Tax incentives foster tourism development in Panama

Law #8 promotes tourism activities in the country by offering tax relief on imports, real estate and capital investments, to name a few.

Thursday, August 7, 2008

A report by the Panama Tourism Institute (IPAT) reveals that 12 investment projects totaling $92.5 million have been approved.
This will be the last year in which capital investment projects can benefit from Law 8, a measure designed to foster investment in the country's interior, Carl-Fredrik Nordström, Assistant Manager of IPAT, pointed out.

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Panamanian Tourist Offensive Begins

January 2012

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.

Authorities in Panama have set in motion an ambitious plan to attract investment in two areas of most interest to tourism: the old Sherman U.S.

Ilopango to get US$300 million tourism makeover

May 2008

Private investors are working on a US$300 million project to turn Lake Ilopango into a top tourist destination.

The project would include construction of El Salvador's first five-star lakeside hotel, with 285 rooms, as well as luxury condos with swimming pools, a spa and shopping mall.

A Single Tender for Projects in Amador

July 2011

The Government is looking at unifying into a single tender the building of a new convention center and cruise ship dock in Amador.

According to the manager of the Tourism Authority, Solomon Shamah, it would speed up the projects and lower costs.

"This entity (Tourism Authority of Panama) supports the construction of the convention center and also estimates that the cruise port would be an asset to the causeway, so it is requesting the Panama Maritime Authority (AMP) to execute the projects together.

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.

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