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slands, beaches and shores territory of Panama, have always been areas of interest for tourism development and investments, therefore Panamanian Law No. 2 of 2006 provides incentives to foreign, national investors and/or corporations interested in developing a tourism project.
How to obtain maritime concessions
Island Territory, beaches and properties over the water can now be legally registered and protected for tourism related investments.
Panama maritime concessions are lease agreements with pre-established time frames and lease amounts, between the National Land Authority of Panama (ANATI) and individuals or corporations.
Law also provide benefits for concessions located within the Tourism zones defined by Tourism Authority of Panama (ATP). These benefits apply to all land, island coast, and other properties within the defined tourism zones and the concession period of 60 years is renewable up to 30 years and granted to tourism investors for use of state-owned land depending on the size of the investment.
The potential for employment and an accelerated procedure will be applied to the procurement of concession on land to be used for tourism projects.
All improvements built on concession land can be recorded in the Public Registry and a re filed with the ANATI, which is the authority in charge of receiving all applications, as well as processing all approvals and authorizations required for concessions.
To obtain maritime concessions around Bocas del Toro, created by this law, the following requirements must be made available to the Ministry of Economics and Finance in Panama.
A: Your Registration with the Tourism Authority (ATP)
B: A master plan of the project
C: A Feasibility Study
D: Proof of your financial capability
E: A Certificate from the ATP stating that the project is located within a tourism development zone in Bocas del Toro
F: An approved Environmental Impact Study
If you need professional advice on maritime concessions as part of your plans to build an over the water home or start a tourism business in Bocas del Toro, Panama, get in touch and schedule a free case analysis!
For more information about other real estate legal services around Bocas del Toro browse other real estate legal services.
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