Consequently, CYOS PANAMA developed ability to answer quickly to market requirements and this is why a lot of shipping companies and owners have chosen the Panama flag, which is today n°1 Registry of flags.
The registration procedure is simple and fast, which allows to registry a ship in a maximum period of 48 hours, as long as all requirements are met.
Any natural person or corporate body, regardless of nationality or place of origin, is eligible to register ships under a Panamanian flag.
There is a reliable naval mortgage system supported by the national and international banking system.
Panama Consular Office in Marseille, France, capable of working with the European, Asian and American continents regardless of the hours differences, with a strategic representation in 60 Consulates worldwide.
The adoption of a quality system by Panama is in strict compliance with international maritime organizations and safety agreements.
Panama exempted of taxes over the profit coming from the activities. Due to the principle of a territorially based tax, companies without any activity in Panama and whose benefits come from offshore operations doesn’t have to pay any tax on profit and from tax held at the source of dividends.
There are no minimum tonnage requirements; ships that are more than 20 years old will have to pass a special inspection by an authorized Panamanian surveyor to obtain an appropriate navigation documents.
Ship owners who wish to transfer their vessels to a Panamanian flag will not have to be re-inspected if these ships have a valid safety certificate issued by an recognized organization; nevertheless, at the moment of register, a recognized entity will issue new certificates for the new administration (Panama).
Ships exempted to stay in Panama, from annual Franchise and navigation Tax as well as the passport tax for foreign boats in French territorial waters.
The Republic of Panama is part of the State Members of the International Maritime Council Organization (IMO) with a category A.
Users of the Panamanian registry can count on a system that offers high levels of security. There are efficiency and high qualification of Panama in the Maritime Affairs, due to the experience and tradition since 1925.
Ownership can register the vessel under the Panama flag and keep the vessel under a company offshore worldwide.
Panama fiscal code stipulates that all Panamanian companies incomes coming from accomplishment of services directly linked to the use of vessels under the Panama flag will not be taxable, which means that the vessels can be administrated by a distinct Panamanian or offshore company.
