New financial restrictions on tourism development exclude small and medium-scale investors: developer
04 Apr 2013, 4:25 PM
Neil Merrett
An island owner involved in the country’s burgeoning mid-market holiday sector has slammed new regulations imposing financial restrictions on tourism joint venture projects with the government, claiming the legislation outright excludes small and medium-scale investors.
Speaking on condition of anonymity, the island owner alleged that the recently implemented amendments to the Tourism Act served to “shut the door” on small and medium-sized investors.
The Ministry of Tourism, Arts and Culture told Minivan News that the regulations were required in order to ensure future developments in the country were financially viable and that investors could guarantee a project’s completion.
However, the regulation is expected to favour much larger-scale investment projects such as resorts, to the detriment of mid-market tourism, claimed the island owner.
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