Discount for ships – PANAMA

[vc_row][vc_column][vc_column_text] Discounts for ships registered before December 31, 2015

We are pleased to announce that the resolutions of the General Directorate of Merchant Marine No. 106-65-DGMM and 106-66-DGMM with important incentives for the maritime sector have been published in Official Gazette No. 27628 of September 24, 2014, which are shared below.

IMPORTANT ASPECTS OF RESOLUTION No. 106-65DGMM

From September 17, 2014 to December 31, 2015, all newly built vessels with a Gross Registered Tonnage greater than 10,000 tons and built in shipyards in Japan, Hong Kong, People’s Republic of China, Singapore, South Korea, Taiwan, Philippines, Indonesia, Vietnam, France, Germany, Norway, Netherlands and Italy will be eligible for the incentives. The same applies to newly built MODUS vessels registered with the Merchant Marine by December 31, 2015. For new vessels that do not meet the above requirements, other incentives will apply.

Discounts of up to 100% will be granted on Registration Fee; Annual Consular Fee; Accident Investigation Fee; Inspection Fee; Fee of 0.03% for each Net Ton.

IMPORTANT ASPECTS OF RESOLUTION No. 106-66DGMM

A discount of up to 100% is granted for a period of two (2) years to all vessels that register in the Panamanian Merchant Marine, from the date of September 17, 2014 and until December 31, 2015, for the Registration Fee; Annual Consular Fee; Accident Investigation Fee; Inspection Fee; Fee of 0.03% for each Net Ton.

This discount or exemption will be given under certain conditions such as:

• Having been previously registered in the Panamanian Merchant Marine;
• Have a Gross Registered Tonnage greater than 10,000 (GRT);
• Less than 10 years of construction;
• Not be on the MOU’s Stop List, nor on the UN Security Council list;
• The cancellation of the Vessel from the Panamanian Registry should not have been due to causes that affected national interests.

Vessels that benefit from this discount must remain registered under the Panamanian flag for a period of 5 years. If the vessel is cancelled before this period, all discounted fees and duties must be paid.

Among other considerations, it is important to highlight that these discounts (both resolutions) will only apply for a period of one year from the registration, as long as the ship is not registered after December 31, 2015.

Contact our Maritime Law specialists for more information on the subject  bd@icazalaw.com .[/vc_column_text][/vc_column][/vc_row]