Before registering a yacht, owners need to know how old it is and whether they are about to purchase one from a shipyard or second-hand.
It is also important to know whether it will be used for commercial purposes (rent or charter) or as a leisure vessel.
Commercial Yacht Registration
The difference is that commercial vessels are registered as regular ones, and owners need to know the net and gross tonnage. Also, commercial vessels are subject to a series of inspections. We do not quote fees before we know a yacht’s name, the goal of use (commercial or private), tonnage (net and gross) and the year of construction.
To register a Yacht in Panama the following requirements must be met:
1. First, a provisional navigation license is issued for 3 months. To obtain the license we need to file an application in Panama.
2. To complete the application, we should know the following information about the yacht:
2.1 the name of the vessel;
2.2 the former name of the vessel (if any);
2.3 year of construction;
2.4 the name of the builder;
2.5 the place where the yacht was built;
2.6 the name of the authority in charge of radio accounting (address, phone, fax, e-mail);
2.7 technical details about the communications equipment (we will send you a form that is required for this; it can be submitted later);
2.8 the net and gross tonnage, length, beam, the number of engines, the type and brand of engines, the number of cylinders and their horse powers per engine.
3. We also grant a power of attorney to a company or an individual who currently owns the vessel. In cases whereby the Power of Attorney is issued abroad, it must be apostilled and legalized by the Panamanian Consulate.
4. Affidavit of the yacht's owners to guarantee that the vessel will not be used for commercial purposes. In cases whereby the affidavit is issued abroad, it must be apostilled or legalized by the Panamanian Consulate.
5. To obtain the permanent navigation license that is valid for two (2) years, we need to register the ownership title to the vessel. To be successful in such venture you must submit the following documents:
5.1. A Bill of sale that must be signed between the current owner and the Panama Company (if the current owner is interested in transferring ownership to a Panamanian Company). The seller’s signature must be apostilled or authenticated by the Panamanian Consulate. We can buy the purchase agreement form from the Maritime Authority, complete it and send to the owner or to you.
5.2 Resignation from the previous flag with apostille or one authenticated by the Panamanian Consulate.
5.3 Newly constructed vessels require an apostilled certificate from the builder's and must be authenticated by the Panamanian Consulate.