PANAMA Law and Practice Contributed by: María de Lourdes Marengo and Joaquín De Obarrio, Patton Moreno & Asvat
tion for a new certificate of registration of the aircraft showing the assignee as owner. There are no government applications or consents required as a prerequisite to the execution and deliv - ery of an aircraft and/or engine lease assignment and assumption/novation in relation to an aircraft regis - tered domestically. 2.7.5 Taxes/Duties Payable on Assignment/ Novation Stamp tax in the amount of USD0.10 for each USD100.00 of the value of the assignment and assumption/novation agreement must be paid for enforcement in Panama. However, where such amounts have been paid in respect of the notar - ial paper of the deed whereby the assignment and assumption/novation agreement was registered with the Public Registry Office, no additional amounts must be paid. 2.7.6 Recognition of Transfer of Ownership Interests The laws of the Republic of Panama will recognise the transfer of the ownership interest of the entity owning an aircraft with the legal title remaining with that entity. 2.8 Aircraft Deregistration and Export 2.8.1 Deregistering Aircraft in This Jurisdiction Owners, operators and holders of deregistration pow - ers of attorney and any third persons authorised by these may request the deregistration of an aircraft in the Republic of Panama. A petition must be filed with the AAC to deregister the aircraft. If the petition is filed by the owner lessor, the AAC will request evidence of termination of the lease. 2.8.2 Lessee’s/Operator’s Consent An owner, mortgagee or lessor may apply for the deregistration of the aircraft without the lessee’s or operator’s consent. If lessee or operator refuse to deliver the aircraft, the owner, mortgagee or lessor must file judicial proceedings to obtain a court order. 2.8.3 Required Documentation The owner, mortgagee or lessor must provide the deregistration power of attorney and/or irrevocable
deregistration and export request authorisation (IDE - RA). 2.8.4 Duration of Deregistration Process The deregistration process may take from two to four weeks. If the lessee or operator refuse to deliver the aircraft, the deregistration process may take from six to twelve months. 2.8.5 Aviation Authority’s Assurances The AAC does not provide advance assurances to aircraft owners, mortgagees or lessors for the prompt deregistration of aircraft. 2.8.6 Costs, Fees and Taxes Relating to Deregistration There are no significant costs/fees/taxes chargeable in respect of the deregistration of aircraft. The cost of deregistration is USD100.00. The cost of the airworthi - ness certificate for export is USD1,000.00. However, if the lessee refuses to deliver the aircraft owner, lessor or mortgagee must initiate judicial proceedings before Panamanian civil circuit courts to obtain a court order and must bear the costs of such proceedings. 2.8.7 Deregistration Power of Attorney Deregistration powers of attorney should be recog - nised. These must be translated into Spanish by an official translator in Panama, notarised and if issued outside Panama legalised according to the 1961 Hague Convention on the Apostille. Registration with the Public Registry Office is not mandatory. 2.8.8 Documents Required to Enforce Deregistration Power of Attorney There are no additional documents required for the enforceability of the deregistration power of attorney. 2.8.9 Choice of Laws Governing Deregistration Power of Attorney Deregistration powers of attorney may be governed by domestic or foreign laws. 2.8.10 Revocation of a Deregistration Power of Attorney Regulations in the Civil Code of Panama provide that powers of attorney are revocable. Panamanian mari - time laws recognise the validity of irrevocable powers
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