To import a boat into Panama for good, a licensed customs broker files a definitive import with Aduanas. You pay import duty on the boat's CIF value and, unless an exemption applies, 7% ITBMS. Then you register the boat with the AMP. A visiting yacht does not need any of this while it stays in transit.
What a definitive import is
Panama treats a boat in one of two ways. A foreign yacht that clears in and cruises is in transit: it pays no duty, and Decreto Ejecutivo 4 of 2025 lets it stay up to 24 months. A boat that will stay, be sold to a local buyer or work commercially needs a definitive import (importación definitiva, often called nationalising the boat). After that it is a Panamanian good, with no time limit.
Which status your boat is in, and when to switch, is covered in in transit vs imported. The visitor's side is in temporary vs full import. This page is about the full import itself: what it costs, who files it and what comes after.
You import a boat when you:
- buy a boat abroad, for example in Florida, to keep in Panama;
- sell a visiting yacht to a buyer who will keep it here;
- want to charter it under Panamanian registration;
- are coming up to the 24-month transit limit and want to stay.
The import duty rate for pleasure boats
Pleasure boats fall under tariff heading 89.03 (yates y demás barcos y embarcaciones de recreo o deporte). We could not open the current national tariff on the Aduanas site. The latest official rates we could read are Panama's base rates in the tariff schedule annexed to the US–Panama Trade Promotion Agreement:
| Subheading (older numbering) | Base duty |
|---|---|
| Inflatable boats | 15% |
| Sailboats: wooden hull up to 250 GRT | 15% |
| Sailboats: fibreglass hull, 18 ft or more | 10% |
| Motorboats other than outboard: wooden hull up to 250 GRT, or fibreglass 18 ft or more | 5% |
| Other pleasure boats: wooden hull up to 250 GRT, or fibreglass 18 ft or more | 5% |
| All other sailboats, motorboats and pleasure craft | 15% |
Two cautions. First, every one of these lines is in staging category A, which means duty was eliminated on 31 October 2012 for boats that originate in the United States under the agreement's rules of origin. Built in the US is what counts, not bought in the US: a European-built boat bought in Fort Lauderdale is not a US-originating good. Second, the international tariff codes for heading 89.03 were renumbered in 2022, so the current Panamanian code and rate for your boat may differ. Your broker classifies the boat and confirms the rate.
ITBMS and how the bill is worked out
Customs duty in Panama is ad valorem: a percentage of the CIF value, meaning the price paid plus insurance and freight to Panama. ITBMS, Panama's VAT, is 7% on most goods, and on imports it is charged on the CIF value plus the duty.
There is a complication. Ley 76 of 2013 added imports under the heading 89.03 tariff lines to the list of goods exempt from ITBMS in Article 1057-V of the Código Fiscal. We could not confirm whether that exemption still applies after later reforms and the 2022 code changes. Ask your broker in writing whether ITBMS applies to your boat. Until they confirm, budget for it.
An illustration, not a quote: on a boat with a CIF value of US$100,000 at a 15% rate, duty is US$15,000. If ITBMS applies, it is 7% of US$115,000, or US$8,050. Add the broker's fee, port or handling charges and any AMP registration costs. Run your own numbers in the boat import tax estimator, and see boat taxes in Panama for what you pay after import.
Why you need a customs broker
In Panama, customs duties may only be assessed by licensed customs brokers (corredores de aduana). You cannot file a definitive import yourself. The broker classifies the boat, values it, files the import declaration and tells you what to pay. A Panamanian law firm notes that import charges must be paid within three working days of the declaration.
Choose a broker who has handled boats before, not only containers of goods. Ask them:
- which tariff code and duty rate they will use, and why;
- whether the boat qualifies for US–Panama TPA treatment and what proof of origin they need;
- whether ITBMS applies;
- how they value a boat that arrived under its own power, with no freight bill;
- their fee and any port or warehouse charges.
Documents to have ready
Your broker will give you the exact list. Expect to need:
- the bill of sale or commercial invoice showing the price paid;
- the foreign registration or title, and proof that it has been or will be cancelled if the boat is changing flag;
- the bill of lading, if the boat arrives as cargo, or the zarpe and Panamanian entry papers if it sailed in;
- an insurance certificate and freight invoice, to build the CIF value;
- builder's details, hull identification number and engine serial numbers;
- proof of origin, if you claim TPA treatment for a US-built boat;
- your passport or the company's corporate documents if a Panamanian company is the importer.
If a company will own the boat, set it up first so the import is in the right name. See owning a boat through an entity.
After the import: registration and the next steps
The import declaration and the duty receipt are your proof that the boat is nationalised. Keep the originals. Ley 57 of 2008 asks for proof that import duty was paid, or an exemption, to register a boat in domestic service, and any future buyer will ask for them too. Registration with the AMP's Registro Público de Naves is in registering a boat with the AMP, and the choice between pleasure and commercial registration is in pleasure vs commercial registration.
If the boat is not in Panama yet, the related pages cover each leg: buying in Florida and bringing it here, shipping by yacht transport, and the rules for foreign-flagged boats while you decide. If you later sell abroad, see exporting a boat from Panama.
Your practical starting checklist
- Decide whether the boat will stay in transit or be imported for good.
- Get a customs broker's written quote with tariff code, duty rate and ITBMS treatment.
- Gather the bill of sale, registration, freight and insurance papers, and proof of origin if the boat is US-built.
- Have the broker file the definitive import declaration with Aduanas.
- Pay duty, any ITBMS and charges within the deadline, and keep the receipts.
- Register the boat with the AMP using the import papers.
Frequently asked questions
What is the import duty on a boat in Panama?
The latest official base rates we could read range from 5% to 15% of the CIF value depending on hull and type, with US-originating boats duty-free under the US–Panama TPA. Rates and codes may have changed since, so get your broker's classification.
Do I pay ITBMS when I import a boat?
ITBMS is 7%, charged on the CIF value plus duty for most imports. Ley 76 of 2013 listed pleasure-boat tariff lines among ITBMS-exempt imports; confirm in writing with your broker whether that still applies.
Can I import a boat without a customs broker?
No. Only licensed customs brokers can assess customs duties in Panama, so a broker files the declaration for you.
Is a US-built boat duty-free in Panama?
It can be, if it qualifies as US-originating under the agreement's rules of origin. Ask your broker what proof they need before you count on it.
¿Cuánto cuesta importar un bote a Panamá?
El arancel se calcula sobre el valor CIF; las tasas base publicadas van del 5% al 15% según el tipo de embarcación. Pida a un corredor de aduana la clasificación y confirme si aplica el ITBMS del 7%.
En español: importar un bote a Panamá
Para importar un bote o yate a Panamá de forma definitiva, un corredor de aduana con licencia presenta la declaración de importación ante la Autoridad Nacional de Aduanas. Se paga el impuesto de importación sobre el valor CIF (precio, seguro y flete) y, salvo exención, el ITBMS del 7%. La Ley 76 de 2013 incluyó las partidas de la 89.03 entre las importaciones exentas de ITBMS; confirme con su corredor si sigue vigente. Después, registre la embarcación en la Autoridad Marítima de Panamá con la declaración y el recibo de pago. Un yate extranjero en tránsito, hasta 24 meses según el Decreto Ejecutivo 4 de 2025, no necesita importarse.
The next question to answer
The international buying and selling hub. Read Buying and selling across borders.
Which status your boat is in and why it matters. Read In transit vs imported.
Estimate duty and ITBMS on a CIF value. Read Boat import tax estimator.
Same topic in Florida: coming from the US? Compare Importing a Boat into the United States.
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–Panama TPA, Annex 3.3: Panama industrial tariff schedule (base rates, heading 89.03) ↗
- US International Trade Administration: US–Panama Trade Promotion Agreement ↗
- Asamblea Nacional (Legispan): Ley 76 of 21 October 2013, amending Código Fiscal art. 1057-V ↗
- PwC Worldwide Tax Summaries: Panama other taxes, reviewed Aug 2026 (secondary) ↗
- DGI: ITBMS generalidades (7% rate) ↗
- Kraemer & Kraemer: import duties in Panama (secondary, law firm) ↗