Panama recently created a special legal regime for banks and companies related with the business of naval financing and that promote the construction of maritime projects to be installed in Panama.
The regulation contemplates tax, migratory and labor incentives, in order to propitiate the conditions for the granting of naval mortgages from Panama, and create incentives for the investments in shipyards construction for big vessels.
Also very interesting is that the law also gives incentives to companies inside Panama that install and/or repair containers, which has great potential due to the large number of containers that are handled in the cargo ports of Panama.
The companies interested in obtaining these benefits must obtain a certification that designates it as a “Maritime Financing Project” by the competent authorities which is applicable for those companies that are “oriented towards the construction of ships, the construction of shipyards and enabling other premises, workshops or yards for the construction of ships, the construction and repair of containers that are used for foreign trade, and the construction of offshore wind farms.”

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