Every boat in Panama is in one of two states with Aduanas (the Autoridad Nacional de Aduanas): imported, with duty and ITBMS paid and free to be sold or used commercially, or in transit, a foreign yacht passing through on a cruising permit from the Autoridad Marítima de Panamá (AMP) that cannot be sold locally or chartered without changing status. Which state your boat is in decides what it can do, what it is worth and how long it can stay. A full import goes through a licensed customs broker; the boat is valued, duty and ITBMS are assessed, and only then can it take a Panamanian registration or work.
The questions people ask: should I buy in Florida and bring the boat down, how long can my foreign-flagged boat stay, and what does importing cost. Buying in Florida often makes sense because the market is deep, but add shipping or delivery, duty, ITBMS and broker fees before you compare. Stay limits track your cruising permit and your registration expiry; extended stays are possible but need paperwork. Import costs depend on the customs valuation, so get a broker's estimate rather than a forum figure.
This collection will cover importing a boat into Panama (duty, ITBMS, broker, paperwork), in transit versus imported status, buying a boat in Florida and bringing it to Panama, foreign-flagged boats in Panama and what they cannot do, exporting a boat from Panama, and shipping by yacht transport or container. Our Panama City marine offices page lists where Aduanas and the AMP sit; Shelter Bay Marina is where many in-transit boats wait.
The Florida international sub-hub covers the mirror image: importing into the US and foreign buyers in Florida.