, special power of attorney authorizing our company to handle the application cancellation of previous registry of vessel (if not a new vessel) or certificate of consent of the previous country if applying for the dual registry system.
5) We finish the process and send back the document by currier. The provisional registration takes 7 business days and the permanent can take at the most 3 months.
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