To start a yacht brokerage in Panama, you form a company, get an aviso de operación for brokerage, and register with the DGI and the municipality. No broker licence is needed. What separates a real brokerage from a hopeful one is everything else: a client-money rule, bilingual contracts, insurance, the right work permits and a pipeline of documented boats.
Choose the model first
| Model | What you do | What it adds |
|---|---|---|
| Listing broker | Market sellers' boats for a commission | Listing agreements, marketing, AMP paperwork |
| Buyer's broker | Find and negotiate for buyers, often from the US | Search, surveys, import and tax advice from professionals |
| Co-brokerage with a Florida office | The local partner on Panama-side deals | A split agreement, and clear roles on each side |
| Charter brokerage or management | Place guests, or run owners' yachts | AMP licensing under J.D. 089-2020 if you operate yachts |
| Dealer | Buy boats and resell them | Stock, import duties, and the retail-trade question below |
Sales and charter are different businesses. See sales vs charter brokerage in Panama.
Company, aviso and tax
Most brokerages use a sociedad anónima formed by a Panamanian lawyer acting as resident agent. Then come the aviso de operación on Panamá Emprende, the RUC and ITBMS registration with the DGI, the municipal registration and, once you hire, the CSS employer account. The order and the details are in setting up a company in Panama: S.A. to RUC. The rules that keep applying after day one are in yacht broker rules in Panama.
Retail trade. Ley 5 de 2007 asks every aviso applicant to declare that they know the Constitution's limits on retail trade (Art. 10). Brokering other people's boats is a service. Buying boats and selling them to the public may count as retail trade, which the Constitution restricts for foreigners. If you plan to hold stock, ask your lawyer how to structure it.
Bank account. Open it early. A new company that will receive large international wires from boat buyers should expect detailed due-diligence questions from its bank about the business, its owners and its clients.
Client money: decide before your first deposit
Florida makes brokers keep deposits in escrow accounts with set records; see Florida broker escrow and records. Panama has no broker escrow rule. That is a reason to adopt one yourself, not a freedom to skip it.
- Do not mix deposits with your operating account. Better still, have the closing lawyer or a bank hold them under a written agreement.
- Write down when the deposit becomes refundable: after a failed survey, a lien, or a missing import document.
- Pay out only against the signed sale contract and proof that the AMP transfer was filed.
Buyers will ask about this. See deposits and escrow when buying a boat in Panama.
Your document kit
- Listing agreement: exclusive or open, term, asking price, commission and whether it includes ITBMS, expenses, and who holds deposits.
- Buyer agreement, if you act for buyers.
- Co-brokerage agreement for splits with other offices.
- Offer and acceptance form with survey and sea-trial conditions.
- Closing checklist tied to the AMP transfer and Registro Público lien certificate. Start from the sale closing checklist.
Have a Panamanian lawyer review them, in Spanish with an English version. Clauses and ethics are in commissions, listing agreements and ethics.
People, permits and insurance
- You. A foreign owner who sells boats is working, which usually needs residence and a MITRADEL work permit.
- Staff. The Código de Trabajo, CSS contributions and the décimo tercer mes apply to employees. Foreign staff are capped at 10% of the workforce (15% for specialists), each with a work permit. Commission-only sales agents still need a clear contract; ask a labour lawyer whether they are employees.
- Language. Notaries, the AMP and the Registro Público work in Spanish. If you do not, hire someone who does or partner with a local lawyer.
- Insurance. Professional indemnity cover is worth pricing. MYBA, for example, requires it of member companies, according to a secondary source.
Building listings in a thin market
Panama's market is small. Boats sell through Encuentra24, marina word of mouth at Flamenco, La Playita and Ocean Reef, dealers and brokers. Your edge is documented boats. Take a listing only when you have seen the AMP registration, ordered the lien certificate and know the boat's import status; see in transit vs imported. For reach into the US, association membership can open the YachtBroker.org MLS, which IYBA describes as the industry MLS for active members of IYBA, YBAA, MYBA and CYBA. Check its current eligibility rules.
Help sellers prepare: preparing a boat for sale in Panama is a good page to send them.
Your practical starting checklist
- Pick your model: listing, buyer's broker, co-broker, charter or dealer.
- Form the company and get an aviso de operación naming the brokerage activity.
- Register the RUC, ITBMS, municipal tax and, when you hire, the CSS employer account.
- Settle your own work permit and residence if you are a foreigner.
- Adopt a written client-money rule, with deposits held by a lawyer or bank.
- Have a lawyer review bilingual listing, buyer and co-brokerage agreements.
- List only boats whose AMP, lien and import paperwork you have seen.
Frequently asked questions
How much does it cost to start a yacht brokerage in Panama?
There is no licence fee. Costs are company formation, the resident agent, the annual aviso tax, municipal tax, accounting, insurance and marketing. Get quotes from a lawyer and an accountant; we do not publish a figure.
Can a Florida brokerage open a Panama office?
Yes, usually through a Panamanian company with its own aviso. Staff working in Panama need the right immigration status, and the foreign-worker cap applies.
Do I need a licence to broker charters in Panama?
If you operate or manage chartered yachts, yes. AMP Resolution J.D. 089-2020 requires a licensed operating company and a charter permit per yacht. Placing guests with licensed operators is a different role.
Must I use escrow for deposits?
No Panama law requires broker escrow. Holding deposits through a lawyer or bank under a written agreement is the safe practice, and buyers expect it.
¿Cómo abrir una empresa de corretaje de yates en Panamá?
Constituya una sociedad con un abogado, obtenga el aviso de operación en Panamá Emprende para la actividad de corretaje, e inscríbase en la DGI y en el municipio. Si va a administrar yates en alquiler, necesita además la licencia de operación de la AMP.
The next question to answer
The career overview. Read Becoming a yacht broker in Panama.
Tax, AMP transfer and AML detail. Read Yacht broker rules in Panama.
What goes in the contracts. Read Commissions and listing agreements.
Same topic in Florida: coming from the US? Compare Starting a Yacht Brokerage 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 5 de 2007, aviso de operación and Panamá Emprende (FAOLEX copy of G.O. 25709) ↗
- AMP: Resolución J.D. 089-2020, yacht chartering auxiliary maritime service ↗
- International Yacht Brokers Association (IYBA): member directory and brokerage list ↗
- Boatbookings: yachting industry associations, MYBA membership criteria (secondary) ↗
- DGI: ITBMS generalidades ↗