- Investors Focused on Business Expansion Prospects in Rio de Janeiro
- July 6, 2011 | Author: Carlota Berault Moreira
- Law Firm: Miguel Neto Advogados Associados - Rio de Janeiro Office
The 5th Military World Games, to take place in Rio de Janeiro from July 16 to 24, 2011 has been a choice due to the city infrastructure deployed to host Pan-American Games, as well as the government’s firm engagement and know-how in events of this magnitude.
Although the Military Games are the 3rd largest sports event in the world, investor attentions have been divided between the Olympic Games, the World Cup and Rio’s port zone revamp project ¿ an initiative known as Porto Maravilha.
Rio’s City Administration has claimed changes in some port facilities, inspired in the cities of Barcelona during the 1992 Olympic Games, and London, for the upcoming 2012 Summer Olympics.
According to the City Administration website, ‘businesses that decide to set up shop in the port zone can be entitled to receive a number of incentives instituted by the Administration, such as waiver of Real Property Tax (IPTU) liabilities, tax exemption for ten years, Real Estate Transfer Tax (ITBI) exemption and Service Tax (ISS) rate reduction from 5% for 2% for hospitality, education and entertainment activities.’
The incentives in the port zone are not directed only to companies that decide to establish business there, but also to people who invest in real property, benefiting from ITBI tax exemption.
Deemed as the latest cultural and tourist hub in Rio de Janeiro, Porto Maravilha will offer museums, a major trade center and AquaRio, an interactive aquarium where visitors can dive with marine animals and, in a virtual form, know sea animals that are already extinct.