Panama
The Republic of Panama has the largest ship registry in the world. Panama is one of the most active members of the International Maritime Organization (IMO, International Maritime Organization). This country boasts the Colon Free Trade Zone, which is known throughout the world as a center for tax-free wholesale transactions. The Panama Canal is also located here – an important commercial and transport artery of the world economy.
Panama’s economy is focused on supporting international shipping. Panama is one of the leading offshore jurisdictions in the world and a major financial center. The country’s legislation guarantees the strictest observance of banking and financial secrecy.
-An open registry means that any individual or legal entity may be the owner of a yacht (vessel);
-There are no restrictions on the age and tonnage of the registered yacht (vessel);
-There are no requirements for the classification and certification of pleasure craft, i.e. provision of a certificate from one of the classification societies and survey inspections are not required;
-Zero taxation in case of profit from the use of a yacht (vessel);
-Zero taxation in case of sale of a yacht (vessel);
-Political and economic stability;