Tourism in Panama Still Lacks Incentives

The delay in the approval of the regulations of Law 80, which should be ready in August, has prevented employers from taking advantage of incentives to invest inside the country.

Thursday, July 7, 2016

Law 80 came into force in March 2015 and the lack of its rules has delayed the implementation of incentives for the construction of hotels within the country. The law establishes a total exemption from tax on imports, for a period of five years, for building materials and 10 years for the entry of materials, basic tools, furniture and equipment, plus incentives for construction of tourist marinas and docks.

The director of Investment and Tourism Culture explained that the ATP (in the process of revising the regulations) "... has consulted people who have experience in nautical tourism, scientific tourism, and agrotourism to ensure that the incentives are correctly targeted. 'We are designing a roadmap to be followed by employers in order to find out how and when to apply the fiscal support established by Law 80'. "

Prensa.com reports that "...August 15 is the deadline that has been imposed by the ATP to complete 100% of the revised draft regulations, and from that date the process for signing the document will start. Employers surveyed hope that the rule will be clear and will take effect in the short term, as there are sectors within the country that need the incentives established in Law 80. "



More on this topic

Private Tourism Investment in Panama Canal

February 2017

A tender is being launched for the design of a master plan that will define how private tourism investment can be made within the grounds of the Canal and its area of ​​operations.

The aim is to better exploit the tourism potential of the waterway and generate more income through tourism activities in the Canal area.  The Panama Canal Authority is analyzing creating a tourism concessions scheme, so that private companies that meet the conditions required by the ACP can make investments in the Canal area. In response to interest shown by the private sector, the ACP plans to launch a tender for a master plan to define how this private investment scheme would work.

Panama: Law on Incentives for Tourism Takes Effect

March 2015

The new executive order establishes the requirements which must be followed in order to qualify for government incentives to develop tourism activities.

Entrepreneurs interested in applying for these benefits "... must submit to the Directorate General of Revenue a certificate from a competent authority to verify that they have made an investment related to tourism."

Panama Seeks Investors for Cruise Line

August 2013

The Panamanian Government wants to avoid cruise tourism to depend on the decisions of North American companies. 

According to the General Manager of the Tourism Authority of Panama (ATP), Solomon Shamah, the cruise industry is very important for Panama, as it has facilities in both oceans, but the most important thing is the fact that the country is located in a privileged position in Central America and has an air hub which provides the opportunity of being a "home port".

Growing Investment in Panamanian Beach Tourism

May 2012

In 2011 $405 million was invested in projects in the tourism sector, and 2012’s investment is estimated at $842 million.

From a press release from the Tourism Authority of Panama (ATP):

There is no doubt that tourism in Panama is taking giant leaps when beach projects are attracting thousands of visitors from around the world who choose to come to the isthmus to have their best vacation ever.

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