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New Tax Incentives for Real Estate Investments in Panama. Presented By Jaime Ricardo Arias Mendoza Arias Valle & Castillo Partner Stewart Title Latin America STAR Conference 2005 Inter-Continental Hotel, Houston 30th November 2005. Panama A New Tourism Destination.

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New Tax Incentives for Real Estate Investments in Panama

Presented By Jaime Ricardo Arias

Mendoza Arias Valle & Castillo

Partner

Stewart Title Latin America

STAR Conference 2005

Inter-Continental Hotel, Houston

30th November 2005



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Panama. An Emerging Market

  • Low Cost of Living

  • Safety

  • Modern City

  • No Currency Restrictions. US Dollar

  • Adecuate Legislation


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Panama. An Emerging Market

Tax Incentives Laws

  • 20 years Property Tax Exemption for New Constructions. - Law 34 of November 2005

  • 30 years Property Tax Exemptions and others for Real Estate investments in the Old Quarters (Casco Viejo) of Panama. – Decree Law 9 of 1997.

  • !5 years Income Tax Exemption for Tourism Investments in Designated Zones and others. – Law 8 of 1994 .

  • Draft Bill 132 – Residencial Tourism and Properties with land title in Islands


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Law 8 of 1994

  • Promotes Investment in Tourism by granting tax exemptions in following tourism activities.

    • Public Tourism Lodging

    • Historical Landmarks

    • Operators of Incoming Tpurism

    • Tourism Transportation

    • Restaurant, Discotheques or Night Clubs of Tourism Interest

    • Convention Centres, Recreational Parks, Zoos.

    • Resorts and Marinas






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Law 8 of 1994

Tax Incentives Requirements:

  • Registration of the Developer in the National Registry of Tourism

  • Public Lodgings

    • USD300,000.00 – Metropolitan area

    • USD50,000.00 – Any other areas of the country


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Draft of Bill 132

  • Enhances Law 8 of 1994

  • Permits the purchase of Government Land in Islands


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Draft of Bill 132

  • Enhances Law 8 of 1994

    • 70 to 90 years concessions

    • Provides for enviromental protection and economic and social regional development

      • 60 meters beach easment.

    • Secured land holders or concessionaires.

      • Permits the use of concession rights as collateral for loans

    • Residential Tourism. Vacation Homes Resorts


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Developments - Land Titlein Islands

Requirements - Purchase of Government Land in Islands:

  • Designated Areas for Tourism Development

  • Economic Impact in the Region

  • Generation of Employment

  • Public bidding


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Developments - Land Title in Islands

Limitations:

  • Not Located Within 10Km From The Borders

  • Not Declared National or Humanity Historical Patrimony

  • Not Declared an Environmental, Scientific or Forestry Conservation Site.

  • Area Must not be Developed

  • 50% of the Island Could be Bought.

  • 30% of the Acquired Land Could be Developed



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