Japan, notably known as “the land of Rising Sun” is famous for its values of perfection and creativity. Imagination and enthusiasm for work is truly expressed by Japanese products, be it electronic or cars. Japanese automobile industry started its journey with the launch of new small cars and now it is one of the world’s top automobile industries. Every Japanese automaker contributed in a way that helped the country’s automobile industry to reach the pinnacle.
With time, the popularity of Japanese vehicles increases a lot. Along with new vehicles, used vehicles from Japan are also gaining popularity. If one is in the market for a used vehicle, the obvious place to go to is a Japanese used car market. There is no doubt that Japanese are more devoted towards their work, hence the end result are always a vehicle that one feels proud to drive. Almost every country in the world import used vehicles from Japan. Panama located in also import used Japanese vehicles. While importing a used vehicle, importer should follow the necessary import regulations. Importation of left-hand drive vehicles is permitted in the country.
Documents required for customs clearance:-
- Bill of Lading (BoL)
- Transit Letter
- Property Letter
- Certificate of Title and Registration
- Commercial /Purchase Invoice
- Certificate of Environmental Control and Pollution Certificate
Taxation in Panama:-
There are no import restrictions on new or used cars and trucks imported into Panama. While importing a vehicle in Panama, duty tax is around 30%, which depends upon the value of the car. According to Panamanian customs laws, import tax is applied on vehicles coming to Panama except for those belonging to qualified diplomats, members of international organizations, persons with Retiree status, or U.S. contractor. Duty free importation of only one vehicle is allowed to diplomats, members of international organizations, persons with Retiree status, or U.S. contractor. For other auto, import duties have to be paid.
Vehicles can be sold or replaced in Panama only after 2 years.
Major shipping ports in Panama are Balboa, Cristobal and Panama City. Generally, RoRo (Roll-on Roll-off) shipping method is used for vehicle shipment. However, on request of customers, more expensive yet safe method of shipping, container method is used.