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Investment Incentive Laws
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In a coordinated effort to place Panama in the foremost position among Latin American countries the panamanian government has created the most comprehensive and basically , the best Investment Incentive Laws in the region. Having in mind the preservation of its beautifully rich natural and human resources the succesive governments and the legislative powers have promulgated laws that tackle all aspects of possible investment.
In 1994, Panama passed Law No. 8 the most modern and comprehensive law for the promotion of tourism investment in Latin America and the Caribbean. The law regulates public lodgings, receptive tourism agencies, tourist transport services of passengers, tourist restaurants, discos, nightclubs, specialized tourism centers, recreational parks, theme parks, zoos, convention centers, marine complexes, tourist development zones of national interest, etc.
Since the law was enacted, dozens of the world’s largest hotel chains have swept in to take advantage, including the Marriott, the Radisson, Holiday Inn, the Sheraton, and the Intercontinental
Panama’s attractive tourism investment laws are not just for big business. With a minimum investment of $50,000 anywhere in Panama’s interior you can benefit from:
- 20-year exemption of any import taxes due on materials, furniture, equipment, and vehicles.
- 20-year exemption on real estate taxes for all assets of the enterprise.
- Exemption from any tax levied for the use of airports and piers.
- Accelerated depreciation for real estate assets (except the land) of 10% per year.
- The investment amount does not include the price of the land.
For projects in the metropolitan area, the minimum investment requirement is $300,000.
Process to Qualify: Once an interested party or corporation has completed the necessary forms, they must be submitted to IPAT (Panama Tourism Institute), where they will be reviewed by IPAT's Board of Directors. This board meets once a month, at which the Minister of Commerce serves as the Chair person. Upon approval, the benefits are granted to the developer.
LAW 8
Reforestation Law
LAW 24
Old City(Casco Viejo) Law
LAW
Retirees (Pensionado) Law
LAW 9
Foreign Investor Law
LAW 54 |
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