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The aim of this paper is to propose a model of external evaluation of investments in tourism with a focus on process and sustainability, since today it is a requirement for the development of tourist destinations to improve the decision making process that will lead to the approval of investments. The relevant aspect of this proposal is the integration of three processes that in theory and practice they usually appeared in separated form: the external evaluation ex-before, while (investment) and ex-post, as well as the system of tools and techniques used for the evaluation. The model was designed based on the study of different models presented in the literature studied, the consultation to experts in the field, as well as the experience gained by the authors in the research process in Cuba and Cape Verde. [ABSTRACT FROM AUTHOR]