Most boat-purchase scams in Panama fall into five types: fake classified ads that take a deposit, sellers who are not the registered owner, boats with hidden mortgages or court orders, stolen boats or engines, and foreign-flagged boats sold without their import duty paid. An AMP property and liens certificate, a serial-number check and escrow stop almost all of them.
Fake listings and deposit grabs
Online fraud is now the most common kind of scam in Panama. La Prensa reported in April 2025 that the Ministerio Público logged 974 fraud and scam cases in the first two months of that year, many involving goods advertised online where the "seller" disappears after an advance payment. Boats fit that pattern well: high prices, photos easy to copy, and buyers who are often abroad.
Warning signs:
- A price well under comparable boats on Encuentra24 or at the marinas.
- A seller who is "travelling" and cannot show the boat, or sends a friend with no papers.
- A deposit "to hold it" before you have seen it, by transfer to a personal account, crypto or a payment app.
- Photos that appear in older listings, or show a different marina from the one named.
Fix: see the boat at its berth, meet the seller, and pay nothing outside escrow.
Sellers who are not the owner
The person showing the boat may be a captain, a relative, a broker or someone with an old power of attorney. None of them can sell unless the registered owner authorises it in writing.
- Pull the AMP property and liens certificate and match the owner to the seller's cédula or passport.
- If a company owns the boat, ask for a recent Registro Público certificate of the company showing its officers, plus the board resolution approving the sale.
- If someone signs under a power of attorney, have your lawyer check that it is recent, notarised (and apostilled if granted abroad) and specifically covers the sale.
Hidden mortgages, leases and court orders
A boat sold privately in Panama passes to the buyer with its charges (Ley 55 de 2008, Art. 15). A seller may "forget" a bank mortgage, a financial lease where the leasing company really owns the boat, or an embargo from a court case. All three appear on the AMP certificate.
Some claims do not appear anywhere: yard bills, marina arrears, crew wages. These privileged claims can follow the boat for six months after the transfer is registered (Art. 245). Ask the marina and the yard for written confirmation that the account is clear, and put a seller warranty and a note of credits in the contract.
Stolen boats and engines
Under Panamanian law, holding a boat without a title of acquisition does not make you its owner (Ley 55, Art. 13). If you buy a stolen boat, the real owner can claim it back and you are left chasing the seller.
- Compare the hull identification number on the transom with the registration, the import declaration and the sale contract. Look for grinding, fresh gelcoat or a replaced plate.
- Check every outboard's serial number against the paperwork. Engines are easier to steal and swap than hulls.
- For a boat that came from the US, ask for its previous US title or Coast Guard documentation and the deletion or cancellation record.
- Be wary of boats with no registration at all, sold "for parts" or "as a project".
Foreign-flagged boats with unpaid duty
This is the most expensive surprise, and often there is no bad intent behind it. A foreign yacht in Panama is usually here in transit: Decreto Ejecutivo 4 of 2025 lets a visiting yacht stay up to 24 months without importing. If you buy it and keep it in Panama, you are the importer, and import duty plus 7% ITBMS fall on you.
- Ask for the cruising permit and the entry papers to see the boat's real status.
- Get a written duty and ITBMS estimate from a licensed customs broker before you agree a price. Try the import tax estimator for a first figure.
- Check the foreign registry too. A boat with an unpaid mortgage at home cannot normally be deleted and re-registered in Panama without that lender's consent.
The full comparison is in in transit vs imported.
Payment tricks, and where to report
Two last tricks happen at closing. One is an email, apparently from the seller or lawyer, announcing "new" bank details. The other is pressure to pay part of the price in cash "for tax reasons". Confirm any bank change by phone with someone you have met, and pay only into escrow. If you have been defrauded, file a denuncia with the Ministerio Público, which directs fraud investigations with the Dirección de Investigación Judicial. Keep every message, receipt and listing screenshot. The Florida version is boat-purchase scams in Florida.
Your practical starting checklist
- Inspect the boat at its berth and meet the seller in person.
- Pull an AMP property and liens certificate and match the owner to the seller's ID.
- Match hull and engine serial numbers to every document.
- Confirm the boat's import status and get a customs broker's written duty estimate.
- Put warranties and a note of credits in the contract.
- Pay only into escrow, after confirming bank details by phone.
Frequently asked questions
Is it safe to buy a boat from Encuentra24?
Encuentra24 is where most Panama listings are, and most are genuine. Treat it as a way to find boats, then do every check on this page before paying.
What if the boat has no Panamanian registration?
Find out why. It may be a foreign yacht in transit, a small boat registered only at the Marina Mercante, or a boat never cleared through customs. Each has a different cost.
Can I get my money back from a scammer?
File a denuncia with the Ministerio Público quickly and ask your bank to try to recall the transfer. Recovery is uncertain, which is why escrow matters.
¿Cómo evito una estafa al comprar una lancha en Panamá?
Vea la lancha en su muelle, pida el certificado de propiedad y gravámenes de la AMP, compare los números de serie y pague solo a través de un fideicomiso o la cuenta de clientes de un abogado.
The next question to answer
Pull the AMP property and liens certificate before you pay. Read Ownership and lien check.
Where to hold the money until the paper is clean. Read Deposits and escrow.
A printable list of every document to collect. Read Boat-buying checklist (Panama).
Same topic in Florida: coming from the US? Compare Avoiding Boat Purchase and Wire Fraud.
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.
- La Prensa (secondary): Estafas en Panamá, del hackeo de WhatsApp a la venta ficticia de autos (14 April 2025) ↗
- AMP: Dirección General de Registro Público de Propiedad de Naves, tipos de inscripción ↗
- Ley 55 de 2008, Comercio Marítimo (Justia copy of Gaceta Oficial 26100) ↗
- Gaceta Oficial: Decreto Ejecutivo 4 of 11 February 2025 (nautical tourism) ↗