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Gran Canaria Free Zone Set For Expansion

Gran Canaria free zone set for expansion

Gran Canaria Free Zone Set For ExpansionSource: Puerto de Las Palmas

Las Palmas, Canary Islands, Spain (PortSEurope) August 11, 2019 – The Official State Gazette on Friday has published authorization by the Ministry of Finance of the extension of the Free Zone of Gran Canaria. The change affects an area of ​​10,200 m² that is already concessioned, and now occupying 95,000 m² in the Port of Las Palmas and another 250,000 m² in the Arinaga industrial estate. In addition, it could still extend its influence by an additional 60,000 m² while maintaining an occupation rate over 90%.

The expansion of the Free Zone site is good news because it allows the incorporation of new operators, boosts the customs area and helps improve the investment capacity of the Free Zone by expanding the financial resource,” said Gabriel Corujo, special delegate of the Minister of Finance.

The General State Budget Act of 2018 enabled all the free zones of the territory to enjoy a resource that only Vigo and Cádiz had so far used: the financial resource, which means that the corporation tax of the companies installed in the Free Zone are entered in the consortiums that manage them, with an obligation to invest in fixed assets at least 75% of the funds.

Regarding the future opportunities of the Free Zone of Gran Canaria, Gabriel Corujo said that “the Free Zone is another asset of the port and is part of the portfolio of services that the Canary Islands and the Port Authority must offer”.

However, it clarifies that “it would be necessary to improve the competitiveness of the land itself, which depends directly on the Port Authority, to enable mechanisms that enable the revision of rates, so that we can take advantage of the opportunities of the current geopolitical context, marked by Brexit and China-US trade conflicts, a stable, secure, European platform, first-rate in terms of companies and services and complemented by customs and tax advantages. ”

The Free Zone of Las Palmas de Gran Canaria was authorized by Order of the Minister of Economy and Finance of April 24, 1998, published in the BOE on April 28, 1998, covering an area of ​​50,000 m2.

Source: Autoridad Portuaria de Las Palmas (APP – Port Authority of Las Palmas)

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