Picture of Gerli & Co. Panama Law Firm posted in the Moscow, Russia gallery
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Vilnius, Lithuania
Since: Sep 09
Location hidden
Colón, Panama
The Republic of Panama, at the center of the American Continent, has coastlines on the Atlantic and Pacific Oceans, it links the two oceans through the Isthmus of Panama with one of the world's great inter-oceanic waterways, The Panama Canal.
Panama, nowadays has the responsibility of administering the world's largest fleet of vessels. It is introducing new programs aimed at making the Panamanian Registry one of the most respected and active in the international maritime community.
Panama has become one of the world's most prominent jurisdictions for vessel registration. Its status offers many advantages both to the ship-owners and to mortgagees. Between these advantages, we must note the incentives regarding the fiscal laws of Panama. All the activities of vessels registered in Panama done outside the country are not subject to income taxes or any other levy.
Additionally, Panama does not require that vessels be owned by a Local Resident of Panama. Nevertheless, since the Republic of Panama has a favorable law concerning incorporation of companies it is recommended that the vessel be owned by a Panamanian entity in order to take advantage of the limited liability in cases of collisions or accidents of the ship.
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