Seeking the economical reactivation of the second most important province in the Republic of Panama, on March the Law “That adopts a Special System of Free Port for Colon” was approved.
The Free Port of Colon is measured in international context for its delimitation with the Caribbean output of the Panama Canal, which also includes the possibility of using immediately the MIT Port (Manzanillo International Terminal), that alongside the Balboa Port in the Pacific Ocean, are the biggest transshipment centers of Latin America.
Some important aspects of this initiative are:
- Its implementation on 16 delimitated streets of the Manzanillo-Colón Island.
- Creation of an Investors Registry.
- Application of tax incentives over the investment in infrastructure and in the commercial area.
- Free tax purchases for tourists and in transit passengers without amount limitations.
The Panamanian Government has trust in the success of the Colon Free Port model and its role as attraction of new investors based in the good results obtained with the implementation of special laws, such as the one developed by the Historical Monumental Group of Casco Antiguo of Panama City, issued almost 20 years ago.