Posts Tagged : Canarias and canary islands

2022, a year in review
28 de December de 2022 no comments in Events, The Firm

Few days before saying goodbye to 2022, we want to remember the moments that have shaped this year: we have grown professionally and as individuals, we have been recognized for our work and achievements, we have participated in high-level events and, of course, the Reform of the Insolvency Law has become our new reference book.

We cannot thank you enough for supporting us during this time. Thank you, thank you and thank you!

It has indeed been a memorable year; will you join us in remembering it?

 

Transaction highlights

Our advice for the reorganization and sale of Room Mate’s production unit to Angelo Gordon and Westmont Hospitality Group has been a milestone this 2022. The Kepler-Karst team involved in this transaction was led by Armando Betancor, with the participation of Luis Barber, Davinia Sánchez de la Cruz, Rodrigo Olivares-Caminal and Ana Carpintero, and was assisted by Guido Demarco.

At the beginning of the year, thanks to our advice on commercial matters, the Beverly Park hotel in Maspalomas, in the Canary Islands, found a new owner. Thanks to this, the hotel has been able to continue operating, thus safeguarding all the jobs.

We are currently helping several companies to get out of financial distress situations, and we are restructuring two companies, one in the services industry and the other in the gaming sector, whose operations amount to 2 and 8 million euros respectively.

Oh, we have grown!

Daniel Gómez and María Bartle joined the Madrid office as partners this September to strengthen the Restructuring and Insolvency areas. In February, Víctor Miranda and Antonio Montesdeoca joined the Canary Islands office to consolidate the Economic Criminal and Administrative departments there, respectively. We have expanded our team in a big way.

With so many great additions, we have outgrown our Madrid office and this summer we have expanded it. In addition, we have moved our London Desk, headed by Rodrigo Olivares-Caminal, and it is now located in the Heron Tower, in the City of London.

Recognitions

Our Of Counsel Armando Betancor has, once again, been recognized by the prestigious directory Chambers & Partners in the area of Restructuring and Insolvency -“he is a force of nature”, says the ranking about him. On top of this, he has made his debut in the Leaders League ranking of this same specialty.

Leaders League also recognized Kepler-Karst as one of the most outstanding firms in Restructuring and Insolvency, and highlighted Daniel Gómez, partner of the practice, too.

Moreover, during this 2022, we have been able to boast the recognition awarded by Cinco Días and Statista, which recognized us as one of the best law firms in 2022 and as one of the best firms in Spain in the area of restructuring and insolvency. The ranking was created based on the recommendations of lawyers themselves and with a jury made up of fellow professionals. We are so proud!

Our knowledge contributions

The bankruptcy moratorium is over, we have a new flagship law –the Reform of the Consolidated Text of the Spanish Insolvency Law– which we have analyzed non-stop (Cinco Días, Expansión, El Confidencial, Capital Radio), we have discussed the most relevant issues in current business affairs, and we have collaborated with Universities (Universidad Complutense de Madrid, Queen Mary University of London, San Pablo CEU).

We also had time to socialize and get to know each other better thanks to several events. We highlight these: We sponsored the International Series “Debt and Finance Post-Covid”, organized by the Complutense University of Madrid and Queen Mary University of London, as well as one of the talks in the series “Good Practices in Sovereign Debt Recovery”, organized by the OECD and Queen Mary University of London, we participated in the 17th Congress of Lawyers of Malaga thanks to Eduardo de Urbano, of Counsel and coordinator of the area of Economic Criminal Law, and we have not stopped supporting good causes.

 

Undoubtedly, a memorable year

 

Digital nomads in the Canary Islands: tax issues you should know about
21 de May de 2021 no comments in Employment, Tax Law

The Canary Islands has become an attractive destination for those known as “digital nomads”: people who combine work and travel.

The implementation of remote work thanks to the pandemic along with the reduction of fixed costs associated with it, has multiplied the number of people working from home. Untethered from the office space, the number of people looking for new places from which to conduct their business has grown exponentially. And the Canary Islands have become a national benchmark.

A good internet connection, eternal good weather, coworking spaces or hotels with free wifi are some of the requirements that these modern nomads require, whether they are foreigners or nationals, and that they can find on the islands. But if there is one thing the islands have that the rest of the territory cannot offer, it is certain fiscal particularities and tax benefits.

Tax Benefits

The Canary Islands have a special Economic and Fiscal Regime (known as REF) compatible with European regulations as a result of the recognition of the Canary Islands as an ultra-peripheral region of the European Union, where companies/entrepreneurs can benefit from powerful tax incentives. We highlight:

Canary Islands Special Zone (ZEC): the ZEC is one of the most interesting tax instruments for companies wishing to set up in the Islands. By complying with certain minimum job creation and investment requirements, companies can be taxed at 4% on corporate income tax (hereinafter, IS).

Investment Reserve in the Canary Islands (RIC): Thanks to the RIC, and always with the limitations established by the State Aids, companies/entrepreneurs can reduce the tax burden by up to 90-80% of the business and/or professional profit, provided that certain investments are subsequently made.

Deduction for Investments in Fixed Assets (DIC): The DIC also stands out as a tax incentive, as it reduces taxation by 25% of the amount destined to the acquisition of fixed assets.

Likewise, the Canary Islands General Indirect Tax (hereinafter IGIC) stands out, with a general rate of 7%. This consumer tax is similar to the VAT in the Peninsula or to the European Union’s VAT and other excise taxes, but is much lower than in other territories of the Union.

Best of all, these benefits are not exclusive to nationals, they also apply to foreign businesses and individuals.

Do you want to benefit from the ZEC? Ask us!

At Kepler-Karst we can help you with the tax strategies of your economic and business sector, whether they are traditional sectors such as industry and commerce, or newer ones such as the audiovisual world, ICT, business services, subcontracting, maritime sector…

Thanks to these benefits, the Canary Islands is the ideal destination to start being a nomad.