Beyond butler service
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.
Wednesday, June 18, 2008
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. Tax incentives ensure that the massive capital being invested in luxury accommodations and services throughout the region continue flowing. These accommodations include hotels within residential developments, whether they be urban condominiums, or residences near marinas or golf resorts.
Nicaragua and the rest of Central American countries are betting on this new type of tourism to attract significant tourism investment.
The phenomenon is concentrated on the Pacific coast in Guanacaste with buyers mainly being foreigners and locals from the upper middle class.
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.
Making the distinction between the classifications of exemptions is necessary because associations, foundations and other entities are required to be fiscally solvent in order to keep their status as an exempt entity.
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