# Ship Registry

> Panama operates one of the world's two largest ship registries: the second-largest by tonnage per UNCTAD (Jan 2025, ~15.2% of world deadweight tonnage), with more than 8,000 registered vessels (AMP), after leading the world for roughly three decades. Under Law 57 of 2008, owners of any nationality can flag vessels; income from international maritime commerce is foreign-source under the territorial system. Provisional registration via the AMP and 60+ Panamanian consulates with 24/7 support from the registry (SEGUMAR/DGMM network), discounts for fleets, newbuilds and eco-friendly tonnage, and dual (bareboat) registration permitted.

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Panama operates the world's second-largest ship registry by tonnage: an open registry that led the world for roughly three decades (Liberia overtook it in 2022-2023), with more than 8,000 registered vessels (source: Panama Maritime Authority) representing approximately 15.2% of world deadweight tonnage (source: UNCTAD, Review of Maritime Transport, January 2025 — unctad.org / amp.gob.pa). Under Law 57 of 2008 (General Merchant Marine Law), owners of any nationality may flag Panamanian vessels. Thanks to the territorial tax system, income derived from international maritime commerce is considered foreign-source and exempt from Panama income tax (verify specifics with your advisor). Provisional registration is available through the AMP and 60+ Panamanian consulates worldwide, with 24/7 support from the registry network (SEGUMAR/DGMM), plus discounts for fleets, newbuilds or young vessels, and eco-friendly tonnage. Dual registration (bareboat charter) is permitted.

## Benefits

### Tax Benefits

- **International Maritime Income Treated as Foreign-Source** (Exento) — Under Panama's territorial tax system, income derived from international maritime commerce of Panamanian-registered vessels is considered foreign-source and exempt from Panama income tax. Verify the specifics of your operation with a tax advisor.
  - _Source: Ley 57 de 2008 y Código Fiscal (sistema territorial)_
- **Discounts for Fleets, Newbuilds and Eco-Friendly Tonnage** (Variable) — The AMP offers discounts on registration fees and annual charges for vessel groups registered as fleets, newbuild or young vessels, and eco-friendly tonnage. Percentages vary; consult the current AMP fee schedule.
  - _Source: Ley 57 de 2008_
### Operational Flexibility

- **Registry Open to Any Nationality** (100%) — Owners need not be Panamanian or resident: individuals and companies of any nationality may flag vessels in Panama.
  - _Source: Ley 57 de 2008_
- **Provisional Registration at 60+ Consulates with 24/7 Support** (24/7) — Provisional registration can be processed through the AMP and Panama's 60+ merchant marine consulates in major ports worldwide, with 24/7 support from the registry network (SEGUMAR/DGMM).
  - _Source: Ley 57 de 2008_
- **Dual Registration (Bareboat Charter) Permitted** — Foreign-registered vessels under bareboat charter may be flagged in Panama for a set period, and vice versa, while keeping the underlying ownership registry.
  - _Source: Ley 57 de 2008_

## Frequently asked questions

### Can I register a vessel if I'm not Panamanian and don't live in Panama?

Yes. Panama is an open registry: individuals and legal entities of any nationality may flag vessels under Law 57 of 2008, with no residency requirement. You only need legal representation in Panama.

### How long does provisional registration last and what happens next?

The provisional navigation patent is valid for 6 months and can be issued via the AMP or 60+ Panamanian consulates worldwide, with 24/7 support from the registry network (SEGUMAR/DGMM). Within that period you must complete the documentation (ownership title, tonnage certificates, radio license) to obtain permanent registration.

### Does my vessel's income pay taxes in Panama?

Under the territorial system, income from international maritime commerce of Panamanian vessels is considered foreign-source and exempt from Panama income tax. The vessel does pay the annual tax and tonnage-based fees. Verify your specific case (cabotage, operations in Panamanian waters, obligations in your country of residence) with a tax advisor.

_This information is general guidance only and does not constitute legal, tax or maritime advice. Ship registry fees, discounts and requirements change periodically through AMP resolutions. Consult a licensed maritime attorney in Panama and verify the current fee schedule at amp.gob.pa before making decisions. Last updated: July 2026._