You cannot look up a yacht broker's licence in Panama, because none exists. Check five things instead: the company in the Registro Público, the aviso de operación on Panamá Emprende, the boat's AMP registration, references from completed AMP transfers, and any association membership on the association's own site. Then check who will hold your money.
Why the checks are different here
In Florida you check a broker's licence with the DBPR; see verifying a Florida yacht broker licence. Panama has no broker licence, bond or recovery fund (see becoming a yacht broker in Panama). Anyone can print a card that says broker. So you check the business, the boat and the money.
The same checks work whether you are buying, or a seller choosing someone to list your boat. Sellers should add one more question: how many boats has this broker actually closed in Panama in the past year, and can they show the AMP transfers? A broker with listings but no closings is still learning on your boat.
1. The company: Registro Público
Ask for the exact legal name of the company that will sign your contract, and its RUC. Then look it up, or have a lawyer do it, in the Registro Público de Panamá. A company record shows:
- that the company exists and is current, not dissolved or suspended;
- its directors, officers and resident agent;
- its date of incorporation, which tells you whether that "20 years in business" is plausible.
The name on the invoice, the contract and the bank account must match. A broker who wants payment to a personal account or a different company is a red flag.
2. The aviso de operación and tax registration
Every business that trades in Panama needs an aviso de operación. Ley 5 de 2007 says the Panamá Emprende system is open to the public and anyone may consult it (Art. 14). Ask the broker for the aviso number and check that the activity covers brokerage or boat sales. Also ask for an electronic invoice: a real business registered with the DGI can issue one, with its RUC and ITBMS shown.
3. The boat's AMP record, not the broker's
The AMP does not register sales brokers, so there is nothing to find under the broker's name. What you can check is the boat:
- The AMP registration or patente should show the seller, or the seller's company, as owner.
- A Registro Público certificate should show no liens, or the mortgagee must consent. Ley 57 de 2008 requires one for the transfer (Art. 36).
- The import papers should match the boat's status.
A broker who cannot produce these quickly is not ready to sell that boat. Detail is in checking a boat for liens in Panama.
For charters it is different: the operating company must hold an AMP operating licence. The AMP publishes a list of companies with current operating licences. Look for the name there. See sales vs charter brokerage.
4. References and associations
References. Ask for two or three recent buyers or sellers whose AMP transfer the broker handled, and call them. Ask whether the closing ran on time and how deposits were handled.
Associations. Membership is voluntary and is not a licence. It does mean the firm signed up to a code and can be reported to someone. Check on the association's own site, not on the broker's logo:
- IYBA (International Yacht Brokers Association), based in Fort Lauderdale, publishes a member directory and a brokerage list at iyba.org.
- MYBA (The Worldwide Yachting Association) admits companies with a proven professional record and professional indemnity insurance, according to a secondary source. Ask the broker for their member listing and confirm it with MYBA.
A Florida licence held by a Panama broker is also worth checking with the DBPR. It shows their history, though it does not apply in Panama.
5. The money, and red flags
Ask who will hold your deposit, in what account, under what written terms. The safest answer is the closing lawyer or a bank, against a signed contract with refund conditions. See deposits and escrow in Panama.
Walk away, or slow down, if you see:
- pressure to pay before you have seen the AMP registration;
- payment to a personal or offshore account unrelated to the contracting company;
- no written agreement, or one only in a language you cannot read;
- a surveyor the broker insists on and will not let you replace;
- vagueness about whether the boat has paid import duty.
Use the boat buying checklist to track your checks.
Your practical starting checklist
- Get the broker's company legal name, RUC and aviso number in writing.
- Check the company in the Registro Público and the aviso on Panamá Emprende.
- Ask for the boat's AMP registration and a Registro Público lien certificate.
- Call two or three references from completed AMP transfers.
- Confirm any IYBA or MYBA membership on the association's own site.
- Agree in writing who holds your deposit, and on what refund terms.
Frequently asked questions
How do I check if a yacht broker is licensed in Panama?
You cannot, because Panama has no broker licence. Check the company in the Registro Público, the aviso de operación, the boat's AMP paperwork, references and association membership instead.
Can the AMP tell me if a broker is legitimate?
Not for sales brokers, who are not registered with it. The AMP can confirm a boat's registration, and it lists companies licensed to operate charters.
Does IYBA or MYBA membership mean a broker is licensed?
No. It is a voluntary professional membership with its own rules. It is a good sign if you confirm it on the association's own website.
Should I pay a deposit directly to the broker?
Only under a written agreement naming the account and the refund conditions. A closing lawyer or bank holding the money is safer.
What if the broker is in Florida but the boat is in Panama?
Check their Florida licence with the DBPR, then ask who handles the Panama side. Someone local must manage the AMP transfer, the lien certificate and the notary, and that person or company needs the same checks.
¿Cómo verifico a un corredor de yates en Panamá?
Pida el nombre legal de la sociedad y búsquela en el Registro Público. Verifique el aviso de operación en Panamá Emprende, pida el registro de la nave en la AMP y el certificado de libre de gravámenes, y llame a clientes anteriores.
En español: cómo verificar a un corredor
En Panamá no existe licencia de corredor de yates, así que no hay número que consultar. Verifique la sociedad en el Registro Público, el aviso de operación en Panamá Emprende (la Ley 5 de 2007 dice que es de libre acceso público), el registro de la nave en la AMP y el certificado de libre de gravámenes. Pida referencias de traspasos ya hechos y confirme cualquier membresía (IYBA, MYBA) en el sitio de la asociación. Nunca entregue un abono sin un contrato escrito que diga quién guarda el dinero.
The next question to answer
All broker guides. Read Yacht brokers in Panama.
Do you need a broker at all? Read Private sale vs yacht broker in Panama.
What the contract should say. Read Commissions and listing agreements.
Same topic in Florida: coming from the US? Compare Checking a Yacht Broker License.
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) ↗
- Ley 57 de 2008, Ley General de Marina Mercante (Justia copy) ↗
- AMP: list of companies with current operating licences (DGPIMA) ↗
- International Yacht Brokers Association (IYBA): member directory and brokerage list ↗
- Boatbookings: yachting industry associations, MYBA membership criteria (secondary) ↗