PANAMA CITY ROOTS. TWO OCEANS.   A guide by Fernando Yemail & Feeling Yachty
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Boat import duty and ITBMS estimator (Panama)

Estimate the cost of importing a boat into Panama: CIF value, import duty at your broker's rate, 7% ITBMS on CIF plus duty, and the broker's fee.

Enter the boat's price, freight and insurance, plus the duty rate your customs broker confirms. The estimator builds the CIF value and adds duty, ITBMS and the broker's fee to give a landed cost for a definitive import.

Your result

Fill in the fields, then calculate.

What the calculation means

CIF value = price + insurance + freight to Panama. Duty = CIF × the duty rate. ITBMS = 7% × (CIF + duty). Landed cost = CIF + duty + ITBMS + broker's fee. Duty in Panama is ad valorem on the CIF value, and the US Commercial Service's guide describes ITBMS on imports as 7% of the CIF value plus duty and handling charges. That is the usual method, but have your broker confirm the base for your boat.

Why the duty field starts blank. We could not open Panama's current national tariff on the Aduanas site. The latest official rates we could read are Panama's base rates in the US–Panama Trade Promotion Agreement tariff annex, which list 5% to 15% for pleasure-boat lines under heading 89.03, using the codes in force before the 2022 renumbering. Those lines are duty-free for boats that originate in the United States under the agreement's rules of origin. Built in the US is what counts, not bought there. Your broker classifies the boat and gives you the rate.

ITBMS caution. Ley 76 of 2013 listed heading 89.03 imports among goods exempt from ITBMS. We could not confirm whether that still applies, so the 7% box starts ticked. Untick it only if your broker confirms the exemption in writing.

Not included: port, warehouse and handling charges, AMP registration after import, and the cost of a survey or valuation. Only licensed customs brokers can assess duties in Panama. Read importing a boat to Panama for the process, and in transit vs imported to see whether you need to import at all.

Connected guides

Buy & sell

Importing a boat into Panama: duty, ITBMS, broker, papers

Importing a boat into Panama means a definitive import through Aduanas: duty on the CIF value, possibly 7% ITBMS, filed by a licensed customs broker.

Buy & sell

In transit vs imported: your boat's status in Panama

A boat in Panama is either in transit (foreign, no duty, up to 24 months) or imported (duty paid, no limit). It decides selling, charter and registration.

Own & maintain

Boat taxes in Panama: duty, ITBMS, AMP and municipal

Panama has no yearly tax on a private boat. Tax hits at import (duty, maybe 7% ITBMS), through AMP charges and, for a business, DGI and municipal tax.

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.

Fernando Yemail is the owner of Feeling Yachty and is not a lawyer. Yachty Guide provides general educational information and practical recommendations, not legal, tax, insurance or individualized professional advice. Panamanian rules depend on the vessel, flag, activity and location and can change. Confirm current requirements with the relevant authority (AMP, ACP, SENAN, ATP, ARAP, MiAmbiente, Migración or Aduanas) and consult a qualified professional in Panama about your situation. Full disclaimer.