The hotel group Valamar Riviera anounced they are delaying the investment in their Valamar Pinia Family Suites in Poreč due to the "uncertain fiscal policy for investors in the tourism sector, as well as challenges regarding preparation of the required technical documentation", reports Jutarnji on September 5, 2017.
The final decision regarding their planned investments in 2018 will be made at the end of November.
The Valamar group is responsible for the biggest investment in the tourism sector this year.They invested 562 million kuna in two new luxury summer resorts: the Family Life Bellevue Resort and the Valamar Girandella Resort in Rabac town in Istria.
In June, they announced they're planning to invest around two billion kuna in their portfolio.The supervisory board of the Valamar group confirmed they're about to invest 703 million kuna in their hotels in 2018.
According to unofficial sources, the temporary suspension has to do with 'construction problems'. It seems the company didn't manage to obtain all permits required to open the hotel worth over a 100 million kuna. They also intend to let the Croatian government know that all the fiscal and tax issues that are currently burdening the investors should be dealt with as soon as possible. This implies the issue of the impending real estate tax, as well as the fees at all the campsites in Croatia, where the sojourn tax was already increased in the amount of 1 kuna per day.
Photo credit: Valamar
