Panama has no yearly property tax on a private boat. Tax reaches you at three points: a definitive import, with duty and possibly 7% ITBMS; the AMP's registration and patente charges, set by its board; and, if the boat earns money, business taxes. National law lets municipalities tax activities, and it names no boat tax.
Every boat tax and charge at a glance
| Tax or charge | When | Who collects | Rate or amount |
|---|---|---|---|
| Import duty | Definitive import | Aduanas, assessed by a licensed customs broker | Ad valorem on CIF value; rate depends on tariff classification. Confirm with a broker. |
| ITBMS on import | Definitive import | Aduanas | Generally 7% of CIF plus duty and charges; boats may be exempt (Ley 76 of 2013). Confirm with a broker. |
| Registration and patente charges | At registration and on renewal | AMP | Set by the AMP Junta Directiva; confirm with the AMP |
| Annual inspection charges | Yearly | AMP | Set by the Junta Directiva (Ley 57, Art. 121); confirm with the AMP |
| Tasa única | Yearly, if an entity owns the boat | DGI | B/.300 for a sociedad anónima; B/.400 for a foundation |
| ITBMS on services | Monthly, if you charter | DGI | 7%; 10% on alcoholic drinks and lodging |
| Income tax | Yearly, on Panamanian-source profit | DGI | 25% for companies |
| Aviso de operación tax | Yearly, if you run a business | DGI | 2% of equity, minimum US$100, maximum US$60,000 |
| Municipal tax | Yearly or monthly, if you run a business | The municipality | By activity classification; ask the municipal treasury |
Import duty and ITBMS: the big one-off
A boat that will stay in Panama for good, or be sold to a Panamanian buyer, goes through a definitive import. The US Commercial Service's March 2026 guide says duties are assessed ad valorem on the declared CIF value, and ITBMS at 7% on the CIF value plus duty and handling charges.
Check the ITBMS point. Ley 76 of 2013 (Art. 3) added the tariff lines for yachts and pleasure boats, heading 8903, to the list of imports exempt from ITBMS in Código Fiscal Art. 1057-V. We have not confirmed that the exemption survives later reforms. Ask your broker to state in writing whether ITBMS applies to your boat, and budget the 7% until they confirm it does not.
The duty rate itself depends on the tariff heading the broker assigns, and trade-agreement origin rules can change it. The same US guide says 87% of US products enter duty-free under the US-Panama Trade Promotion Agreement. That does not mean your boat does: ask the broker to confirm the heading, the origin rule and the rate in writing. The base rates published in the trade agreement's schedule are listed in the import guide below.
Two facts make this tax hard to dodge later. Ley 57 of 2008 (Art. 20) asks for proof that import duties were paid, or an exemption, to register a boat in domestic service. And a buyer's lawyer will ask for the import declaration. See importing a boat into Panama and estimate the figure with the import duty and ITBMS estimator.
Visiting yachts: no duty while in transit
Decreto Ejecutivo 4 of 2025 treats a foreign yacht staying up to 24 months as in transit. Article 16 exempts foreign recreational yachts staying up to a year from arrival and anchoring taxes, fees and charges, and grants a free navigation permit for the first three months. No import duty or ITBMS is due while the boat stays a visitor.
The bill comes due if you keep it, sell it locally or charter it outside the decree's permit. In transit vs imported sets out the choice.
AMP charges: set by resolution
The Autoridad Marítima de Panamá does not publish a simple fee table for small boats online. Ley 57 of 2008 explains who sets the charges:
- The Junta Directiva sets the yearly inspection charges vessels pay (Art. 121), the charges for certificates (Art. 67) and those of special registries (Art. 87).
- The Dirección General de Marina Mercante runs a special registration regime, with its own charges, for domestic and recreational craft (Art. 17), and may set a special charge regime for domestic-service navigation (Art. 19).
- A pleasure patente and radio licence last two years (Art. 98), so budget a renewal every other year.
Yachts on the international registry pay a registration fee, an annual tax and an annual consular charge. Ley 57's discounts on these (Art. 149) are scaled by tonnage and aimed at ships. Confirm current figures with the AMP for your boat's size and service. The process is in registering a boat with the AMP and renewing registration; the international route is in Panama-flag yacht registration.
Municipal tax: activities, not private boats
Ley 106 of 1973, the municipal regime, lets each district tax industrial, commercial and profit-making activities carried on within it (Art. 74). Its list of taxable items (Art. 75) includes vehicles but does not mention boats. Article 76 allows fees on water transport services. So a privately used boat has no municipal tax under the national law, but a charter or rental business registers with the municipality and pays on its activity.
Each council sets its own schedule, so Panama City, Taboga or Bocas del Toro may classify marine tourism differently. Ask the municipal treasury before you budget. Business registration is in setting up a charter company.
When the boat earns money or is sold
A boat that carries paying guests brings DGI taxes. ITBMS is 7% on services, 10% on alcoholic drinks and lodging, filed monthly. Companies pay 25% income tax on Panamanian-source profit, because Panama taxes on a territorial basis, plus the yearly aviso de operación tax. Bookkeeping for a boat business covers the calendar.
Selling brings its own questions about ITBMS and gains; see taxes when selling a boat. If you are used to Florida's sales and use tax on boats, the closest Panama equivalent is the duty and ITBMS at definitive import; the Florida sales and use tax guide covers the US side.
Your practical starting checklist
- Ask the seller for the import declaration, or confirm the boat is a foreign visitor in transit.
- Get a customs broker's written classification, duty rate and ITBMS figure before agreeing a price.
- Write who pays duty and ITBMS into the purchase agreement.
- Confirm registration, patente and inspection charges with the AMP for your boat's size and service.
- If a company owns the boat, diary the tasa única deadline with your resident agent.
- If the boat will earn money, register with the DGI and the municipality before the first trip.
Frequently asked questions
Do I pay import duty on a boat I bring to Panama?
Only on a definitive import. A foreign yacht visiting in transit, up to 24 months under Decreto Ejecutivo 4 of 2025, pays no duty or ITBMS while it stays a visitor.
What is the import duty rate for a boat in Panama?
It depends on the tariff heading and the boat's origin. Ask a licensed customs broker for a written figure; Ask too whether ITBMS applies: a 2013 law lists pleasure boats among ITBMS-exempt imports.
Is there a municipal tax on boats in Panama?
The national municipal law lets councils tax activities, not private boats. A charter business pays municipal tax on its activity; ask the local treasury how it is classified.
Does my S.A. pay tax just for owning the boat?
It pays the yearly tasa única of B/.300 to the DGI, plus resident agent fees. Income tax applies only if it earns Panamanian-source income.
En español: impuestos de una embarcación en Panamá
En Panamá no existe un impuesto anual a la propiedad de una embarcación privada. Los impuestos aparecen en tres momentos: en la importación definitiva (impuesto de importación ad valorem sobre el valor CIF, y, salvo exención, 7% de ITBMS sobre el CIF, el arancel y los cargos; la Ley 76 de 2013 incluyó la partida 8903 entre las importaciones exentas de ITBMS, confírmelo con su corredor), en las tasas de la AMP por registro, patente e inspección, fijadas por su Junta Directiva, y, si la embarcación genera ingresos, en los impuestos de la DGI y del municipio. Un yate extranjero en tránsito, hasta 24 meses según el Decreto Ejecutivo 4 de 2025, no paga importación mientras siga siendo visitante. Pida a un corredor de aduanas la clasificación y el monto por escrito.
The next question to answer
The full costs and insurance collection. Read Boat ownership costs and insurance in Panama.
Where taxes sit in the yearly budget. Read Boat ownership costs in Panama.
The definitive import, step by step. Read Importing a boat into Panama.
Same topic in Florida: coming from the US? Compare Florida Boat Sales and Use Tax Scenarios.
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.
- US International Trade Administration: Panama customs regulations (Mar 2026) ↗
- Asamblea Nacional (Legispan): Ley 76 de 2013, art. 3 (ITBMS exemption list, Código Fiscal art. 1057-V) ↗
- Ley 57 de 2008, Marina Mercante (Justia copy) ↗
- Gaceta Oficial: Decreto Ejecutivo 4 de 11 de febrero de 2025, turismo náutico ↗
- Ley 106 de 1973, Régimen Municipal (Municipio de Panamá copy) ↗
- PwC Worldwide Tax Summaries: Panama, other taxes (secondary) ↗