Benefits Of Maritime Services Offered By Panama Consulate

By Author: Keeleigh Colbert
Total Articles: 5
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The Panama Canal connects the Atlantic Ocean with the Pacific Ocean, and is one of the greatest achievements of modern engineering. This manmade water body is among the seven wonders of the modern world.

The Panama Canal connects the Atlantic Ocean with the Pacific Ocean, and is one of the greatest achievements of modern engineering. This manmade water body is among the seven wonders of the modern world. The number of vessels being registered in Panama every year is more than that of any other country in the world. From yachts to ships, you would find a range of vessels which are being registered here. It is due to various comforts that the Panama Consulate offers, that vessel owners end up registering them here. Panama ship registry allows the individuals and companies, irrespective of their nationality to register the ships under the Panamanian flag.

Ship registry is 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 tax breaks that 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 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 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.

If you wish to transfer your ship under the Panama flag, you need not have to get it re-inspected if it already has a valid tonnage certificate issued by a recognized company. Registering a vessel here offers you several benefits along with the greatest opportunity to be a part of the international trade. Other maritime services that the Panama Consulate offers include radio license provisional extension, vessel change of ownership, mortgage registration and cancellation, change of registered vessel tonnage, change of vessel name, etc. You can approach them to achieve the Seaman Book endorsement, the mandatory requirement for the crew onboard in any vessels under the Panamanian flag.
Resource: http://www.consulpanama.com/shipregistry