Palumbo Group S.p.A. recently announced the acquisition of their fifth shipyard, located in #tenerife (Santa Cruz, Canary Islands, Spain). This recent acquisition reinforces the presence of Palumbo Superyachts outside the Mediterranean, complementing Palumbo's actual infrastructure network in Naples, Messina, Malta and Marseilles. The first three are focused on repair, construction, modifications, refitting and maintenance of all types of ships and cruise liners which include Columbus Yachts, while Malta and Marseilles are highly specialized in the super and mega-yacht segment. Palumbo Superyachts's sales department, with headquarters in Monaco is held by Giuseppe Palumbo, Francesco de Vuono and Michela De Curtis.
THE CANARY ISLANDS
The Canary Islands is a large archipelago of seven islands in the Atlantic Ocean off northwestern Africa, a platform opened to three continents. The local economy has grown rapidly in recent decades. The islands receive 14 million tourists yearly, who stimulate the real estate market and the service sector. #tenerife and Gran Canaria are the islands with the largest economies, they have very large public centers which stimulate and diversify the economy (i.e. two universities, local government and ports). The Canary Islands are outside the European Union's customs territory, though politically within the EU.
SPECIAL TAX STATUS
The ZEC (Zona Especial Canaria) is a special low-tax zone, with one of the lowest rates in Europe, created in order to promote social/economic development and diversify the productive structure. Note that this situation is not part of the offshore and black-list areas, as it is recognized and authorized by the European Union.
FREE TRADE ZONE
The Canary Islands Archipelago is an integral part of the EU customs territory since July 1st, 1991. Since 2001, the AAC is applied to imports from other countries. This gives the islands the possibility to introduce key economic advantages which develop businesses located in the area. Inside the free trade zone it is possible to produce and transform products, semifinished products and raw materials, storage, packaging and distribution of goods, without charges or indirect taxes. The purpose of the free trade zone is to reinforce international commerce.
Companies based in the ZEC can take considerable advantage of the fact that operations of inward processing (generating surplus value) cannot be limited by economic conditions because competition requirements regarding other businesses in the EU are not applied. These operations are not subject to VAT; this will only be applied when exporting products to the EU, while exporting outside the EU is VAT exempt.
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