Four sets of rules govern a yacht broker in Panama: business registration (aviso de operación under Ley 5 de 2007), tax on commissions (ITBMS and income tax), the AMP transfer process under Ley 57 de 2008, and anti-money-laundering law. Boat brokers are not listed obligated subjects under Ley 23, but the deal still meets AML checks.
Business registration: the aviso de operación
Under Ley 5 de 2007 the aviso de operación, issued online through Panamá Emprende, is the one process needed to trade. It includes your RUC with the DGI. Points that matter to a broker:
- Describe the activity precisely: yacht and boat sales brokerage, and charter brokerage if you do it.
- Report changes within 30 days: a new address, new activity or closing down (Art. 12).
- The aviso is personal and cannot be transferred (Art. 13). If you buy an existing brokerage, you file your own within 30 days.
- Branches: tell the system where each commercial premises is (Art. 11).
- It is public: the law says anyone may consult Panamá Emprende (Art. 14). Clients can check you.
Company formation itself is covered in setting up a company in Panama.
Tax on commissions: DGI
- ITBMS. A commission is a fee for a service, so ITBMS at 7% applies. Say in the listing agreement whether the commission includes it.
- Income tax. Panama taxes on a territorial basis: Panamanian-source income is taxed whether or not you are resident. PwC's summary gives a flat 25% corporate rate. A commission on a boat sold in Panama is Panamanian-source; a fee on a deal entirely abroad may not be. Ask your accountant.
- Invoicing. Issue an invoice through the DGI's electronic system for each commission.
- Municipal tax on the activity, and the annual aviso tax, on top.
Taxes on the boat itself are a different subject. See taxes when selling a boat in Panama.
Anti-money-laundering: are brokers obligated subjects?
Ley 23 de 2015 is Panama's main AML law. Its list of non-financial obligated subjects now sits in Article 40 of Ley 124 de 2020. That law also created the Superintendencia de Sujetos No Financieros (SSNF), which replaced the old Intendencia. The list names, among others:
- real-estate promoters, agents and brokers (No. 3);
- businesses that buy and sell new and used cars (No. 10);
- lawyers and accountants doing certain work for clients, including resident-agent services (No. 11);
- notaries public (No. 12).
Boat dealers and yacht brokers are not on the list in the compiled text we checked. A catch-all (No. 13) lets a later law add sectors. In practice, AML still shapes your deal:
- The buyer's bank and yours will ask where the money came from, especially on international wires.
- The lawyer and notary on the closing are obligated subjects. They identify both parties and the beneficial owner of any company buying.
- Panama also has a beneficial-owner registry for companies.
Keep copies of IDs, company documents and payment records for every deal, even though no law makes you a supervised entity.
The AMP transfer: where the broker fits
Ley 57 de 2008 sets out the transfer of a registered boat. Article 34 says the owner, the buyer (promitente comprador) or a representative of either asks the AMP for a new provisional patente and radio licence. The boat must be up to date with its obligations to Panama (paz y salvo) and its technical and safety documents must be current. Article 36 lists the documents: the resident-agent designation, prima facie proof of ownership or intent to buy, and a Registro Público certificate that the boat is free of liens, or the mortgagee's consent.
Who files depends on the registry. For servicio interior boats, most local pleasure craft, the owner or a representative can file directly without a lawyer (Art. 37). For servicio internacional, the filing goes through a Panamanian lawyer. Article 108 says matters on registered vessels go through lawyers unless the AMP allows otherwise.
So the broker is usually the project manager, not the filer. Step-by-step closing is in closing a boat sale: AMP transfer, and the registry side is in transferring boat ownership in Panama.
If you also broker charters
Charter is the one regulated corner. AMP Resolution J.D. 089-2020 requires a Panamanian operating company for yacht chartering with an AMP operating licence, and a charter-type navigation permit for each yacht. A charter broker who only places clients should book licensed operators. A broker who manages yachts for owners becomes that operating company. See sales vs charter brokerage.
What fills the gap: contracts
No licence means no state escrow rule, no recovery fund and no regulator to complain to. Your protection, and your client's, is the written agreement and a lawyer-run or bank-run deposit. See commissions and listing agreements and deposits and escrow.
Your practical starting checklist
- Register the aviso de operación with a precise brokerage activity and keep it updated within 30 days of any change.
- Register for ITBMS and invoice every commission electronically.
- Keep ID, company and payment records for each deal, as if you were a supervised entity.
- Before listing, get the AMP registration and a Registro Público lien certificate.
- Use a Panamanian lawyer for international-service transfers and any company buyer.
- Book charter clients only with AMP-licensed operating companies.
Frequently asked questions
Are yacht brokers obligated subjects under Panama's anti-money-laundering law?
Not by name. The list in Article 40 of Ley 124 de 2020 includes car dealers and real-estate brokers, but not boat dealers or yacht brokers. The lawyers, notaries and banks on your deal are covered, so AML checks still happen.
Who supervises non-financial businesses for AML in Panama?
The Superintendencia de Sujetos No Financieros, created by Ley 124 de 2020. It replaced the earlier Intendencia de Supervisión y Regulación de Sujetos No Financieros.
Do I charge ITBMS on my commission?
Yes. A commission is a service, and ITBMS is 7%. State in the agreement whether the commission includes ITBMS, and confirm any exemption with your accountant.
Can a broker sign the AMP transfer?
Ley 57 lets the owner, the buyer or a representative of either file. A broker would need a power of attorney. International-service boats go through a Panamanian lawyer.
¿Los corredores de yates son sujetos obligados en materia de blanqueo?
No aparecen en la lista del artículo 40 de la Ley 124 de 2020, que sí incluye a vendedores de autos y corredores de bienes raíces. Abogados, notarios y bancos que intervienen en la venta sí son sujetos obligados.
The next question to answer
Why there is no licence, and what to do instead. Read Becoming a yacht broker in Panama.
Setting up the office. Read Starting a yacht brokerage in Panama.
The buyer's checklist. Read Checking out a broker in Panama.
Same topic in Florida: coming from the US? Compare Who Needs a Florida 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 23 de 2015 (anti-money-laundering), compiled text with Ley 124 de 2020 Art. 40 list of non-financial obligated subjects (CNBC, MEF) ↗
- Ley 124 de 2020, creating the Superintendencia de Sujetos No Financieros (CNBC, MEF) ↗
- 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) ↗
- DGI: ITBMS generalidades ↗
- PwC Worldwide Tax Summaries: Panama corporate income tax (secondary, reviewed Aug 2026) ↗