This morning, the president of the Special Canary Island Area (ZEC per its Spanish acronym), Beatriz Barrera, and vice-president Milagros Luis Brito presented the news that this low taxation system that was authorised by the European Commission (EC) at a press conference at this institution’s headquarters in Las Palmas on Gran Canaria. The regulatory modifications that make reference to this regional aid from the State are detailed in Royal Decree-Law 15/2014 of 19 December, modifying the Canary Island Economic and Tax Regime (REF per its Spanish acronym), which entered into force on 1 January of this year.
Last Saturday, December 20th, the Spanish Official Gazette (BOE) published the Royal Decree-Law 15/2014, dated December 19th, approving the amendment to the Canary Islands Economic and Tax Regime (REF). It reflect the regulatory changes concerning the Canary Islands Special Zone (ZEC).
The president of the ZEC, Beatriz Barrera, has met the German Ambassador in Spain, Peter Tempel, to continue working together in the promotion of the fiscal benefits the ZEC offers among German investors, since Germany is one of the most established markets within the ZEC. By the end of 2013, Germany leaded the ZEC’s census of operational activities due to the number of German capital companies. The data for the first half of the year 2014 show the registration of more new German capital companies, along with an increasing importance of foreign investment in ZEC’s registered entities. The companies registered during the first six months of the present year, show a foreign capital of 79.4%, while during the first half of 2013 only reached 66%. This trend shows that the ZEC is beginning to arouse increasing interest amongst foreign investors who now see the Canary Islands as a business platform to operate with international emerging markets from the Islands.