Panama: Law Proposed to Attract Investment in Tourism

The Tourism Authority has submitted a project that consists of incentives for the construction of infrastructure and development of small businesses.

Thursday, June 25, 2009

The project was submitted to the Ministry of Economy and Finances (MEF, acronym in Spanish) for proper consideration and the next administration will compose the definitive text.

Roberto Gonzalez interviews the general administrator of the Panamanian Tourism Authority, Ruben Blades, in his article in Prensa.com: "Should the text be approved, infrastructure construction will be incentivated through fiscal credits of up to 75% of the project, as long as the project is recommended by the Master Tourism Plan.”

More on this topic

Panama: Tourism Bill Being Discussed

October 2011

The Tourism Authority is discussing including in the tax credit project companies who promote domestic tourism.

In order to look into this, consultations are being held with the Ministry of Economy and Finance regarding the feasibility of the initiative. The aim is to promote tourism in other provinces.

Panama's tourism development incentives

May 2008

The latest law of incentives created by the panamanian government is Law #58 of December 28 2006, which was implemented to promote tourism development which previously had no incentives.

Under this law any hotel, apart hotel, cabañas, hostel, and time sharing will benefit from this law.

Tourism Bill in Panama

December 2011

The project, to be presented to the National Assembly in early 2012, aims to promote tourism within the country.

The Minister of the Panamanian Tourism Authority of (ATP in Spanish), Solomon Shama said that "the objective is to increase the amount of investments and grant subsidies to tour operators or receptors, whose only business is promoting tourism in this part of the country, where there are attractions. "

Beyond butler service

June 2008

Luxury travel used to mean butler service at a four-star hotel. Today, it’s owning a condo or a golf villa by the sea.

Despite an ongoing debate about the benefits and pitfalls of residential tourism, Central American governments are modifying their fiscal-incentives laws to regulate and grant residential tourism projects the same breaks given to traditional tourism investments and operations.

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