Law 50, known as Naval Financing Law, was published on June 28th, 2017 on the Official Gazette. Its objective is to create an attractive investment environment for the entities providing naval financing, to settle in Panama, and start executing such activity from our soil.
On top of easing the conditions for the granting of ship mortgages from Panama, this legislation seeks to create investment spaces for the creation of ship construction yards in our nation, since this is an activity with development opportunities within the country, and this industry is currently addressed mainly to small ships, and given our excellent geographic position it is necessary to start developing it exponentially.
This law shall be the means to grant tax, labour and migratory incentives to the corporations, investors and banking institutions settled in Panama with the end of creating financeable maritime projects and/or devote itself to the naval financing.
Law 50 is a measure adopted to promote our logistic efficiency and shore up the bases of the national maritime trade. It seeks to potentiate the growth of the country by means of the boost to the banking sector, as also seeks to favor the development of structures prone to project us as a competitive nation, before other countries with legislations related to Law 50.