Incentive law attracts millions of dollars in tourism investment in Panama

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https://en.travel2latam.com/nota/64854-incentive-law-attracts-millions-of-dollars-in-tourism-investment-in-panama
Incentive law attracts millions of dollars in tourism investment in Panama
Thu January 07, 2021

According to ATP estimates, this incentive will have a positive impact on the industry currently affected by the global Covid-19 pandemic


Law 122 of December 31, 2019, which dictates incentive regulations for the promotion of tourist activities in the interior of the Republic, whose regulations were signed by the President of the Republic, Laurentino Cortizo, on July 27, 2020 to Through Executive Decree 364, it attracted projects for a total value of 371 million 843 thousand 971 balboas (B / .371,843,971) in new tourism investments, which will be built in areas with great tourism potential.

In total, there are five projects for public tourist accommodation outside the district of Panama, which were presented by investors to the Panama Tourism Authority (ATP) and entered in the National Tourism Registry, in compliance with the Law in question, which modified the Article 9 of Law 80 of November 8, 2012, promoting investment and financing for the development of new projects or new stages and extensions of existing investments in the interior of the country.

These five projects that are covered by the Law of incentives for tourism investments, will be built in Bocas del Toro, Chiriquí, Archipelago de las Perlas and Punta Chame.

In accordance with the Law, a tax credit will be granted to the investor who is the first purchaser of the bonds, shares and other financial instruments issued by the tourism company. The investor, whether national or foreign, may use this credit from the second year of the investment up to a maximum amount equivalent to 50% of their income tax, provided that it does not exceed 15% of the initial amount of the tax credit and until 100% is consumed, over a period of 10 years. Additionally, the credit may be assigned for all or the unused portion of the credit. The credit is credited to the non-tourist company that buys the bonds, shares or other financial instrument.

Este incentivo se otorgará hasta el 31 de diciembre del 2025 a los inversionistas que no estén vinculados directa o indirectamente con la empresa turística que emita el instrumento financiero.

La Ley también señala que los bonos, acciones y demás instrumentos financieros deberán estar registrados en la Superintendencia de Mercado de Valores, así como en la Bolsa de Valores de la República de Panamá y emitidos por empresas que estén inscritas en el Registro Nacional de Turismo.

Esta Ley es un catalizador de inversiones a través de mecanismos que facilitarán la capitalización de proyectos, convirtiéndose así en una herramienta importante para combatir la pobreza y desigualdad en el país mediante la creación de empleos.

De acuerdo a las estimaciones de la ATP, este incentivo tendrá un impacto positivo para la industria, actualmente afectada por la pandemia mundial del nuevo coronavirus, a través de la atracción de nuevas inversiones por cientos de millones de dólares, mejorando la planta turística en el interior del país, como es el caso de los proyectos que ya están en trámite.

Additionally, Law 122 contributes to the execution of the Sustainable Tourism Master Plan (PMTS) 2020-2025, which based on the Tourism-Conservation-Research (TCI) model, proposes to focus efforts on attracting investments for conservation and towards projects that value the positioning of the Panama brand and the preservation of the environment, culture and impact communities, that is, investment that reinforces the environmental, social and cultural sustainability of destinations. 

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