Panama Tourism

The world is becoming increasingly aware of the business opportunities in Panama and investments are soaring.  Panama has always stood apart from Central and South America, with its dollar based economy and stable political situation, sustained by its Canal, Free Trade Zone, and international banking.  All these factors together with the initiative in the tourism sector are encouraging all types of investments in Panama.


Top Revenue Earner

In 2003 for the first time tourism in Panama topped the Canal and the Free Trade Zone as the country’s top revenue earner and continues to boom.  Panama’s growth leads to increasing investor interest in this sector and there are incredible opportunities for related services and accommodations, encouraged by Panama’s government incentives in a number of designated areas, called Special Tourism Zones.

Special Tourism Zones

>100% Income tax exemption for a period of 15 years
>100% Property tax exemption including land
>100% Exemption from import taxes including the Sales tax (5%) for 20 years
>100% Income tax exemption originated by the interest charged y creditors in the          tourism activity investment for 20 years
>100% Exemption from liens due to the use of docks or airports built by the company.









 


Cruise Ships

The number of cruise ships is increasing and it is estimated that there will be almost 200 cruise ships with more than 280,000 foreigners when the season 2007-2008 ends. The growth in this area is phenomenal and Panama has developed the proper infrastructure to accommodate this industry, including two ports, one in the Atlantic side of the Canal, Colon 2000 and one in the Pacific entrance, Amador Cruise Ship Port.

Two brand new cruise passenger terminals have been build on the Atlantic and Pacific entrances of the Panama Canal representing investments of US$100MM and opening more opportunities for cruises and mega-yachts docking in Panama for services and pleasure.

Annually some 300 thousand individuals arrive in cruise ships to Panamanian ports.  During the high season there is a growth between 2 and 3%.  It is estimated that there will be approximately 40 million dollars left behind to the Panamanian economy.

         

Investment Opportunities

 Isla Colon which is located in the Province of Boca del Toro, on the Caribbean coast, is a small islet which has coral reefs nearby and is near other waterways and has been formed by coral buildup.  This is one of the best beaches suitable for scuba diving.

Boquete which is in the province of Chiriqui, in the western highlands of Panama, bordering Costa Rica and approximately 7 hours from Panama City and is a small and charming mountain village.  Boquete is known to have the most magnificent weather in the world, with perfect spring-like temperatures of 60 degrees to 80 degrees all year round.

 Cerro Punta which is set almost 2000m above sea level in a bowl-shaped valley surrounded by densely forested mountains is a great investment opportunity.  It is the highest valley in Panama.  The village is filled with abundant flowers and buzzing with hummingbirds.  The spectacular scenery, together with the cool, crisp mountain air makes Cerro Punta a perfect place for hiking.

The magical town of Volcan is a quaint mountain community located in the foothills of Baru Volcano.  This alpine village is nestled in the Chirqui highlands “a land of eternal spring” with a diverse combination of rainforest, lush emerald green meadows, springs, rivers, water falls, high mountain lakes, coffee plantation, vegetable and flower farms, dairy farms and cattle ranches.


Hotels

Hotel supply has significantly increased both in the capital as in the main cities in the countryside.  Different hotel chains, such as Miramar Intercontinental, Marriott, Courtyard Marriott, Radisson Decapolis, Decameron, Gamba Rain Forest Resort, Four points Sheraton, Crowne Plaza Panama, Inter-Continental Playa Bonita and Avalon Grand Panama were built in Panama City, as well as others, and Hotel Melia Panama Canal in the province of Colon.  There has also been tremendous improvement in many of the existing hotels.

In 2010 Panama is looking towards its hotels being able to accommodate 1,500,000 visitors.


Tourism Potential

Panama is boasting 1,398 tourism attractions currently registered from which 1,005 representing 71.9% are natural sites and 393 representing 28.1% are cultural and historic expressions.  Panama’s tourism potential is growing faster than we can keep up with, so do not hesitate, take advantage of our site and learn all you can about Panama’s real estate, so that you will be well-informed of how to take advantage of this booming industry.



 
 


Panama Real Estate

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