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New Tourism Incentives on the Horizon for Panama

Article Summary:

A newly proposed Panama Tourism Act includes incentives for the construction of maritime infrastructure and activities related to nautical tourism. Also the Tourism Authority of Panama is promoting the construction of a cruise terminal in Isla Colon, which is in the Bocas del Toro province, $2.5 million has already been earmarked for the terminal.

Photo Credit: La Prensa

Original Article Text From La Prensa via Google Translate :

Give incentives to Cruises and Marine

The Government seeks to lay the parameters for promoting the construction of cruise ports and marinas in different parts of the country.

Although not known when the Executive will send to the National Assembly the draft law to regulate tourism, the draft proposal is presented to organizations involved in the sector.

The proposed new tourism law, which would eliminate the Act 8 of 14 June 1994 incentive to activity-including tax exemptions for the construction of maritime infrastructure.

It also introduces the concept of marine tourism in which “includes all journeys to the activities and sea-related sports: diving, ‘snorkeling’ sailing, ‘surfing’, boardwalks in boats, including activities of small cruise ships and pleasure craft.”

If approved the new tourism legislation, companies that make a minimum investment of $ 10 million in construction, equipment and cruise port administration shall be entitled to total exemption for five years of import duties on input materials for the construction of marine infrastructure.

Also be free of payment for a period of 20 years of property tax on land and improvements that are dedicated exclusively to the operation of the port.

These exemptions also apply in the case of the construction of marinas, docks and ports in smaller destinations to encourage tourist arrivals.

In addition payment shall be free of any “kind of tax, rates and services in respect of arrival and anchoring, even those who said the usual, the foreign tourist yachts that visit Panamanian ports and whose stay does not exceed 30 days.”

It is estimated that the country has 900 thousand luxury yachts that are allowed in national waters to navigate and operate tourism businesses. Of this total, 400 are 500 of the Panamanian flag and foreign flag.

Among the plans of the current administration is building a cruise terminal in the Amador area that would be located where it now operates the Balboa Yacht Club.

Also the Tourism Authority of Panama (ATP) is promoting the construction of a cruise terminal in Isla Colon, Bocas del Toro province, and for that earmark a capital of $ 2.5 million.

While few details are known, in the expansion plans of the Amador causeway to four lanes, also plans to build a medium-sized sea.

Link to Original Article:

From La Prensa

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