Tourism Law Generates $51 Million Investments

Between January and May, tourism investment in Nicaragua was 5 times higher than the same period of 2008.

Tuesday, July 21, 2009

Attracted by the benefits obtained through Law 306, also known as Stimulus Law for the Tourism Industry, 10 new projects where approved so far in 2009, 6 of them are hotels.

Raúl Calvet is the president of Calvet and Associates, a company that assists and advices investors developing projects in Nicaragua. In an article in newspaper La Prensa, he remarks that "tourism investment during the first months of the year is way higher than the figures presented by Intur [Nicaraguan Tourism Institute]". He also states that "Intur only receives one out of each 10 projects, because the requirement of law 306 is kind of complicated, and not everybody does it".

More on this topic

Reforms to Tourism Incentives Act in Nicaragua

October 2013

The current law provides a number of incentives for tourism but does not include some segments such as medical tourism and residential real estate for foreigners.

Two years ago the private sector promoted a law reform but it was not successful, which is why the Government is now taking up the issue again after an analysis of the current situation of the sector.

Marine Development Under Tourism Law

November 2012

The recently approved Law 80 on tourism in Panama has granted incentives to companies who develop maritime tourism infrastructure.

The marine project in La Guaira in Colon and another in the Pearl Islands, which were recently approved, will benefit from this law.

"Mor Caribbean Corp.

Reforms to Salvadoran Tourism Law Due in 2011

November 2010

The reform plan reduces the minimum amount of investment required to access government incentives.

The proposed amendment is to reduce to $ 25,000 the investment in tourism to access tax incentives. Currently the amount is $ 50,000.

This reform (which amends Article 36 of the Tourism Law) "seeks to be extended for only two years and sets a deadline of December 30 to deliver to the Legislative Assembly for discussion and subsequent approval," reports article.

Nicaragua: Changes to Tourism Incentives Law

October 2010

The draft amendments to the Law which could be approved before the end of the year, would generate increased investment in the sector.

The proposal provides a reduction to $ 10 thousand minimum investment in order to receive tax benefits and a reduction of between 25 to 30% in electricity rates and drinking water.

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