How to sell a boat in Panama: the whole process

To sell a boat in Panama, first confirm its tax status and registration, then price it, market it, and close with a notarised sale contract and an AMP transfer (traspaso). The buyer will ask three questions before anything else: is it registered with the AMP, is it free of liens, and were import duty and ITBMS paid?

The three things that decide how your sale goes

Every boat sale in Panama turns on the same three facts. Settle them before you set a price.

• Tax status. A boat that was imported with duty and 7% ITBMS paid can be sold to anyone who will keep it here. A foreign-flagged boat on temporary admission cannot be sold to a local buyer as it stands; someone has to import it first. See in transit vs imported and temporary vs full import.
• Registration. A Panamanian boat is registered with the Dirección General de Marina Mercante of the Autoridad Marítima de Panamá (AMP), and its title is recorded in the Registro Público. Ley 57 de 2008 ties the two together: the AMP will not issue a permanent patente without evidence that the title is recorded (art. 27).
• Where the buyer will keep it. A local buyer means an AMP transfer. A buyer who will sail away means exit clearance and, often, cancelling the Panamanian registration. That is a different job, covered in selling to a foreign buyer.

If any of the three is unclear, fix it or price it in. A buyer's lawyer will find it either way.

Where boats sell in Panama

The market is small, personal and priced in US dollars. Most sales come through a handful of channels:

• Encuentra24. The default classifieds site for boats, from runabouts to motor yachts. Buyers compare listings here first.
• Marina word of mouth. Dockmasters, detailers and mechanics at Flamenco, La Playita and the beach marinas west of the city often know a buyer before you list.
• Yacht brokers. A few brokers work Panama City, often linked to Florida offices. Panama does not license yacht brokers the way Florida does, so judge them on track record.
• Dealer trade-ins. Useful if you are buying new from the same dealer, but expect a wholesale price.
• The cruiser network. Sailboats and trawlers sell to other cruisers at La Playita, Shelter Bay and Linton Bay, often to buyers who will take the boat out of Panama.

Whether to go it alone or hand the job to a broker is a real trade-off in a thin market. See private sale vs broker and how to check a broker.

Price it on evidence, then prepare it for the tropics

Panama has few comparable sales, so a price copied from a US guide or an old listing is a guess. Start with the boat's cost basis here, including import duty and ITBMS if they were paid, then adjust for condition, engine hours and how many similar boats are for sale. Valuing a boat in Panama walks through it.

Condition sells boats here more than anywhere. Heat, humidity, weed growth and rainy-season water show up on every survey. A clean bottom, a dry bilge, working air conditioning and a folder of receipts are worth more than a new coat of wax. See preparing a boat for sale in the tropics and maintenance records that protect resale.

The documents a buyer will ask for

Put these in one folder, with copies, before you list:

• The current patente de navegación and radio licence, or the registration certificate, in the seller's name. A pleasure-craft patente runs two years (Ley 57, art. 98).
• A Registro Público certificate showing the boat is free of liens (libre de gravámenes), or the mortgage lender's written consent to the sale.
• Proof that the boat is paz y salvo with the AMP. Ley 57 makes new navigation documents for a buyer conditional on it (art. 34).
• The import declaration and duty receipts from Aduanas, or proof the boat entered under another regime.
• Your purchase contract or invoice, hull identification number and engine serials that match the papers.
• If a company owns the boat: its Registro Público certificate and a board resolution authorising the sale. See owning a boat through a corporation.

Buyers in Panama are right to be careful. Sellers who hand over this folder on the first viewing close faster and argue less about price.

Closing: contract, payment, traspaso

A Panama closing has three parts, usually in this order:

1. The sale contract (contrato de compraventa), signed before a notary. This is the document the Registro Público records. Its clauses are covered in boat purchase agreements.
2. Payment in US dollars by bank transfer, or through a lawyer's client account if either side wants escrow. Release the boat and keys only against cleared funds.
3. The traspaso at the AMP. Under Ley 57 (art. 34), the owner, the buyer or a representative of either asks for a new provisional patente and radio licence in the buyer's name. For a domestic (servicio interior) boat this can be filed without a lawyer (art. 37).

Step-by-step detail is in closing a boat sale and the AMP transfer, and the sale closing checklist gives you a printable list for the day.

Tax, insurance and the loose ends

A private sale of a boat whose duties were paid does not normally trigger ITBMS again; a dealer or company sale may. If you sell for more than you paid, there may also be income tax on the gain. Neither question has a one-line answer, so read taxes when selling a boat and talk to an accountant before you agree a price.

After the closing, cancel or transfer your insurance, tell the marina in writing who owns the boat now, and keep copies of everything. Until the AMP issues documents in the buyer's name, the registry still shows you as owner.

Your practical starting checklist

1. Confirm the boat's tax status and AMP registration, and fix any gaps.
2. Order a Registro Público lien certificate and clear or plan to pay off any mortgage.
3. Set a price from the boat's Panama cost basis, condition and current listings.
4. Clean, service and document the boat, then list it or engage a broker.
5. Agree terms in writing and sign the compraventa before a notary.
6. Release the boat against cleared funds, then file the AMP traspaso.
7. Cancel your insurance and notify the marina once the buyer holds new documents.

Frequently asked questions

The next question to answer

The sale-day sequence, from compraventa to new patente. Read Closing a boat sale: AMP transfer and notary.

Thin comps, import cost basis and condition. Read Valuing a boat in Panama.

When a broker earns the commission here. Read Private sale vs yacht broker in Panama.

Same topic in Florida: coming from the US? Compare How to Sell a Boat in Florida.

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.

• Ley 57 de 2008, Ley General de Marina Mercante (arts. 27, 34–37, 45–47, 57–61; Código de Comercio art. 1507 as amended by art. 171) ↗
• Encuentra24: boats and yachts for sale, Panama City — marketplace ↗
• Gaceta Oficial: Decreto Ejecutivo 4 de 11 de febrero de 2025 (turismo náutico) ↗
• DGI: ITBMS generalidades (7% rate) ↗
• Kraemer & Kraemer: recreational ship registration in Panama — secondary, law firm ↗