What is the Confotur Law?
The Confotur Law is a law in the Dominican Republic that offers fiscal incentives to tourist projects. The law was created to stimulate investment in the Dominican Republic’s tourism sector and help diversify the country’s economy. There are several requirements that projects must meet to qualify for the incentives, including a minimum investment amount, a minimum number of hotel rooms, and a commitment to create a certain number of jobs.
Some eligibility requirements include:
A minimum investment amount of $500,000 USD
A minimum of 20 hotel rooms or 10 timeshare units
A commitment to create at least 10 jobs
If a project meets these requirements, it can qualify for a range of benefits, such as exemption from import duties on construction materials, exemption from taxes on loan interest used to finance the project, and preferential treatment in obtaining construction permits.
The Confotur Law is an important tool for promoting investment in the Dominican Republic’s tourism sector. By offering fiscal incentives, the law encourages businesses to invest in the country and create jobs. To avail themselves of the benefits. By promoting investment in tourism, the Confotur Law contributes to diversifying the Dominican Republic’s economy and making it an even more attractive destination for tourists from around the world.
