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Tuesday, February 19 2019 @ 03:02 PM UTC

Government of Panama Will Sell The Lands of the Colon Free Trade Zone

Real Estate The Minister of Trade and Industry, Ricardo Quijano, presented yesterday at the National Assembly an amendment to the Law of the Colon Free Zone, in which the government will be able to sell the land currently being rented by entrepreneurs. With this proposal the government is once again trying to sell the land that currently generates about $27 million per year in rent. In the budget this year, the Ministry of Finance had included a capital inflow of $400 million, envisaged from the sale of the lands of the Free Trade Zone.

With the new Bill entrepreneurs will have the following options: they can buy the land outright in cash, they can enter into a buy sell agreement, or they can continue in their current status as renters, but with a 10% increase in the annual rent. What still remains a mystery among entrepreneurs is the price the government will be asking for the land. According to the proposed law, the sale price of the property "shall not be less than the average of the valuations set by the Ministry of Economy and Finance (MEF) and the Comptroller." From that price the value of any infrastructure improvements made by the current tenant would be deducted. An appraisal commissioned by the MEF, published last July, valued the land between $400 and $1,925 per square meter, figures that were rejected by the businessmen, who commissioned their own studies. (Prensa)

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