Santo Domingo. The Spanish Chamber of Commerce in the Dominican Republic, with the help of the international law office ONTIER, held the breakfast – conference «Strategies in estate planning: Spain – Dominican Republic», which was attended by Manuel Díaz Corral, fiscal partner of ONTIER Spain and inspector of the Spanish treasury on leave, and Gina Hernández Vólquez, corporate partner at ONTIER Albuquerque Dominican Republic. ONTIER is the global law firm with the largest presence in Latin America.
The event took place at the Hotel Intercontinental Real. The panelists presented the different investment scenarios in Spain and the Dominican Republic, with the aim of recommending practices aimed at improving the efficiency of wealth management, both personal and business, through the appropriate use of structures that optimize fiscal costs and provide security full legal in both countries. Likewise, this conference was guided to highlight the structures that allow improving the costs of investments between Spain and the Dominican Republic, as well as with third countries, compared to the legal systems of these nations. In this regard, the panelists spoke on the following investment scenarios:
1) Investment through a holding entity: In reference to the Spanish case, the application of the special tax regime of Foreign Securities Holding Entities (hereinafter, “ETVE”) is considered, as well as the treatment applicable to this figure in the Dominican Republic
2) Real estate investment: In Spain, from the investment with the most complex vehicle through a Listed Real Estate Investment Companies (SOCIMI) to the implications of using a simpler vehicle, being the case of the special lease regime provided in the Corporation Tax Law.
Meanwhile, the existing implications to be taken into account when investing in real estate in the Dominican territory, both for individuals and for commercial companies, were broken down.
3) Family business and tax regime for the purposes of the Inheritance and Donations Tax in Spain and the Dominican Republic.
4) Trust in the Dominican Republic: this scenario was oriented to state the range of existing possibilities in relation to the trusts established in Dominican legislation, and especially its application as a tool for estate planning in family businesses.
5) Other special tax regimes according to the activity: highlighting the special tax regimes existing in the Dominican Republic, such as the free zones, companies dedicated to the tourism sector, special border development zone, international financial zones, among others.
6) Special regimes for natural persons: here the existing tax consequences regarding the pensioners and rentiers of foreign source in Dominican territory were detailed, and well, the regime of impatriates in Spain.
7) Unit Linked Insurance in Spain
Around the development of this interesting activity, the partner GINA HERNÁNDEZ highlighted the importance for any investor in the jurisdictions of obtaining legal and fiscal advice prior to the execution of any operation, since in many cases the opportunities for organization and structuring of their businesses they are diminished or identified by the lack of clarity or inability to identify the opportunities that corporate and fiscal level provide each destination and that allow efficient and lower investment costs incurred. «
The high percentage of Dominican business families of Spanish and Dominican origin with heritage in Spain has encouraged the Spanish Chamber of Commerce to have held this event.
Speaker Biography:
Gina Hernández Volquez
Manuel Díaz Corral
About ONTIER
ONTIER is a law firm with a presence in 14 countries: Bolivia, Brazil, Chile, Colombia, Spain, United States, Italy, Mexico, Paraguay, Peru, Portugal, United Kingdom, Venezuela and the Dominican Republic. The same name and equal principles and values are shared in the 18 offices around the world. It combines global tools and strategies with the knowledge of the national market and the experience of our lawyers, which solve diverse legal issues with local arguments and laws.
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