The Cruising season is now upon is in Panama, which means that by August, when the “Colón Puerto Libre” incentives come into effect, the season will be in full swing. This is welcomed news for Panama’s Colón free trade zone, which has seen a decline over the past 5 years for a number of reasons. But there is no denying that it is truly great news for the city of Colón itself, once known as the Jewel of the Caribbean.
Colón Puerto Libre will have a major impact on the businesses located in Colón.
The new law for example provides development incentives for groups looking to build in the Historic Quarter of Colón, much like those that sparked the massive renovation in Panama City’s Casco Viejo which started 8 years ago. The initiative also allows foreigners and residents to shop duty free up to $2,000 per year, with an added incentive for tourists of waiving the 7% sales tax.
This is yet another cog in President Varela’s commitment wheel for the complete renovation of Colón, a city that has never been a national priority up until now.