When you buy a boat in Panama, pay the deposit into escrow, not to the seller. Your options are a trust company or bank licensed by the Superintendencia de Bancos (a fideicomiso or escrow agreement), or a Panamanian lawyer's client account. Whichever you choose, write down exactly what releases the money and what refunds it.
How deposits work in a Panama boat sale
Panama has no standard boat-sale contract and no set deposit. Brokered deals often borrow the US habit of a deposit on signing an offer, refundable if the survey or sea trial fails. Private sales are looser: some sellers ask for "something to hold the boat", others want nothing until closing.
The safe pattern is the same either way:
- A modest deposit, only after you have seen the boat and a property and liens certificate.
- Held by a neutral third party.
- Refundable on clear, written conditions.
- The balance paid at closing, through the same escrow, against the signed and notarised contrato de compraventa.
Your escrow options
| Option | Who regulates it | Good for |
|---|---|---|
| Fideicomiso or escrow agreement with a licensed trust company (fiduciaria) | Superintendencia de Bancos de Panamá (SBP), under Ley 1 de 1984 and Ley 21 de 2017 | Larger yachts, foreign buyers, deals with a lender or several payments |
| Escrow service at your bank | SBP, as a bank | Buyers who already bank in Panama; ask whether the bank offers it for a single purchase |
| Panamanian lawyer's client account | Professional rules for lawyers, and anti-money-laundering supervision for some transactions | Mid-size private sales where your lawyer is doing the title work anyway |
| Broker's account | No boat-specific regulator; Panama does not license yacht brokers | Only with a broker whose track record you have verified |
Under Ley 21 de 2017 only holders of a trust licence, and others authorised by law, may act as trustees, and the SBP alone supervises them. The SBP publishes a list of licensed fiduciarias, including the trust arms of many local banks. Check that list before you sign with anyone who calls themselves a trust or escrow company.
What the escrow instructions should say
The escrow is only as good as its instructions. Agree them in writing, signed by buyer, seller and the escrow agent:
- Release to the seller only when the agent holds: a property and liens certificate dated within a few days showing no charges (or a bank's mortgage cancellation ready to file), the Marina Mercante paz y salvo, the signed and notarised contract, and the buyer's written acceptance of the survey.
- Payment of any mortgage straight to the bank, with its cancellation delivered at the same time.
- Refund to the buyer if the survey or sea trial fails, a lien appears, or closing does not happen by a set date.
- Disputes. The agent keeps the funds until both parties agree in writing or a court orders release.
- Fees. Who pays the agent, and who pays wire charges.
Moving the money
Panama uses the US dollar alongside the balboa at par, so prices and transfers are in dollars. Wire from your own account to the escrow account in the escrow agent's name, never to a third party the seller nominates. Confirm the account details by phone with someone you have met, because changed bank details in an email are a classic fraud.
Expect questions. Panamanian banks, trust companies and, for some transactions, lawyers must identify clients and ask where the money comes from under anti-money-laundering rules. Have bank statements and a sale contract ready, and do not offer cash. Large cash payments for a boat are a red flag for the bank and for you; see boat-purchase scams.
When the deal falls through
Most failed boat deals end for ordinary reasons: the survey finds soft decks or tired engines, the seller cannot produce import papers, or a mortgage turns up on the certificate. Your instructions should make each of these an automatic refund, without needing the seller's signature.
- Survey or sea trial rejected. Give yourself a fixed number of days after the survey to accept or reject in writing. Silence should not count as acceptance.
- Title problem. A registered mortgage the seller cannot cancel, a court restriction (embargo or secuestro) or an owner who is not the seller ends the deal. Keep a copy of the certificate that shows it.
- Missing import or AMP papers. If the boat was never cleared through Aduanas, or the Marina Mercante will not issue a paz y salvo, you can renegotiate or walk away. See in transit vs imported.
- Seller walks away. Say in the contract whether the deposit is simply returned or returned with a penalty.
If the escrow agent refuses to release a refund that the instructions clearly allow, put your demand in writing. For a fiduciaria you can also complain to the Superintendencia de Bancos. For a lawyer, raise it with a second Panamanian lawyer before it grows.
How this differs from Florida
In Florida, licensed yacht brokers hold deposits in regulated escrow accounts, so buyers often never think about it. Panama has no broker licence, so the protection has to come from the escrow agent you choose. The Florida version is deposits and escrow in Florida.
Your practical starting checklist
- See the boat and pull an AMP property and liens certificate before any deposit.
- Choose an escrow agent and check a fiduciaria against the SBP's published list.
- Agree written release, refund and dispute conditions signed by all three parties.
- Wire the deposit from your own account to the escrow account, after confirming details by phone.
- At closing, have the agent pay any mortgage directly and release the balance against the documents.
Frequently asked questions
Is a lawyer's escrow safe in Panama?
It can be, if the lawyer is established and the instructions are in writing. It is not a supervised trust, so check the lawyer's standing and use a separate client account, not a personal one.
How much deposit should I pay?
There is no legal standard. Keep it modest, refundable on survey and title conditions, and held by a neutral party.
Can the seller hold the deposit?
Legally the parties can agree to it, but you then have no protection if the title is not clean. Insist on escrow.
¿Qué es un fideicomiso de garantía para comprar una lancha?
Es un contrato en el que una fiduciaria con licencia de la Superintendencia de Bancos guarda el dinero y lo entrega al vendedor solo cuando se cumplen las condiciones pactadas. Verifique la fiduciaria en el listado de la Superintendencia.
The next question to answer
Contrato de compraventa, notary and bilingual drafting. Read Boat purchase agreements.
Pull the AMP property and liens certificate before you pay. Read Ownership and lien check.
A printable list of every document to collect. Read Boat-buying checklist (Panama).
Same topic in Florida: coming from the US? Compare Purchase Deposits and Escrow.
Official resources
Use the relevant Panamanian authority for current requirements and fees. These resources are the next place to check; a practical recommendation is not an agency determination.
- Superintendencia de Bancos: Listado de fiduciarias (as of 31 March 2026) ↗
- Superintendencia de Bancos: Law 21 of 2017 on trustees (official English translation) ↗
- RSM Panama: 40 years of Panama's trust regime (secondary, firm commentary) ↗
- Superintendencia de Sujetos no Financieros: regulatory framework (AML for non-financial professions) ↗