For over a decade, the ZEC has become The Canary Islands business clusters that promote regional economic diversification. The nearly eight hundred corporations confined to the low tax regime is conducive to a unique set of tax exemptions in the European context.
The profit margin allows the instrument to create business networks to various markets through its parent company established in the ZEC. Under the Double Taxation Treaties signed by Spain with third countries companies operating in the ZEC repatriate their dividends without restraint.
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The ZEC is a consortium whose ownership rests with the Ministry of Economy and Finance of the State Government and the Department of Economy and Finance of the Canary Islands Government.