Special District between foreign investments, NPLs and areas of specific interest
That there is the idea of Enrique Banuelos de Castro behind the Special Economic District it is no secret, and since his interest in San Marino emerged, the majority and the opposition have been busy learning more. He certainly doesn’t lack economic resources: he is one of the twelve Spaniards to appear in the Forbes billionaires ranking, active on international markets in the real estate sector. This summer there was a lot of talk about it, “prematurely” according to Congress, which presents the Des as an opportunity to be seized, which aims to increase GDP, development and, last but not least, to relieve banks of NPLs.
From recent remote meetings, it seems that Bañuelos has expressed interest in i car parks P6, P7, Airfield of Torraccia and golf course a Faetano. “Let’s stay on the project” – say members of the Majority, noting that in the Des we are not talking about concessions but about recovery and redevelopment, preferably NPLs, such as – for example – the former Symbol, Electronics, the former Asset headquarters in Gualdicciolo. At the same time there are, always in the majority, those who point out that Bañuelos would bring liquidity into the system, unlike other entrepreneurs who have asked San Marino banks for money to finalize their projects. Secretary Gatti himself recently specified how the project “is not born for someone” but can be used by various foreign investors. And just today, in a note, the Congress clarifies the typology of the Non-Domiciled Tax Residence: Italians and San Marino citizens who are not fiscally resident in the two countries in the last seven years will be able to request it. The stay must take place within the DES structures for a minimum of 30 and a maximum of 150 days a year. Among the requisites required is the establishment of a joint-stock company with a minimum share capital of 50 million and an increase in shareholders’ equity – over the next six years – up to 200 million.
And again: investments in infrastructure in the hospitality sector with at least 1,000 beds, and implementation of the investment project in 7 years for an amount equal to or greater than 300 million. However, it was not enough for the Government to anticipate to prepare the ground for what it considers a “bet for the future”. The perplexities of part of the majority and of the opposition remain, as the parliamentary news tells us. Yesterday, however, the note by Demos, which warns against “bankruptcy offshore projects”, fearing that the DES management companies could become more powerful than the state itself in terms of wealth production. The discussion of the PDL has not yet begun but the road is already all uphill.