Panama has the largest merchant marine fleet in the world in terms of the number of ships and registered tonnage, as a result of a diversity of advantages it provides, such as the following:
All income arising from Panamanian registered vessels engaged in international trade is tax-free;
Capital gains resulting from the sale or transfer of a vessel registered in Panama is not considered taxable income in Panama;
There are no nationality restrictions when it comes to the ownership of a Panamanian vessel;
The existence of a specialized Maritime Court authorized to oversee and govern maritime cases in the Republic of Panama that operates 24 hours a day, every day of the year, including holidays;
The existence of an extensive network of overseas consulates in major city ports throughout the world, which allows convenient and expeditious processing of most maritime-related transactions;
An international provisional navigation license and temporary radio license can be issued with minimal requirements.
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