As long as the
boat isn’t flagged in
Panama, and has a valid Cruising
Permit, I’ve never heard of a case where the Panamanians cared. If the seller doesn’t have a Cruising
Permit, then you might have some hassle, but the seller should take care of that. If it’s flagged in Panama, you need to be aware that they have two different registrations: one ONLY for Panama waters (which is very cheap) and an international one which costs about $1500/year. You need to make sure that this is all paid up before you buy the
boat.