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Wednesday, March 29, 2006
Tenerife Offers Greatest Fiscal Advantage in Europe
President of the Island Corporation, Ricardo Melchior, said yesterday, that after the opening of the Zona Franca (free economic zone ) in Tenerife, the island will become the European location which offers the best fiscal advantages. The free economic zone was approved in January 2006, but awaits approval of it's internal regulation from the Ministry of Economy, expected in about two months. The article also notes that a maritime link between America and the Canaries will begin functioning within a month.
This is the second open free economic zone in Europe and covers the whole of the port of Santa Cruz and would be extended to the proposed (contentious) port of Granadilla.
Melchior: "Tenerife será el lugar con las mayores ventajas fiscales de la UE"
A free port (porto franco) or free zone (US: Foreign-Trade Zone) is a port or area with relaxed jurisdiction with respect to the country of location. Most commonly this means being free of customs or being a special customs zone with favorable customs regulations. The free economic zones are usually called free ports.
