One of the most important things when registering your yacht or vessel is to choose the right flag of convenience (FOC). Deciding which flag your naval vessel will be registered under depends on many factors, such as: the registration timeline, the jurisdiction of your choice, the maintenance expenses, and the cost of commercial transactions involving your boat or ship.
It is to note that there are countries with open registry (international registry), allowing registering a ship in its jurisdiction to foreign owners, and there are states with traditional national registry that are open only to ships of its own nation, allowing only vessels that are owned by individuals or companies that are the residents of that country.
As a result, a list of countries that provide foreign owners with the opportunity to register their vessels on their territory has appeared. The undisputed leader on that list is Panama. It is to say that Panama, Marshall Islands, and Liberia accounted for almost 41% of the entire world fleet. One of the main advantages of the open registry is that registering your vessel under the flag of convenience of a particular country provides the beneficial owner with a great degree of anonymity.
So, if you are looking forward to registering your naval vessel in Panama, the legal team of IQ Decision UK will provide you with full legal support in terms of putting together a registration package for the registration certificate issued by the Panama Maritime Authority (AMP). The provisional registration can be obtained almost right away. Subsequently, once all required original documents are presented to the state authorities within a six-month period, the permanent registration will be issued.
IQ Decision UK lawyers will assist you with selecting the most suitable registration options, advise you on the ship radio licensing issues, and provide you with full spectrum legal services with respect to the permanent registration issuance procedures. Our attorneys will do their best to have your ship or yacht registered in the jurisdiction of your choice as expeditiously as possible.