Investment security as a driver of success
Over the years, the Dominican Republic, in terms of tourism, has become one of the great destinations par excellence in the Caribbean.
Large investments on the occasion of incentives, the contributions of a strong and active private sector, national and international, together with the strategies and initiatives related to the development that have been promoted by the joint effort of the political and social leadership of the country, have achieved this extraordinary position. All this has led the country’s tourism sector to achieve a coveted growth by the rest of the competing Caribbean countries in this sector.
Foreign investment in tourism motivated by tax exemptions
Law No. 158-01, on the Promotion of Tourism Development for poles of scarce development and new poles in provinces and localities of great potential, known as Law No. 158-01 on the Promotion of Tourism Development, makes possible a broad package of tax exemptions and incentives, which includes the payment of 100% of income tax, taxes on the importation of machinery and equipment, among others. This prerogative has a term of 3 years during the construction of the approved project, which may be extended for a period of 10 years from the date of completion of the construction and equipment works.
Good time for investment in the country
It is worth noting that the country’s strategy of tourism promotion, as a country brand, provides values and elements that support the security of the investment.
The country’s political and macroeconomic stability, the strengthening of an independent Dominican justice system, the efforts to consolidate legal security in the country, and the creation of a favorable business climate for investment are noteworthy.
The Government has launched several initiatives such as: the launching of the investor’s guide, the creation of the Central Unit of Tourist Procedures (UCTT) and the transparency of the rules governing the sector.
The Central Unit of Tourism Procedures (UCTT) seeks to simplify the procedures before the Council of Tourism Development (CONFOTUR)*, through the different institutions that are part of the processing, obtaining and renewal of permits and licenses required for any project related to the tourism sector.
Constant promotion of tourism investment in the Dominican Republic.
The country counts on national and international actors in the tourism sector to continuously improve the Dominican tourism offer and, consequently, also the promotion of investment in this sector.
To conclude, repeating our words at the beginning of this post, the Dominican Republic has long been a destination without equal in the Caribbean, due to its natural resources, the great development strategy that has been implemented and the commitment of government authorities and the foreign private tourism sector that has invested and continues to invest in the constant improvement of Dominican tourism.
Law 158-01 on the promotion of tourism development for poles of scarce development and new poles in provinces and localities of great potential, created the Tourism Development Council (CONFOTUR), with the purpose of applying the guidelines of Law No. 158-01, as well as creating the necessary conditions and facilities so that innovative tourism projects can benefit from the incentives granted by the law.