Half of Panamanian Island to be Auctioned for $8.3 Million
Mogo Mogo Island has an area of 69 hectares and 34.4 hectares of that total would be auctioned to promote tourism development.
Wednesday, March 18, 2009
The portal, Prensa.com, published: "Those interested in buying the land will have to present a project that is 'compatible with the environment’ which implies an investment of $2 per square meter as a minimum. With regard to environmental requirements, Marco Tulio Hernández, Director of the Division for the Promotion and Sale of State Property noted that these will be the same as what is established by Panamanian law."
Law #8 promotes tourism activities in the country by offering tax relief on imports, real estate and capital investments, to name a few.
Private investors are working on a US$300 million project to turn Lake Ilopango into a top tourist destination.
The government has launched an aggressive plan to promote investments in two areas of most interest to tourism: the former U.S. base in Sherman, in the Caribbean, and Amador, on the banks of the Canal on the Pacific side.
Zcom Networks announced the acquisition of the Playa Paraíso Real Estate Development Project.
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