The government, through the Ministry of Education, has presented a bill that would reactivate the tax incentives that have been suspended since August 2007.
The proposal would not only revive the system of incentives, but also encourages owners to improve their properties, and implements enforcement mechanisms for those who desist from renovating buildings declared as cultural heritage.
The coastal belt road project makes it easier to access the area; development in the zone is reigniting, after being dragged down by the crisis.
In 2007 a series of tax incentives for developing the quarter came to an end, slowing down investment in the area, declared as a World Heritage Site by Unesco in 1997.
An article by Raul Bernal in Martesfinanciero.com tackles the subject, remarking that "in the antique walled city of Panama, investment effervescence seems to grow year after year. Restaurants, stores, hotels, residences and more innovative or restored buildings are presented to the passer-by, in a monumental, beautiful group".
Live at the beach in the exclusive Punta Leona Resort, a dream with shaded white sand beach, pools, restaurants, wild life. New affordable, energy efficient home. The house - possibly the only energy efficient GREEN...
Hospitality and tourism division of Empresas Bern, a Panamanian company with 30 years of experience in real estate development, construction and sales.
Operates in Panama
Phone: (507-) 206-8843 - (507) 6647-6100
As a Holding Company we are interested in helping other companies to succeed. We do that by investing in other companies with capital and or professional help to allow them to grow in exchange for ownership.
Operates in Panama and Panama
Phone: (507) 7202158