Nicaragua: Incentives Lead to Growth in Tourism

Growth of 9% per year is part of the rewards brought about by incentives for the sector and the opening up of government by working in partnership with private enterprise.

Wednesday, January 27, 2016

Incentives for tourism have been vital to the creation of new projects in this sector. This is the view of Leonardo Torres, president of the Nicaraguan Chamber of Small and Medium Tourism Enterprises (Cantur), who spoke to Elnuevodiario.com.ni. "... In 2015 tourism incentives reached a total of nearly $110.5 million, and so far in 2007 to date and they will total about $700 million. About 1,500 new companies were registered in the Nicaraguan Tourism Institute (Intur) ".

According to Cantur, revenues from the tourism industry have grown by 125% since 2008, going from $200 million to $450 million in 2015. "... Eight years ago, Nicaragua only had about 300 hotel facilities, whereas now it has 980. At that time, the country had only about 12,000 beds, but today there are nearly 23,000. In 2007, Nicaragua received only 600,000 visitors a year, but in 2015 it has been preliminarily estimated that the figure reached more than 1.4 million foreign tourists. "

With optimism at record high levels, the industry expects more than 50,000 tourists could come to Nicaragua in 2016. In addition, the country expects to receive 1.5 million tourists in 2016 and that the sector will generates about $500 million in foreign exchange. However, one of the challenges facing the industry for the new year, will be to move some 500 companies over to formal operations.

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Nicaragua: Tourism Revenues Up 10%

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Companies in the sector expect to generate $660 million in revenue this year, mainly driven by an increase in tourist spending.

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Nicaragua: Bureaucracy Slows Tourism Investments

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Nicaragua: $56 million in Tourism Exemptions

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Up until May incentives have been authorized for 22 tourism investment projects, including the construction of the airport in Costa Esmeralda, for $12 million.

Tourism growth and incentives granted to investment projects in the tourism sector are boosting investment in the country, which, according to estimates by the Nicaraguan Institute of Tourism, will amount to $400 million in the year.

Exemptions for Tourism in Nicaragua

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Investments under $50,000 do not receive the tax benefits enjoyed by investors of larger amounts.

The Nicaraguan Chamber of Small and Medium Tourism Businesses (CAMTUR), has asked the Nicaraguan government to contemplate extending exemptions for investments in tourism to small businesses.

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