United States-Flag Passenger Vessel Act of 1992

United States-Flag Passenger Vessel Act of 1992 - Amends Federal law to permit a vessel to transport passengers in coastwise trade only if: (1) the vessel meets certain requirements under the Merchant Marine Act, 1920 and the Shipping Act, 1916, for engaging in such trade; and (2) (in the case of a vessel that is at least five net tons) such vessel is documented with a coastwise endorsement. Sets forth a civil penalty of $1,000 per passenger transported in violation of this Act. Sets forth a terminable exception to such requirements for certain ineligible vessels.

Authorizes the Secretary of Transportation to issue a certificate of documentation with a coastwise endorsement for the Panamanian-registered Europa Sun and Europa Star and the Spanish-registered M/V Helton Voyager.

Authorizes a foreign vessel to engage in coastwise trade before May 21, 1997, if: (1) it did not engage in such trade before January 1, 1992; (2) the owner of such vessel entered into a contract to purchase it before May 21, 1992; (3) the owner or operator of the vessel entered into a binding terminal agreement with a U.S port before May 21, 1992; (4) the vessel, when engaged in coastwise trade, only operates from that port; (5) it is not sold by the owner; and (6) the owner of such vessel files with the Secretary a copy of the purchase contract, the terminal agreement, and any other evidence to demonstrate that the owner purchased it to engage in coastwise trade.