The project of the tourism cluster in the North Caucasus Federal District is one of the priority strategic public projects of the Russian Federation, its main purpose is the sustainable socio-economic development of the region, improvement of the quality of life and well-being of the citizens, creation of the network of world class resorts of unique diversification in terms of tourist specialisation.
In order to ensure the dynamic development of tourism and the hospitality industry, and to attract Russian and foreign investments, the Russian Government established special economic zones of tourism and recreation type.
Special economic zones are created for 49 years. The state provides each special economic zone with the special legal status, which gives tax privileges and customs preferences to the investors of SEZs.
The investors’ costs incurred in the course of the SEZ projects development is 30-40% lower than the national average indicators.
In addition to tax and financial incentives, the residents get access to infrastructure built at the expense of government (electricity, heating, gas, water supply, sewerage, telecommunications, ski infrastructure), as well as the possibility of a long-term lease of land for their projects.
In addition, there is a functioning mechanism for subsidising the interest rates on loans and for provision of state guarantees of the Russian Federation on loans and bonds attracted by the SEZ residents for investment projects in the course of the tourism cluster development.