No Panamanian law sets a yacht broker's commission. It is whatever the listing agreement says. Around 10% of the sale price is widely quoted in the US market, often split between the listing and selling brokers. Because Panama has no licence or broker escrow rule, the written agreement carries all the protection a regulator gives Florida sellers.
How commissions are set in Panama
Panama does not regulate brokerage commissions. The rate is negotiated. For reference:
- The 10% figure. A 2024 class action in Miami, reported by Marine Industry News, alleged that US brokers pushed sellers to pay a 10% commission split between the agents on both sides. A federal judge dismissed the suit in January 2025, Boat International reported, finding no direct evidence of a conspiracy. The case shows how common the 10% figure is in the US market. It does not set the rate in Panama.
- Bigger yachts. Larger deals are often negotiated at a lower percentage. Treat any rate as a starting point.
- Local deals. Small boats sold locally, with no US co-broker, may be quoted a flat fee or a different percentage.
- Trade-ins and part-exchange. If the buyer trades in another boat, say whether the commission is on the cash price or the full agreed value.
Whatever you agree, write down whether ITBMS at 7% is included or added. On a large commission that is real money.
What a Panama listing agreement should cover
| Clause | What to settle |
|---|---|
| Parties | The registered owner shown on the AMP registration, or the owning company with its legal representative. |
| The boat | Name, AMP registration number, hull ID, engine serials, registry (servicio interior or internacional), and import status. |
| Exclusive or open | Exclusive gives one broker the listing. Open lets several brokers, and often the owner, sell. |
| Term and renewal | A fixed end date, and how either side can end it. |
| Commission | Rate or fee, the base (gross sale price), ITBMS treatment, and when it is earned: on signed contract or on completed AMP transfer. |
| Protection period | Whether a commission is owed if a buyer the broker introduced buys after the agreement ends. |
| Expenses | Who pays for haul-out, survey help, advertising and fuel for sea trials. |
| Deposits | Who holds them, in which account, and when they are released or refunded. |
| Language, law, disputes | Spanish version prevails or both equal; Panamanian law; courts or arbitration. |
Florida's version of this checklist is yacht listing agreements.
Co-brokerage and splits
When a Florida broker brings a buyer to a Panama boat, the two offices split the commission. Put the split, who invoices whom, and which side handles the AMP closing in a short co-brokerage agreement before showings start. Each side invoices its own share. A Panamanian company charges ITBMS on its share; whether a foreign office's share is Panamanian-source income is a question for your accountant.
Agree one asking price across every listing. The same boat on Encuentra24 at one price and on a US portal at another makes buyers suspicious, and it makes the split harder to argue about later.
Also agree what happens if the deal dies after survey. Usually no commission is earned, but expenses already paid may be shared.
If you are the buyer
The seller normally pays the commission out of the price. A buyer's broker may be paid from the seller's commission or by a separate fee. Ask who pays your broker, and whether they also act for the seller. If they do, they are a dual agent and you should know it in writing. The buyer's full process is in buying a boat in Panama City.
Ethics without a regulator
Florida brokers answer to the DBPR; see Florida commissions and ethics. In Panama, the client's remedies are the contract and the courts. Hold yourself to these standards anyway:
- Disclose conflicts: dual agency, owning a share of the boat, or a fee from a surveyor, yard or lender.
- Do not hide defects or tax problems you know about, such as an uncleared import or an expired patente.
- Keep client money separate and account for every dollar.
- Present every offer to the seller, in writing.
- Recommend an independent surveyor; see boat surveys in Panama.
Association members also sign up to their association's rules. That is one more reason buyers ask about membership; see checking out a broker.
Charter commissions are a different contract
On charters, the commission usually comes out of the charter fee under the charter or central-agency agreement, often on MYBA-style terms for larger yachts. In Panama, the yacht must be run by an AMP-licensed operating company. See sales vs charter brokerage and charter management agreements.
Your practical starting checklist
- Agree the commission rate or fee, and write whether 7% ITBMS is included.
- Name the boat by AMP registration number, hull ID and import status.
- Choose exclusive or open, and set an end date and protection period.
- Say when the commission is earned: on signed contract or completed AMP transfer.
- Name who holds deposits, and the refund triggers.
- Sign a Spanish and English version reviewed by a Panamanian lawyer.
Frequently asked questions
What commission do yacht brokers charge in Panama?
It is negotiated; no law sets it. Around 10% is widely quoted in the US market, where it is often split between two brokers. Larger yachts are often negotiated lower.
Is ITBMS charged on a broker's commission?
A commission is a service, and ITBMS is 7%. The agreement should say whether the quoted rate includes it.
Who pays the broker in a Panama boat sale?
Usually the seller, out of the sale price. A buyer's broker may share that commission or charge the buyer a separate fee. Get it in writing.
Is a verbal listing agreement valid?
Proving one is hard. With no licence or regulator behind brokers in Panama, a signed written agreement is your only reliable protection.
Can I sell my boat myself during an exclusive listing?
Only if the agreement allows it. Many exclusive listings still owe the commission whoever finds the buyer. If you want to keep a private-sale right, write in an owner's exception, ideally naming the buyers you already know.
¿Cuánto cobra un corredor de yates en Panamá?
No hay una tarifa fijada por ley; la comisión se negocia. En el mercado estadounidense se cita con frecuencia un 10% del precio, repartido entre los corredores. Acuerde por escrito si incluye el ITBMS del 7%.
The next question to answer
The document kit and client-money rule. Read Starting a yacht brokerage in Panama.
Is the commission worth it for a seller? Read Private sale vs yacht broker in Panama.
Tax and the AMP transfer. Read Yacht broker rules in Panama.
Same topic in Florida: coming from the US? Compare Commission Agreements, Disclosures and Ethics.
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.
- Marine Industry News: lawsuit over 10% yacht commission fees (Mar 2024, secondary) ↗
- Boat International: US yacht brokers win antitrust lawsuit over commissions (Jan 2025, secondary) ↗
- DGI: ITBMS generalidades ↗
- Ley 57 de 2008, Ley General de Marina Mercante (Justia copy) ↗