Valamar Gets Subsidies for New Tourism Projects

Total Croatia News

Updated on:

It is essential that we have the Investment Promotion Act that allows us profitable investments, said Valamar Riviera which is in the middle of an investment cycle worth about one billion kuna. The largest Croatian tourism company has presented three projects that will expand its luxury tourism offer, reports Jutarnji List on March 2, 2019.

The first of them will be inaugurated this summer in Poreč and will bring us the Istrian five-star campsite. Valamar Riviera has invested 350 million kuna in the Istra Premium Camping Resort, which it says will be “the best camping resort in the Mediterranean”, with have a thousand accommodation units and able to accommodate between 2,700 and 2,800 guests. Additionally, this summer Valamar Riviera will open the first Poreč family hotel at the five-star Valamar Collection Marea Suites.

“Our third project for this year, the Valamar Collection Resort in Poreč, is still under development, and we are aiming for it to operate all year long,” said Valamar Riviera, adding that they will have to employ new people in their company and increase salaries to the existing ones.

In addition to the Valamar Riviera, the Ministry of Economy presented eight additional certificates awarded for investment support. The nine Croatian companies plan to invest 1.2 billion kuna in the next three years. Also, four of the companies also received non-refundable grants for opening new jobs. “Today we have made it easier to implement the investment cycle worth 1.3 billion kuna,” said Economy Minister Darko Horvat.

Under the law, the minimum level of investments which are eligible for incentives is 150,000 euro, subject to the requirement of opening at least five new jobs to be retained for the next three years. The support itself depends on the net and gross salaries for newly-created positions. Among the incentive measures, the most attractive one is the reduction of the company tax rate by 50 to 100 per cent over a period of ten years.

According to Minister Horvat, this is all part of the ministry’s project to help Croatian entrepreneurs and keep them in Croatia. “This is the continuation of the project we started in 2012 when the Investment Promotion Act was adopted. As part of this law, as many as 377 entrepreneurs have been encouraged to launch the total investments exceeding 16 billion kuna, and 12,750 new jobs have been opened,” said Minister Horvat.

Translated from Jutarnji List (reported by Lea Balenović).

More news about Valamar can be found in the Travel section.

Leave a Comment