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Business and Investment

TOURISM INVESTMENT & BUSINESS DEVELOPMENT

The Government of the Republic of Trinidad and Tobago offers a suite of tourism investment incentives to owners/operators of tourism projects which can contribute substantially to the development of the tourism sector.

There are two  (2) categories of incentives offered:

  1. Legislative Incentives – incentives which are stipulated in the Tourism Development Act 2000.
  2. Non-Legislative Incentives- these include projects that have received Cabinet Approval for its execution.

Legislative Incentives- Incentives Under the TDA

The Tourism Development Act, 2000 (TDA) was introduced to support the development of the tourism industry in Trinidad and Tobago. The Act provides for benefits to be granted to the owners/operators of various types of tourism projects, once these projects have the potential of contributing significantly to the growth and expansion of the industry.

You can download the act by clicking here.

The TDA provides benefits for various types of tourism projects, provided that these projects contribute to the sustainable development of the Trinidad and Tobago tourism industry and the achievement of national tourism objectives. The benefits that are offered are as follows:

  1. Tax Benefits
  2. Customs and Excise Duty Exemptions

Investment Opportunities

Edan K Properties- South Trunk Road Hotel Site

Internationally Branded Hotel: 2 ½ to 3 Star Level This Concept could include: ~ 70-80 rooms ~ Extended stay wing ~ Conference space with executive meeting rooms ~ Facilities such as Restaurant, Bar, Business Centre, Fitness Centre & Swimming Pool This site is located on the eastern side of the South Trunk Road, La Romaine in south-western Trinidad. With views of the Gulf of Paria, the hotel site size is approximately three (3) acres (10,500 m2). The area is largely retail/commercial and the site itself is part of a small business park that will see entirely new-build construction. Supporting amenities such as fast food, casual and fine dining, shopping and entertainment are within a radius of 10-15 minutes. Access to all utilities is readily available such as electricity, water and sewage and telecommunications. The South Trunk Road is the gateway to the southern energy belt. The businesses located in the region are involved in oil and gas exploration and production, LNG and the vast array of supply and logistics support activities that are part of this sector. As a result, foreign and expatriate traffic is quite high throughout the year. SITE DETAILS ~ Access to all utilities readily available.  

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Edan K Properties- Gulf View Hotel Site

PROJECT CONCEPT Internationally Branded Business Hotel: 3 Star Level This Concept could include: ~ 60-100 rooms ~ Conference Space and Executive Meeting Rooms ~ Restaurant ~ Bar ~ Fitness Centre The property sits on approximately 1.8 acres of land located in a prime commercial area in southern Trinidad. Trinidad and Tobago is a popular venue for Meetings, Incentives, Conventions and Events (MICE), with Trinidad, the larger of the two islands, recognized as the commercial and entertainment centre of the Caribbean. The location of this property is ideally suited as a 3 Star business hotel and conference centre, particularly as south Trinidad is a business hub for the local energy industry. Business visitors can easily visit several shopping/entertainment venues, within close proximity such as the popular Gulf City Mall, which is within walking distance. Other nearby attractions include fine dining restaurants, cinemas and cultural shows at the South Academy of Performing Arts. The possible room capacity potential is 60-100 rooms of a 3 star level. Outline approvals already exist for commercial development on the site. Edan K Properties Limited is seeking investors interested in leasing or joint venture partnerships.   ~ Approvals: Outline approvals exist for commercial development. ~ Developer: Edan K. Properties Ltd. ~ Seeking: Investors interested in leasing; Joint-Venture partners.

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Eco-Lodge on the Ortoire River-New Mayaro Project

PROJECT CONCEPT Eco Lodge – 2 to 3 Star Level Range This Concept could include: ✓ Plantation style ✓ 20-30 rooms ✓ Detached cottages on the property ✓ Facilities such as a restaurant and viewing deck ✓ Nature Trails, River Boat Rides, Bird-watching Located on the western side of the Manzanilla Mayaro Road, this site offers several beautiful and unique locations for a world-class eco lodge. With the Ortoire River meandering like a serpent through the pristine virgin forest, this site is a nature-cover’s paradise offering the best of both worlds: Close to civilization but tucked away from trappings of modern development. The gentle rolling hills and lush green vegetation full of terrestrial and aquatic wildlife provide a perch for viewing the rich bio-diversity that Mayaro possesses. The topography offers views of the Atlantic Ocean in all its magnificence and will lend itself to a variety of experiences such as mountain biking, nature walks, bird watching, and river boat rides among many others. All of this is possible within minutes of the Mayaro town centre which provides all the services and amenities that a visitor could possibly require.

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Cape Development- Lagon Doux Resort Hotel

PROJECT CONCEPT Branded Resort Hotel: 4 Star Level This Concept could include: ~ 150-300 room hotel with potential for expansion ~ Luxury residential ~ Golf course This 510-acre site of Cape Development is located in Mayaro on the southeastern coast of Trinidad. It borders the majestic Atlantic Ocean to the east, the lush tropical Victoria Mayaro Forest Reserve to the west, the Lagon Doux River to the northeast, and the Atlantic West Residential Development to the south. The almost uninterrupted coconut tree-lined Mayaro Guayaguayare Road passes through the site separating an 86-acre block with a 1.1km stretch of unspoilt sandy beach from the rest of the estate. The Cape Development site is relatively flat near the sea and undulating west of the Mayaro Guayaguayare Road allowing for a view of the Atlantic. The estate can be divided into five sub-communities: the shoreline; the estuarine along the mouth of the Lagon Doux River and Mangrove Pond; the wetland/marshland adjacent to the river; the remnant coconut plantation on both sides of the main road; and the inland woodland forest. Close proximity to the historically and ecologically rich Point Radix and Nariva Swamp respectively, to the north, also add to the appeal of the location. Mayaro is also known for its eco-activities and archaeological sites of which Lagon Doux is home to one. The estate is 1 ½ hours from Piarco International Airport and is traversed by the main arterial road that leads to the south east of Trinidad. In addition, Mayaro, the town of Rio Claro to the west and Guayaguayare to the south provide essential services. Lagon Doux on the Mayaro coastline is welcome as a destination since it is not currently served by a major resort. SITE DETAILS & APPROVALS ~ Water, electricity, telephone and sewage are easily accessible to the estate. ~ Town and Country Planning Outline Permission was granted for: Two (2) 300 - room hotels, sports and leisure facilities including an 18-hole golf course and 300 residential villas. ~ Town and Country Planning Final Approval has been granted for 129 housing and town-house lots on the beach-front.

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Ben Deloraine Nature Reserve-Point Radix, Mayaro

PROJECT CONCEPT Boutique Hotel This could include: ~ 150 -300 rooms The Ben Deloraine Nature Reserve is located in the Point Radix plateau on the south east coast of Trinidad along the Manzanilla and Mayaro peninsula. The property consists of 300 acres of private virgin forest plus 50 acres of cultivated mature forest and fruit trees. The peaceful surroundings, private beach as well as numerous nature trails attract the environmentally conscious and is ideal for nature seekers and eco-friendly guests. Six uniquely styles cottages exist on the estate which have an overall room capacity potential of 150-300. Nearby attractions include the popular Mayaro beach, fishing, biking, hiking, camping, river, bees and bird watching, all of which can be accessed within 5 to 10 minutes driving time from the property. DEVELOPER & TYPE OF PARTNERSHIPS ✓ Joint-Venture partners with ability to bring both equity and financing; ✓ Hotel operator with established international or regional brand; experience with boutique operation; leisure and eco product.

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Beach Resort Hotel- New Mayaro Project

PROJECT CONCEPT Resort Hotel: 2 ½ to 3 ½ Star Level Range This could include: ~ 60-80 rooms (with land for expansion) ~ Beach Club ~ Restaurant ~ Beach Bar Located on the eastern side of the Manzanilla Mayaro Road, this 50-acre site sits on one of the last remaining uninterrupted stretches of the beach coastline. The proposed hotel site of 5-7 acres has been strategically chosen at the southern boundary of the larger parcel, immediately bordering the beautiful, sandy beach. Potential investors will be able to negotiate land for expansion and will benefit from planned resort residential development together with supporting space for retail – supermarket, deli, pharmacy, cafes and casual dining. The site enjoys proximity to all major utilities and its location has direct access to the main artery. Guests will be only minutes away from the Mayaro town centre and its wide array of services and amenities. Mayaro offers exciting and authentic experiences such pulling seine with the local fisherfolk, hiking, bird watching, and sampling local cuisine.  

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Doing Business in Trinidad & Tobago

Under the Tourism Development Act there are various benefits.

TAX BENEFITS

Under Section 3 (3) of the Act
The tax benefits which the Minister may confer on an owner or operator when an approved tourism project results in the creation of a new tourism project or the expansion of an existing tourism project, shall be –

(a)      a tax exemption not exceeding seven years in respect of gains or profits from the approved tourism project;

(b)      a tax exemption in respect of the gains or profits derived from the initial sale of a villa or condominium or the site for a villa or condominium that forms part of an IRD which is approved tourism project;

(c)      an accelerated depreciation of depreciable equipment owned by the owner or operator and used in an approved tourism project; and

(d)      a capital allowance in respect of approved capital expenditure incurred by the owner or operator in the creation of a new tourism project or in the expansion of an existing tourism project.
Additional Tax benefits under Section 3 (4) are as follows:
(a)     a carry-over from a tax exemption period, if any, of any loss arising out of the operation or renting of an approved tourism project.
Under Section 3 (5)
The owner or operator of an approved tourism project who receives a tax exemption under subsection (3) shall keep a separate account of all gains or profits that are tax exempt;
Under Section 3 (6)
Where the owner or operator referred to in subsection (5) is a company and pays a dividend out of the gains or profits , the dividend so paid shall be exempt from tax where the recipient is –

(a)     a non-resident shareholder who is a national; or

(b)     a non-resident shareholder who is not a national and who is not liable to tax in respect of that dividend in the country in which he is a resident.

CUSTOMS AND EXCISE DUTY EXEMPTIONS

Under Section 22
Where a person has been granted interim approval or additional interim approval for a tourism project, the Minister may, upon application , grant to that person a permit –

(a)     for the importation or entry into Trinidad and Tobago free of customs duty; and

(b)     for the purchase in Trinidad and Tobago with the privilege of a drawback of customs duties or excise duties, of such building materials which are not already duty free and of such articles of tourism equipment.
Under Section 4 (2)
A licence to import vehicles with the payment of customs duty at the rate of 10 percent and value added tax of 12.5%.

 

1.    OTHER TAX BENEFITS – Tourism Transport Services
Motor Vehicles Tax Exemption under Section 4 (3)
 

The owner or operator of a vehicle imported for use in an approved tourism project shall be exempt from the payment of motor vehicles tax.

CATEGORIES OF TOURISM PROJECTS

  1. Tourism Accommodation Projects
  2. Tourism Ancillary Facilities
  3. Tourism Infrastructure
  4. Tourism Transport Service

WHAT IS TRINIDAD AND TOBAGO TOURISM ACCOMMODATION UPGRADE PROJECT (TAUP)?

The Trinidad and Tobago Tourism Accommodation Upgrade Project (TAUP) is an initiative which provides an incentive to owners/operators of tourism accommodation properties to upgrade their facilities. The incentive is in the form of a partial reimbursement grant and is available to eligible small-medium sized properties with 1-150 guestrooms, that have been in operation for four years and over.

 

The incentive is intended to assist owners/operators in improving the tourism accommodation plant to a first-class level, to meet and/or exceed the Trinidad and Tobago Standard Requirements for Tourist Accommodation.

This improvement in room stock quality is expected to enhance the overall competitiveness of the destination’s tourism product.

 

The incentives under the TAUP are administered in two (2) categories as follows:

  1. Upgrade of Small Approved Tourism Properties in Trinidad and Tobago (Properties with 1-5 guestrooms): Eligible properties can receive a 40% reimbursement of expenditure of cost of work per room up to a maximum reimbursement of $25,000 per room in Trinidad and $30,000 per room in Tobago, up to a limit of $150,000 for upgrade works to the interior or exterior of the property.
  2. Trinidad and Tobago Hotel and Guesthouse Room Stock Upgrade Programme (Properties with 6-150 guestrooms): Eligible properties can receive a 50% reimbursement of expenditure of cost of work per room up to a maximum reimbursement of $25,000 per room in Trinidad and $30,000 per room in Tobago, up to a limit of $1,500,000 for upgrade works to the interior or exterior of the property.

INVESTMENT CLIMATE

Trinidad and Tobago is endowed with characteristics that make the country a preferred investment destination. The attributes of the investment climate include:

 

  1. Cost structure that is one of the most competitive in the region;
  2. Centre for Education – University of the West Indies, University of Trinidad and Tobago (UTT), Tamana In Tech Park;
  3. Diverse and differentiated tourism product anchored by a unique culture and lifestyle;
  4. Evolution of Trinidad as a regional business, financial, diplomatic and judicial hub;
  5. Full range of support services – information technology, telecoms, construction, training, business and accounting, research and testing;
  6. Growing awareness regionally as an attractive shopping destination;
  7. Home to leading multinational companies;
  8. Investment grade credit rating by Standard and Poor’s and Moody’s;
  9. Location of Trinidad and Tobago in the southern extreme of the hurricane belt;
  10. No foreign exchange controls and stable exchange rate;
  11. Political stability;
  12. Regional airline hub and modern international airport;
  13. Relatively low utility costs; e.g. energy, telecommunications, water and sewerage;
  14. Competitive labour costs;
  15. Stable investor-friendly economy;
  16. Strong domestic demand for resort product;
  17. World class construction companies, ancillary services (surveying, valuation, design) and utilities.
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