Incentives for Financing the Maritime Industry

In Panama the government has introduced a bill to provide tax, labor and immigration incentives for financial activities supporting the shipping business.

Tuesday, May 3, 2016

From the introduction of Bill 308:

"... Since 1993 the Panamanian registry crossed the threshold as being the world's largest shipping registry and from that date the Panamanian merchant fleet has been increasing, with reference to the years from January to November 2015 the Panamanian registry has increased by 136 ships, representing a 62% increase compared to 2014. Similarly, Panama has the largest tonnage of ships registered in the world with a fleet of 81 million tons making up almost 22% of total world tonnage and a total of more than 8,100 vessels registered under the Panamanian flag.

This law intends to set up the conditions for issuing naval mortgages from Panama, as well as creating an attractive investment framework for shipbuilding in the Republic. This is an activity that has not been exploited in the country, and, given our excellent geographic position, it is important to consider it. As a reference, the construction of a PANAMAX ship requires approximately 7500 workers from different activities and takes around 5 years to complete."

See full text of Bill 308 (In Spanish)

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Resolution 106-67-DGMM published in La Gaceta:

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The Panama Maritime Authority has authorized that from now on recording of original ship mortgages will be done in English, without the need to submit translations into Spanish.

From a statement issued by the Panama Maritime Authority (AMP):

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Incentives for Vessel Registration in Panama

August 2014

Discounts of up to 35% on the registration fee and the annual consular fee will be granted to the ships registered under the Panamanian flag.

Through a resolution published in the Official Newspaper La Gaceta, the Directorate General of Merchant Marine Services has been authorized to grant discounts, additional to those contained in the legislation, to those who register ships under the Panamanian flag.

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