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Yacht Registration Panama: Malta, Hong Kong, Dubai (UAE), Belize, BVI

Panama: Yacht Registration, Boat- Ship-Vessel Registration

Panama Has the Largest Shipping Registry in the World

The Republic of Panama has the largest and most popular shipping registry in the world today. Over the years, international shipping companies have flocked to Panama to take advantage of the low registration taxes and fees applied by the Panama government as compared to other countries.

Panama Ship Registration

All vessels are subject to a one-time enrollment fee that is based upon a variable scale, plus a government fee, at the time of registration. Registration of the bill of sale is $0.20 per net ton registered or fraction thereof plus a 20% surtax. The annual tax that is due is $0.10 per net ton plus other charges. All international shipping income is exempt from Panama taxes.

Panama Yacht Registration

Registration certificates for yachts in Panama are issued for 2 year periods and must be renewed every 2 years for as long as the yacht is registered in Panama.

Documents Required For Registration

Purchase & Sale Agreement, Bill of Sale or a Builder’s Certificate if the boat is new
Power of Attorney (to our law firm)
Deletion Certificate from the previous registry or Builder’s Certificate if the boat is new

Vessel Registration Process

Panama’s Maritime office will issue a “temporary” Provisional Navigation License which is valid for a 6 month period and can be renewed. Within this 6 month period the applicant needs to apply for a “permanent” or Definitive Navigation License which is valid for a 2 year period.

All boats registered in Panama must also meet the Radio Operator licensing requirements. First, a “temporary” Provisional Radio Operator License will be issued which is valid for a 3 month period. A “permanent” Definitive Radio Operator License must be obtained within this first 3 month period or fines are imposed until the Definitive Radio Operator License is acquired.

If the yacht is over 20 years of age it will also be required to undergo a safety survey and other safety requirements.

Anonymous Yacht Ownership Using Panama Bearer Share Corporations

In order to have anonymous ownership for your Yacht or vessel in Panama you will need to first incorporate a Panama corporation in bearer share form. Use our law firm and nominee directors to set up the bearer share corporation and file all of the proper paperwork on your behalf ensuring your name stays out of any public registration databases. This allows you to maintain total control over the Panama corporation and boat ownership anonymously. Additional layers of privacy protection can be achieved by having a Panama Foundation own your Panama Corporation. Call us for more details.

Since your corporation is in bearer share form you can easily transfer the boat ownership by simply selling the corporation and share certificates to another party. No record of the transaction needs to be recorded nor any taxes paid in Panama upon completion of the sale.

Registration of Ships and Yachts in Malta

Why should you register your yacht or ship in Malta?

Registration of ships and yachts under the Maltese flag offers many advantages:

low company formation and ship registration costs
no restrictions on the nationality of the ship owner
complete tax exemption for private yachts and ships over 1000 Gross Tons
effective tax rate of 4.17% and VAT exemption for chartering of commercial yachts
no restrictions on the nationality of the master, officers and crew
no restrictions or taxation on the sale or transfer of shares of a company owning Maltese registered ships
no restrictions or taxation on the sale and mortgaging of Maltese registered ships
no trading restrictions and preferential treatment to Maltese ships in certain ports

Any vessel can be registered under the Maltese flag provided it is owned by a Maltese registered company or by a person habitually resident in Malta.

The formation of a Maltese company is a straightforward operation and can be taken care of by this firm, usually within a few hours. There are no nationality requirements as to both the shareholders and directors and usually the real ship or yacht owner will be the shareholder and director of the company. The company will have its registered office at our own address, unless you have another preference and we will be the company’s authorized representative in Malta so that we will take care of all the company’s administration in Malta.

A vessel is first registered provisionally under the Malta flag for six months during which period all documentation must be provided and the vessel will then be registered permanently.

Private Yacht registration

To register your yacht provisionally under the Maltese flag we will need from you

a power of attorney from the owner authorizing us to register the company and the vessel; this is a form
we can provide the form by e-mail or fax as you prefer;
details of your yacht on a form we can provide the form by e-mail or fax as you prefer;

The provisional registration is valid for six months. In order to register your yacht permanently under the Maltese flag, you must provide the following documents within six months from provisional registration:

yacht survey certificate from an authorized surveyor in the port where the yacht lies attesting the yacht’s seaworthiness; should your surveyor have difficulty in obtaining the official Malta Maritime Authority form
then a survey certificate form can be provided
only if your yacht is more than 24 metres in length, we will need an International Tonnage Certificate
a bill of sale showing that your Maltese company has bought the yacht; or a builder’s certificate in the name
of the Maltese company if the yacht is new or has never been registered anywhere previously
a radio installation form and a radio licence application which we will provide to you after provisional
registration which must be filled in by an authorized surveyor in the port where the yacht lies.
a Carving and Marking note from an authorized surveyor in the port where the yacht lies; this is a form which
we will provide after provisional registration
if the yacht has been registered previously outside of Malta, a certificate showing cancellation of registry from that last country of registry (deletion certificate)

No other documentation will be required.

Commercial Yacht registration

To register your yacht provisionally under the Maltese flag we will need from you

a power of attorney from the owner authorizing us to register the company and the vessel; this is a form can provide by e-mail or fax as you prefer;
details of your yacht on a form we can provide by e-mail or fax as you prefer;
an MCA Certificate of Survey issued by a classification society
if your yacht is more than 24 metres in length, we will need an International Tonnage Certificate and a Load Line Certificate also issued by a classification society

yacht survey certificate from an authorized surveyor in the port where the yacht lies attesting the yacht’s seaworthiness; should your surveyor have difficulty in obtaining the official Malta Maritime Authority form then a survey certificate form can be provided
a bill of sale showing that your Maltese company has bought the yacht; or a builder’s certificate in the name
of the Maltese company if the yacht is new or has never been registered anywhere previously
a radio installation form and a radio licence application which we will provide to you after provisional
registration which must be filled in by an authorized surveyor in the port where the yacht lies.
a Carving and Marking note from an authorized surveyor in the port where the yacht lies; this is a form which we will provide after provisional registration
if the yacht has been registered previously outside of Malta, a certificate showing cancellation of registry from that last country of registry (deletion certificate).

No other documentation will be required. It is worth pointing out that the operation of commerically registered yachts for chartering purposes using a Maltese company is very tax advantageous. Profits from chartering are taxed at 4.17%, there is no VAT on chartering contracts and VAT paid on purchases by the Maltese company can be reclaimed.

Ship registration

Since March 2000, no trading ships over 25 years will be registered. Trading ships between 20 and 25 years old must pass an inspection before provisional registration; Trading ships between 15 and 20 years old must pass an inspection by an authorized flag state inspector within one month of provisional registration.

To register your ship provisionally under the Maltese flag we will need from you

a power of attorney from the owner authorizing us to register the company and the vessel which we
can provide the form by e-mail or fax as you prefer;
details of your ship which you can provide on the details form which we can provide the form by e-mail
or fax as you prefer;
a bill of sale showing that your Maltese company has bought the ship or a builder’s certificate in the
name of your Maltese company if the ship is new or has never been registered anywhere previously
a confirmation of seaworthiness from the vessel’s classification society confirming (a) vessel type and
classification; (b) valid dates of statutory certificates; (c) exemptions or recommendations;
(d) encumberances
a copy of the latest International Tonnage Certificate
a Document of Compliance and Safety Management Certificate showing the new ship manager’s detail;
if the safety management certificate is not available, the classification society must state that the
certificate will be issued on registration.

Once provisional registration is complete, Malta Maritime Authority will issue a Certificate of Provisional Registration, a Minimum Safe Manning Certificate and, in the case of tankers, a CLC (Blue Card) Certificate.

To register your ship permanently under the Maltese flag, you must provide the following documents within six months from provisional registration:

a Carving and Marking note from an authorized surveyor in the port where the yacht lies; this is a
form which we will provide to you after provisional registration
a radio installation form which must be filled in by an authorized surveyor in the port where the ship
lies and a non-GMDSS radio licence application for vessels under 300 gross tons; for vessels over
300 gross tons a GMDSS radio licence application is needed and if required, an immarsat application;
we will send you these documents following provisional registration
a cancellation of registry certificate from the last country of registry (deletion certificate)
a Certificate of Survey and an International Tonnage Certificate issued on behalf of the Maltese
authorities
a certificate of class
a crew list accompanied by photocopies of the officers’ competency certificates and valid
STCW endorsements