Panama

New or used cars can be imported into Panama with no restriction. Vehicles are subject to taxes and duties of approximately 27-30% of CIF (Cost, Insurance & Freight) value, depending on the car's value. Diplomats, members of international organizations, persons with Retiree status, and US contractors can import one car free of duties and taxes. Vehicles that are still being paid off cannot be imported, as they legally belong to the finance company. The Transit and Land Transport Authority (ATTT) mandates a certificate of review by an ATTT-appointed workshop for used cars entering Panama.

As a general rule, the importation of vehicles requires the intervention of a customs broker. Vehicles imported into Panama can be sold or replaced after two years but cannot be sold for more than the original price.

Documents required: Bill of Lading, Air Waybill, or transit letter (must include freight charges), Property Letter, Certificate of Title and Registration (original or copy), Commercial Invoice/Purchase invoice (original), and Certificate of Environmental Control & Pollution Certificate.

In 2014, 60,304 new vehicles were sold, representing a 7% increase from 2013. Toyota, Hyundai, and KIA topped the sales rankings. The expected growth for the following year was between 2% to 4%. The Automobile Dealers Association of Panama (ADAP) reported an average of 4,745 new vehicle sales per month.

Asian brands represented 92.4% of total sales in the top 10 sales ranking, while American brands (Chevrolet and Ford) occupied 7.6%. Luxury cars accounted for 4.7% of the cars sold between January and November 2014, with brands like Jaguar, Cadillac, Lincoln, and Volvo available in the market. Approximately 2,602 luxury cars were sold during this period, according to the National Institute of Statistics and Census.

The most sold car models in 2014 were: Toyota Hilux, Toyota Yaris, Hyundai Accent, Kia Rio, Kia Picanto, Toyota RAV4, Hyundai Tucson, Kia Sportage, Hyundai i10, and Honda CR-V.

If it's your first time importing a car into Panama, note the following: The car should be transported in a container, which can be expensive depending on the container size and the shipping country. Customs may take time to assign a value to the vehicle, potentially delaying customs clearance and payment. The recipient must have the legal right to live in Panama. Proof of residency, such as a valid passport, is required for customs clearance.

To register the vehicle with the Panamanian authorities, contact the Registro Unico Vehicular. This government department has offices in the Panama City District. You will need proof of importation, proof of ownership, and proof of legal residency. The car must pass an inspection before registration and be inspected annually with valid insurance.

Panama has several ports, but the most important ones for vehicle imports are Cristobal and Balboa.

Located at the Atlantic entrance of the Panama Canal, the port of Cristobal connects to key maritime routes in the Caribbean and Atlantic Ocean. It has operated for more than 150 years, handling over one million containers. The port offers road access to the Colon Free Zone and includes 3 container berths, 16 hectares of container storage, 11 quay cranes, and 36 RTGs (Rubber Tired Gantry). It is managed by the Panama Ports Company (PPC).

Situated at the Pacific entrance of the Panama Canal, the port of Balboa was inaugurated in 1909 and was formerly known as Ancon Port. It connects major liner services from the Far East and North America to the west coast of South America, Central America, and the Caribbean. The port handles nearly 3 million containers, providing 30 hectares of storage, 5 container berths, 22 quay cranes, and 51 RTGs.