Panama: Hotel investment Moves From Capital To Interior of Country

Tax incentives for the construction of hotels in the interior of the country are behind the increase in the number of operating permits issued since the implementation of the law in 2012.

Thursday, May 8, 2014

With up to six years to start their projects, investors interested in developing hotel infrastructure in the interior of the country have until 2020 to benefit from the tax incentives which include total exemption from import tax, including transfer tax on goods and services (ITBMS), for a period of 20 years for the purchase of equipment, furniture, fittings and equipment used in the construction and equipping of the complex.

"Until the first of May, data from the Department of Tourism Investments at the Tourism Authority of Panama show that 22 operating permits were awarded, representing a total investment of $7.1 million. 40% of the 266 rooms that have been built this year are in the province of Chiriqui, which opened nine accommodation businesses."

"They also opened three stores in the province of Los Santos, two in Herrera, and one each in Bocas del Toro and Cocle, respectively. The remaining six are in the province of Panama, but in areas adjacent to the capital city," reported Prensa.com.



More on this topic

The Hotel Market in Costa Rica

April 2014

60% of hotels operating in the country have less than 30 rooms, in a market with oversupply in certain areas and a demand that is not growing.

Of the 2,515 hotels reported by the Costa Rican Tourism Institute, more than half are small establishments and family-run structures, while the others corresponds to large chain hotels, with a greater number of rooms.

Bed & Breadfast Crisis in Costa Rica

August 2013

At least 10% of small B & B type hotels in Costa Rica are no longer active.

It has been estimated that in San Jose alone 10 hotels have closed their doors, however, it is not known how many of these types of establishments are operating in the country. "The information comes from knowledge held by private sector authorities, including the National Network of Small Hotels of Costa Rica (Renaph) and the Costa Rican Chamber of Hotels (CCH), through which it can be inferred that they have been affected by the economic situation," reported Elfinancierocr.com.

Small Hotels to Enjoy Tax Exemptions

June 2012

The amount of minimum investment required in the Tourism bill in order to be able to access tax incentives in Panama will be reduced to $250 thousand.

The Tourism Authority of Panama (ATP) has agreed to reduce from one million dollars to $250,000 the minimum amount of investment required to obtain tax incentives when building a hotel outside the district of Panama.

El Salvador to Host Hotel Congress

September 2011

The country will host from today until September 29 the IX Central American Forum of Small Hotels.

Organized by the Central Federation of Small Hotels (FECAPH), the event brings together the region's hoteliers to define strategies to improve competitiveness.

"In parallel, a "Provider’s Fair " will also be running, which aims to improve infrastructure investments.

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