The construction of the Panama Canal is an achievement that the mankind can be proud of. By connecting the Atlantic Ocean to the Pacific Ocean, this has increased the comfort for the maritime traders. The shorter and faster route has enhanced the opportunities in trade. Unlike the lengthy Cape Horn route, this is quite safe too. Today, there are numerous vessels including ships, yachts and sailing boats which are being registered under the Panamanian flag every year. There are numerous reasons why people to register their vessels in Panama instead of any other country. The Panama Consulate allows registration of ships regardless of the nationality of the company or individual owning the vessel. Panama ship registry can be regarded as a stress free procedure.
Ship registry is one among the major services offered by the Panama Consulate. Tax exemption is a noticeable benefit that makes this place the best for registration of ships. Once you apply for the ship register service, you are eligible for the tax breaks the law offers within the Panama Maritime Legislation. Whether you own a ship, yacht, boat or sailboat, you are eligible for this privilege. There is no taxation for the international trade ventures which means that the income generated by your vessel in the international trade is non-taxable. These rules remain the same for every vessel owners regardless of their nationality. When compared to other jurisdictions across the world, the cost of registering a ship here is considerably low. It is often regarded as the most economical ship registration venture of the world. The tax savings and the low cost registration together would help you make a fortune of your life in the long run.
Panama is one among the rare countries that permits dual registrations for the vessels. Any vessel registered under the Panamanian flag, but charter to a company in a different nation has the privilege of registering simultaneously in that country. The absence of the minimum tonnage requirements is another great feature offered by Panama vessel registry. What you move in your vessel is your sole decision. Even though there is no restriction on the age of the vessel, the ones above twenty years would be inspected by an authorized Panamanian inspector to achieve a valid patent. It is good to take a glance at the additional discounts prior to visiting Panama Consulate for vessel registration. Even if your ship is under construction, you have the privilege of applying for provisional registration and radio call letters.
Transferring your ship under the Panama flag is easier than you imagine. You need not have to get it re-inspected for the tonnage certificate if it already has one achieved from the recognized company. By being a part of the international trade here, you can achieve considerable profit in your life. Panama Consulate would help the crew members achieve temporal certification (CT) and request for the Seaman Book endorsement for you. As the CT is valid for three months, you would receive your original Seaman Book endorsement prior to its expiry.