A flag of convenience is a ship registered under the maritime laws of a country (such as Liberia or Panama) which is not the home country of the ship's owners, because the country of registry offers low tax rates and/or leniency in crew and safety requirements.
"Currently the three largest ship registries are open registers, namely Panama, Liberia and the Bahamas."
http://en.wikipedia.org/wiki/Flag_of_convenience
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