|Local Service Vessels|
The ownership of title can be done in your name or through a corporation in Panama. Read more about corporations in http://www.chenleeyasociados.com/offshore-corporations.html .
The registration of ships may be international service and local service.
The request for the registration of a local service vessel shall be accompanied of the following documents:
1. Diligence of registered tonnage and appraisal.
2. Prime facie evidence of the ownership of the vessel or the intention to acquire such property.
3. Original or notarized copy of the construction certificate or proof of the cancellation certificate of the previous record of the ship, which if issued abroad must be duly authenticated. At the request of the interested party, the General Directorate of Merchant Marine may waive the presentation of this requirement at the time of presenting the flagging request for its later presentation in a period not greater than thirty days.
4. Proof of payment of import taxes or proof of the presentation of the guarantee that corresponds before the General Directorate of Customs, or the document that records the exoneration of the import duty, if it is the case.
5. In the case of vessels that are engaged to noncommercial activities, original of an Affidavit of Private Use, which certifies that the vessel shall not be used for commercial purposes, if issued abroad, it must be duly authenticated.
6. Any other document that the General Directorate of Merchant Marine requests.
Accepted the flagging request and all the rights, duties and corresponding taxes paid, the General Directorate of Merchant Marine shall issue a title deed as evidence of the registration of the vessel in the Merchant Marine of Panama, which shall have all the particularities of the ship that the General Directorate of Merchant Marine deems appropriate. Also, the General Directorate of Merchant Marine shall proceed with the issuance of the corresponding Patent and Radio License, if the vessel is able to sail.
Every local service vessel must have applicable certificates of marine security, issued by the General Directorate of Merchant Marine or by an authorized organization recognized by the Maritime Authority of Panama for such purpose.