Incentives for investment related to tourism in Panama

 

Recent years have seen a boom in the tourism sector, accompanied by the development of economic regulations that promote investment throughout the country.  To date, there are policies that encourage foreign investment in Panama's tourism sector.  According to the website of the Tourism Authority of Panama, Law No. 80 of November 8, 2012 defines all incentives for foreign investment, while other laws complement these incentives with the main objective of promoting the development of tourism in Panama.  2.1 Tourism investment (Law No. 8, 1944) With an investment of $500,000 ($300,000 in metropolitan areas), interested investors who wish to start a tourism-related business can benefit from a series of tax exemptions.  These incentives include import and property taxes, taxes related to the use of airports or docks and, in some cases, even income tax.

 ✅ Promotion of tourist activities (Law No. 80)

 To qualify for Panama's incentives to develop tourism activities, interested entrepreneurs must send to the General Directorate of Revenue a certificate from a competent authority to clarify that they have made an investment related to tourism.

 Law No. 80 only includes incentives for the interior of Panama and grants a total exemption from import tariffs for five years on construction materials and 10 years for the introduction of furniture, materials, accessories and equipment, among other items.

  Law No. 80 also provides incentives for the buildings of marinas and tourist docks.

 This incentive is primarily aimed at hotel investments of more than $250,000 and includes no import tax on building materials and no tax on land and improvements for a period of five years.

 ✅ Incentives for the development of tourist activities outside of Panama City (Law No. 58)

 This law provides incentives for the construction or renovation of lodging facilities that are located outside the Special Tourism Zones of Panama.  Investments in regions such as mountainous areas or islands can benefit from duty-free import of materials, equipment and vehicles.  A 20-year tax exemption on property taxes also applies.

Source: https://gancot.ngontinh24.com