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You may be right Tao, on the other hand the boat is currently is registered in the US and not Panama. While many commercial vessels are registered in Panama as a 'flag of convenience', I have always understood that this was in order to avoid the more stringent inspection/certification requirements in the US/Canada etc., and to get more favourable income tax rates. I would assume that there will still be taxes/duties associated with the importation to/registration in Panama, plus the cost of setting up the corporation, plus (likely) annual tax filings - all without the benefits that motivate commercial shipping.
Brad
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