In coordination with the Panamanian Tourist Agency, the Land Registration Department is working to provide a better service to investors

The Cadastre and State Property Bureau of the Ministry of Economy and Finance (MEF), in coordination with the Panamanian Tourism Bureau (IPAT), is proceeding to put in order all the country’s affairs relative to land property and occupation in order to preserve the legal rights of owners and private property, the Cadastre director, Benjamin Colamarco, indicated today.

“Both national and foreign businessmen should be assured that their investments will be protected and respected, within the framework of constitutional and legal provisions”, the official added. He emphasized that one of the Government’s objectives is precisely to promote local and foreign investments as a way of stimulating economic growth and, thus, the generation of employment opportunities.

Colamarco said that investors in the tourism sector are interested in Panama and, therefore, his office, along with IPAT and the Environmental office are embarked on efforts to ensure that investments in areas of high tourism potential comply with the country’s legal provisions. Therefore, he said, “we are determined to offer the required guidance.”

Law No. 63 of July 31, 1973, which created the Land Registration Department, includes the function of “managing and processing leases of the Nation’s estate lands, with the exception of those destined for farming and stockbreeding purposes”.

In the framework of its strategy, on March 9 the Government launched a program to foster competitiveness aimed at developing the four sectors of the Panamanian economy having the highest potential. Tourism is one of those economic sectors and the other three are transportation/logistics, the agricultural-industrial sector and technology/communications. The so called Compite Panama Program has the financial support of the Inter American Development Bank (IDB), and its execution is under the responsibility of the German firm GFA Management.

“The inter-institutional coordination we have developed with other government agencies allows us to solve investor consultations quickly to their benefit and ours,” Colamarco added.

“We are implementing the necessary regulations and actions aimed at improving the country’s capacity to receive foreign investment, guaranteeing legal security and respect for private property”, Colamarco pointed out, noting that those businessmen interested in consultations and clarification on matters of tourism, can do so directly with IPAT or with the Land Registration office.