Craft registration and boating license types & rules compared

Category: Boating License

Panama once again become a leader in the international registration of vessels, including boats and yachts. Currently there are about 14 000 ships and boats saling under the flag of that nation. This is primarily because the economy of Panama is focused on the service sector, including international sea navigation. Panama Canal is one of the most important international commercial and transportation maritime routes. In addition, there's a Colon Free Zone located on the Atlantic shore of Panama, which is considered one of the world's busiest centers of tax-free wholesale transactions attracting there large number of foreign vessels. The Government of Panama is an active member of the International Maritime Organization (International Maritime Organization - IMO), which provides an active international cooperation in the field of international maritime law and compliance with international maritime standards. Panama is beneficial in this reguard also because it holds the so-called open ship registry, which means that resident of any country is entitled to register their boat and get boating license in this state. Besides that, it is the stabilty of the economic and political situation within the nation that has contributed to Panama becoming a country whose flag it is profitable to fly on any ship or boat. Here are some indisputable advantages of selecting that maritime jurisdiction as the place of your boat registration and obtaining your boating license:

• No restrictions regarding the nationality of boat owner
• Open nature of the Merchant Marine Directorate General boat registry
• The country's consular offices abroad recieve applications for vessel registration from the foreign nationals, which is very convenient. There are specially designated consuls PMA - Merchant Marine Consules that have the right to issue official time navigational licenses, permits for radio, as well as services for the collection of taxes and charges.
• Income earned by the boats and vessels is not taxable
• The nation's legislation provides for the double registration (bareboat charter), which means a boat or vessel already registere in another country can be included into Panama's register provided such dual registration is not prohibited by the legislature of the country. Vessels and boats registered in Panama can be as well simultaneously registered with holding a valid boating license in another state.