The Colon Free Zone can become an outlet for products by the adoption of the Colon Project – Freeport approved by the Cabinet. This will bring great benefits to the province, as it will allow, among other things, an economic recovery for the area.

Colon free zone – Gogetit Highlights

* Panamanians can buy merchandise in the amount of up to U.S.$ 1,000 every six months, without paying taxes.

* Through Colon – Puerto Libre, in addition to the Colon Free Zone, the 16 streets of the city will benefit from an exemption, and the exemption from import duties for foreigners.

* The idea is to encourage two visits a year instead of one and allow foreigners to purchase up to U.S.$ 2,000 a year, which is what allows you to buy without declaring them at customs.

The Colon Free Zone will have all the potential to become a kind of outlet for products. The approval of the Columbus Project – Free Port, will allow the province forward significantly and boost the economy in this region.

According to information published by La Estrella website, the President of the Association of Users of the Colon Free Zone, Marco Tellez, said that the Colon Project – Freeport will have a positive but not short-term impact, so will not solve the problem of the crisis of the free zone. ‘Government officials informed us that soon we will receive the measures to be taken to help overcome the crisis and deal with the reduction of some taxes’.

Meanwhile, the Minister of Trade and Industry, Meliton Arrocha, explained that through Colon Project – Freeport, besides the Colon Free Zone, the 16 streets of the city will benefit from an exemption, and the exemption of tariff Import for foreigners: “The idea is to encourage two visits a year instead of one, and allow the purchase of up to U.S.$ 2,000 a year, which is what is allowed foreigners to buy without incurring customs’.

For the Minister of Trade and Industry, this initiative seeks to further promote trade, improve air traffic to Colon, which is little or inexistent, and encourage visits to restaurants and the creation of new infrastructure where it is contracted local workers.

Read more information here (Article in Spanish).

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Silvia Merida Pellicer
Gogetit Content Manager. Author of important reviews for Gogetit News, “The #1 Source for real estate news in Panama.”
Specialized in the search and analysis of the most important news about real estate in Panama.

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