Tourism plays an important role in determining trends in the overall economic cycle and several specific economic activities and as such the tourist activity in 2010 leading the first place in the main foreign exchange earners Sector Economy, Tourism contributed 2552.5 million dollars to the sum of the line tour of the Balance of Payments and International Transport, the Colon Free Zone 1168.0 million net exporter of value and the Panama Canal with 1511.0 million from tolls levied. Tourism in the Republic of Panama kept its growth during the past 7 years. The number of tourists arrived between January and December 2010 was 1,716,362, 9.8% or 153,478 more visitors.
The main entry point for visitors to Panama in 2010 are represented by the main port of entry is the Tocumen International Airport with 67.7% of total revenue of 1,162,713 visitors, followed by the cruise ports, representing a 19.3 % and 331.200 cruise passengers, followed by those admitted Paso Canoa border with 145.940 visitors and 8.5% and other ports with 4.5% share and 76.509 visitors.
When analyzing the behavior of the main markets for tourism in Panama receptors, the market has maintained a steady pace, but for the past year, have joined new markets are: Argentina and Brazil.
Percentage representation in the United States has a 14% partition, followed by Colombia with 13%, Venezuela with 8%, Mexico, Canada and Argentina with 3%, likewise Costa Rica, Guatemala, Brazil, Spain and Ecuador with a 2%, 45% of others form the rest of the countries that joined the Tocumen International Airport with a total of 1,162,713.
In analyzing the main reasons for traveling through the number of visitors entering the country on the occasion of Recreation is the strongest with 54%, followed by Business with 33% to 6% Conventions, Family and Other 4% 3%. The total tourism income by Reason Travel for 2010 was 1.0 million tourists.
Panama Law No. 8 is still the most modern and comprehensive law for the promotion of tourism investment in Latin America and the Caribbean. In so-called Special Tourism Zones, Law 8 offers incentives such as 100% exemption from income tax, real estate tax, import duties for construction materials and equipment, and other taxes.
Tax Incentives for Projects in Special Tourism Zones
100% Income tax exemption for a period of 15 years
100% Property taxes exemption including land
100% Exemption from Import taxes including the Sales tax (5%) for 20 years
100% Income Tax Exemption originated by the interests charged by 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
Law 58 incorporates new regulations and incentives outside the Special Tourism Zones. However, in the metropolitan area the minimum investment has increased to US$3 million and US$50,000 for the rest of the country. The world's largest lodging franchises continue to invest in the sector, including Marriott, Trump Hotels & Resorts, Riu, Holiday Inn, Sheraton, Inter-Continental, Melia, Best Western, Courtyard, Crowne Plaza, Radisson and Decameron. Other projects focused in ecological and historical tours are also being developed despite a rapid increase in tourism investments. This sector represents great potential for investors.
By 2010 there were 39 tourism projects covered under the benefits of Law 8, for approximately U.S. $ 141.1 million, generating 911 new jobs in different parts of the national territory. In addition to these projects, others are being evaluated for inclusion in the National Register of tourism. Together they represent investments of over 100 million dollars.
Of the registered projects, 22 were built in the province of Panama, 7 in the province of Chiriqui, Veraguas and 5 in 3 in Los Santos.
Among the projects is the Megapolis registered, representing an investment of $ 141 million and is located on Avenida Balboa, while the Days Inn was built in the grounds of the passenger terminal at Albrook and cost 5 million dollars. Society also Eurolatin Hospitality Corp., the Group Bern, managed to register the project Westin Playa Bonita.
Hotels
The hotel offer is secreted in tourist class hotels with over 100 rooms, Group I and Group II with less than 100 rooms and condensate in Panama City in the period January to December 2010, show an occupancy rate 67.0% overall, with 74% for hotels in Group 1 and 54% for group 2. Hotels Group 1 and Group 2 grew on average by 16% and 19% respectively over his counterpart in 2009. The rooms occupied in January-December period grew by 16%, ie 197.695 rooms were occupied in 2009 and overnight stays also increased by 10%, which represents 215.879 overnights in absolute terms in addition to the previous period.
The rooms occupied in January-December period grew by 16%, ie 197.695 rooms were occupied in 2009 and overnight stays also increased by 10%, which represents 215.879 overnights in absolute terms in addition to the previous period.
People admitted during 2010 increased by 17.2%, ie 139.023 additional people by 2009.
The rooms occupied rose by 16.4%, ie 197.695 rooms occupied more than the period of 2009.
Overnight stays increased by 10.1% for the year 2010 compared to 2009.
The average length of stay in the hotels is 2.5 days.
Lodging projects, such as resorts and spas have also been developed in Colon, Azuero, Chiriqui, Bocas del Toro and Las Perlas Islands, mainly attracting tourists from the United States, Canada and Europe. Negotiations which include international airlines are being conducted to initiate charter flights service.
Workforce in the hospitality industry includes approximately 40,000 employees, according to an analysis by the government.
Tourism Potential
The country has 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. Also, Panama presents many attractions for the investors of other countries:
A dollarized economy
Political stability
Legal security
Tax incentives
Airport hub
A United States lifestyle
Absence of hurricanes, tsunamis, etc.
A bilingual population (in its majority)
International attractions like the Panama Canal, with more than ninety years, exotic flora and fauna.
Prestigious law, auditing and consulting firms.
More than 100 multinational companies
For investment opportunities in the tourism sector, these are some highlight in various areas: The lands of the old airport of Rio Hato for the construction of projects, for its attraction and development opportunity in the area of the Pacific.
Isla Colon in the province of Bocas del Toro.
The residential tourism in the province of Chiriqui, especially Boquete, Cerro Punta, Volcan and the beaches of Alanje.
There are being developed 10 mega projects of residential tourism in other areas of the interior of the country. Including gated communities, hotels, golf courses, marinas and new commercial center.
Sustainable tourism and nature conservation projects such as wildlife and flora watching sites are being developed in reverted areas of the former Canal Zone. These projects are supported by the ATP and have access to international entities counseling and funding.
Sustainable Tourism Master Plan 2008-2020
The Tourism Authority of Panama (ATP) in its Master Plan for Tourism Investment for plans the execution of 21 programs and 72 subprograms. These programs require a total investment of 741.1 million dollars and will be divided into three strategic groups: marketing, development and construction, and transverse management.
The plan identifies 8 regions with 26 destinations spread throughout all provinces. There are projects in Bocas del Toro, Chiriqui Grande, Volcan Baru, Boquete, Gulf of Chiriqui, Caribbean Coast, Gulf of Montijo, Coiba, Ocu, Las Tablas, Pedasi, Las Perlas, Portobelo, Tuira and Sambu.
The Master Plan also highlights the Infrastructure and Shipping Program, which will have a higher budget item: 204.6 million by promoting the construction of a pier for large cruise vessels in Panama City, to consolidate global cruise shipping activities.
In the air transportation sector, the Master Plan will promote the creation of an international airport that specializes in tourist activity, whose main activity is the operation of charter flights allowing distribution of tourists around the area.
Investments
Since 1995, when fiscal incentives began to be granted, a total of 163 tourism projects have been registered on the National Register of Tourism, representing an investment of 1.624 million 938 thousand and 766 U.S. dollars, the Office of the Old Quarter has invested 3.5 million dollars in a series of projects being undertaken in the area declared as historical heritage. A concession to manage about 200 parking spaces has been granted to address the increasing demand from visitors and as a result of new businesses openings in the area.
Tourism has become one of the pillars of the Panamanian economy. In the last five years, including the first quarter of 2011, investment in tourism reach 2 thousand 900 million dollars. Only in 2008, announced the construction of at least 10 hotels in the province of Panama as the Panama Hilton, RIU, Le Meridien and NH Hotel, among others. A year later, in 2009, captured the country projects $ 35 million, while for 2010 the amount reached $140 million. Was stirred further the business of travel agencies. 32 licenses were granted to these companies, representing an investment of $ 640 597 000.
The infrastructure has been accompanied by more passengers. This year, Panama could reach two million tourists, in the first two months of 2011 the figure rose 12.8% over the same period last year, reporting income of 381 000 859 visitors.
Cocle province remains the most attracting investment in tourism within the country in recent years, and so he did it again in 2010, when it recorded $ 34,940,536 in investments, and that it owes to the inauguration in May Hotel The Bristol Buenaventura of 132 rooms. According to records of the Panama Tourism Authority (PTA), last year was spent inside the country some $ 48,649,024 in hotels, inns and bungalow, mostly, which meant a 62% increase over 2009.
Record is clear that the opening of more hotels in the countryside, whereas the global trend is also directed to adventure tourism and agrotourism. "Panama has much to offer tourists who want a rural experience, environmental, and local"
Casinos
The games of chance have become one of the sectors of the fastest growing economy in recent years and the proof is that between the year 2010 this sector grew by 8.77%, exceeding for the third consecutive year $ 1,000 million in gross wagers. According to figures from the Comptroller General of the Republic, during the twelve months of 2010 gross bets on gambling in Panama totaled $ 1,243,352,000 which represents an increase of $ 100.268. The gross monthly volume of betting in this period ranged from $ 83,275,000 in annual average. 8.77%
However, this sector of the economy does not show a homogeneous behavior as gross bets lie in “tragamodenas” type machines recorded a growth of 9.5% to settle at $ 895,898,000, the Hippodrome Presidente Remon was a fall of 7, 6% in the amount wagered, which went from $ 38,036,000 in November 2009 to $ 35,159,000 in November 2010.
From Panama, the manufacturers have already received requests for quotes to equip two new large casinos are ongoing and has resulted in a significant expectation.
"Panama is an unparalleled destination where quality and friendliness of its people is remarkable and business environments are so relaxed is surrounded by fun. Economic developments than many countries in the region and taking into account the enlargement of the canal will bring prosperity, money and labor for over 10 years "according to Alan Burak Commercial and Show Manager SAGSE.
"Clearly the big new projects planned for the short and medium term, have captured the attention of the gaming and hospitality. Among the highlights: The Golden Lion Casino, Royal Flush, the operation of the Hilton, Trump Casino, the casino and the reopening Sortis and total renovation of the Princess Casino. This adds to the grid of more than 19 casinos, one racetrack, betting shops and more than 30 rooms of machines. "According to Giorgio Gennari Litta President Monografie.
Increasing the amount of the bets that are made in the country not only has made the companies in one of the mainstays of the economy, but also a major source of jobs for Panamanians.
Cruise Ships
Passengers and crew members remain cruise from 6 to 12 hours on land, while taking advantage for touring and shopping. According to the latest study by the Tourism Authority of Panama (ATP) in December 2008 the average expenditure per person is about B/.106.00. The arrival of cruise ships has greatly benefited the Panamanian population, trade in the province of Colon, small artisans, public transport and selective and the indigenous community. The indigenous community has benefited from the sale of crafts according to the Ministry of Commerce and Industry (MTI) a cruise passenger spends B /. 25.00 in crafts.
One of the tourism sectors that have experienced a recent growth is cruise ship activity. Panama has developed the proper infrastructure to accommodate this industry, including two ports in the Atlantic side of the Canal, Colon 2000 and one in the Pacific entrance, Amador Cruise Ship Port.
Two (2) brand new cruise passenger terminals have been built on the Atlantic and Pacific entrances of the Panama Canal representing in investment of US$100MM and opening more opportunities for cruises and mega-yachts docking in Panama for services and pleasure.
Annually some 300 thousand persons arrive in cruise ships to Panamanian ports.
Annually about 300 thousand people arrive on cruise ships to the Panamanian ports. During high season there is a growth of between 2 and 3%. Thus, according to forecasts it is expected that the new season come to Panama cruises 185 and a total of 320,000 passengers, which will be a major impact on the economy.
The country's strategic location, its extensive maritime and tourist attraction make Panama a mandatory stop for cruise ships that tour the Caribbean waters each year. Panama's geographic position at the crossroads of the continent is certainly a factor in cruise tourism, besides being a destination with an excellent and diverse range of tourist attractions.
Panama continues to believe that this form of tourism and strengthen its relationships with major shipping lines, according to the Tourism Authority of Panama (ATP), which projected an increase in the frequency of cruises to and from Puerto Colon on the Atlantic Panama, amounting to 185 and the country attracts about 320 thousand travelers eager to discover its attractions.
The tourism boom that lives Panama, Puerto Colón has turned into an important cruise ship, which adds two routes and extend the season two months longer than usual. The province of Colon, located about 80 kilometers from Panama City is the gateway to the Atlantic Canal and the second largest city in the country. Colon Free Zone is the most important free zone in the western hemisphere and the second center for the import and redistribution of the world.
The first cruise of the season (from October 2010 through May 2011), is the Ocean Dream Pullmantur a total of 34 trips to the month of June 2011 and a tour that starts in Panama and continues in Cartagena and Santa Marta Colombia, Aruba, La Guaira in Venezuela and Curacao.
Another major cruise is the Grandeur of the Seas, Royal Caribbean company, with capacity for 2446 guests. The ship offers passengers a full service spa, six whirlpools and an outdoor jogging track, among other attractions. The Panama Canal Zone is one of the busiest. Travel is estimated that about 300 boats per year.
The project to turn Panama into a cruise port began to take hold in recent years experienced a significant boom in recent seasons. With the increase in these two routes confirms the popularity of the cruise season in the country.
Shopping for tourists is just getting better with the mega shopping malls been constructed at a cost of U.S. $ 100MM each one, Albrook Mall, Multicentro Mall and Multiplaza Pacific Mall are the most important while there are also other popular shopping malls like Los Pueblos, Los Andes and El Dorado.
Luxurious stores at Multiplaza Pacific Mall, represent famous franchises such as Louis Vuitton, Bulgari, Cartier, Chanel, Ermenegildo Zegna, Giorgio Armani, Ralph Lauren, Carolina Herrera, Adolfo Dominguez and Loewe. In addition to exclusive restaurants specialized in European and South American cuisine, lounges and numerous bars. On the other hand, Albrook Mall is the largest roofed installation with air conditioning, and continues to expand to offer more shops, restaurants, entertainment and facilities for tourists and visitors. This is a convenient tourist offer for travelers looking for comfort, entertainment, night life and business.
Additionally, Panama entered an agreement with Florida Caribbean Cruise Association (FCCA) to promote our country as one of the best destinations in the region and as a Cruise Ship hub. Between December and April of each year, starting in 2008, every Sunday cruises from the Royal Caribbean International cruise line will sail from port Colon 2000. Travelers will visit Cartagena and Santa Marta in Colombia, and the islands of Aruba, Curacao and Bonaire, in a journey that lasts a week. This activity will also help to promote 50 weekly flights bringing tourists from different nationalities.
All these efforts have resulted in the recognition of Panama by Porthole Cruise Magazine as “Best Adventure Destination”. Además de tener un lugar asegurado en diferentes ferias internacionales, como las de España y Canadá.
Film industry
The film industry in Panama in 2010 spent a total of USD14, 08 million, 40% more than in 2009, the Ministry Panamanian Trade and Industry (MITI). The substantial production this year was Argentina Piratas of Dmomento Productions, with approximately USD5.4 million. This is a great achievement for Panama, and that attracting foreign productions to benefit from different economic sectors and retail outlets.
Productions made ​​in Panama from Germany, Argentina, Colombia, USA, Holland, England, Japan, Mexico, Russia, Switzerland, South Africa, Turkey and Venezuela.
According to MTI, among the most popular provinces for film productions are: Panama, Bocas del Toro, Chiriqui (West), Darien and Kuna Yala (east). Among the type of production are carried out educational and cultural documentaries, series, feature films and shorts, "reality shows", commercial pilots, commercial photography, culinary arts, "trailer" and ecotourism.
The Directorate General of MTI Film Commission claims that Panama will become the headquarters of the "International Film Festival of Panama", considered "the biggest film festival in Latin America," the source said.
Benefits
By means of Law N° 36 of 2007, “That promotes the Movie-making and Audiovisual Industry and dictates other dispositions” and its bylaws by means of Executive Decree N° 34 of 2009:
The Panama Film Commission and its Technical Secretariat are created.
The National Movie Register for foreigners is created.
The movie making and audiovisual industry is regulated in the national territory.
Fiscal, customs, labor and migratory incentives are granted for the foreign productions and special areas are assigned for the development of the movie making and audiovisual industry.
The required processes, permits for eliminating bureaucratization and guarantee prompt processes for the productions.
Benefits for the foreign productions granted by means of the Technical Secretariat of the Panama Film Commission:
Sole “One-Stop-Shop” for the paperwork.
Processing of Migratory Permits for the foreign personnel.
Labor Permits for the foreign personnel.
Customs: Temporary custody of equipment without guarantee bond.
Fiscal incentives for the special area assigned, for the development of the movie making and audiovisual industry.
Permits for public locations throughout the entire national territory.
Paperwork required by the public services.
Link with producers, technicians, casting agencies and national personnel.
If you want to set up a tourism project, in the BusinessPanama Group, we have licensed real estate agents, excellent lawyers, insurance specialists, financing brokers, investment advisors and other professionals to assist you on all your business needs.
We can help you with:
Locating office and living premises in Panama City for the company and its executives
Forming a company or branch
Legal services for setting up all operations, contracts, permits, etc.
Accessing special tax incentives depending on the activity
Applying for visas, work and residence permits
Relocation services
Others
If you are a developer or promoter, the BusinessPanama team of realtors, lawyers and experts will provide you a variety of services from the purchase of the property to all phases of development including structuring, subdivision, financing, contractual, design, environmental, construction, permitting, pre-sale and sale. We will be glad to provide you access to our “List of Recommended Professionals” formed by first class architects, environmental consultants, builders and others.
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