Posts in Uncategorized

Could special payment vehicle save EU-Iran trade?uld special payment vehicle save EU-Iran trade?

April 3rd, 2019 Posted by Uncategorized 0 thoughts on “Could special payment vehicle save EU-Iran trade?uld special payment vehicle save EU-Iran trade?”

Mohsen Masjedi. Lawyer

 

Following the withdrawal announcement from Joint Comprehensive Plan of Action (“JCPOA”) by Trump administration, the secondary sanctions retargeted the international businesses intending to deal with Iran. Already today, almost all of the major European companies have left their projects in Iran and the regular trade between Iranian and EU members faces serious banking and payment challenges. On late January, France, Germany and the United Kingdom announced the establishment of INSTEX SAS (“Instrument for Supporting Trade Exchanges”) as their promised contribution in keeping the JCPOA in place. The INSTEX has supported by the EU, which affirmed it’s willing to work on the instrument with Iranian counterparts to make it operational. It could be argued that the success of the Instrument is the only existing factor that could survive part of the expected economic benefits that Iran gambled for during the nuclear negotiations. The effort has been made yet could be described as symbolic. Apart from various technical and legal barriers against operationalising the mechanism, it is not clear that to what extent it could protect European companies from being targeted by US secondary sanctions. It remains to be seen how INSTEX payment mechanism will work in practice.

 

 

GOLDEN VISA. RESIDENCE FOR INVESTORS

March 29th, 2019 Posted by Uncategorized 0 thoughts on “GOLDEN VISA. RESIDENCE FOR INVESTORS”

What is the minimum economic requirement to obtain a Golden Visa in Spain?

 

The law regulates a specific visa for foreigners not residing in Spain who intend to come to the country making a significant capital investment. These foreigners can apply for a visa of stay or a residence authorization. The law considers as a significant investment:

  1. a) An initial investment with the value equal to or greater than 2 million in Spanish government debt securities, or a value equal to or greater than one million euros in shares of Spanish companies, or bank deposits in Spanish financial institutions.
  2. b) The acquisition of real estate in Spain with an investment equal to or greater than 500,000 euros per applicant value. Prior to the application of the residence permit, it is required to have purchased the property and supply the Spanish consulate with a certificate from the local Property Registry.
  3. c) A business project to be executed in Spain and has a consideration of general interest, for which it must comply with at least one of the following conditions:

(I) creating jobs.

(II) Making an investment with relevant socio-economic impact in the geographical area in which it will develop the business activity.

(III) Significant contribution to scientific innovation and / or technology.

In all of the above situations, the awarding of this residence permit does not require actual residence in Spain, which has the consideration of a yearly stay in the country of 183 days. The only requirement is to visit Spain once during the period of residence.

 

For further information contact our immigration department. premiumimmigration@jimenezastorga.com

Jiménez Astorga signs an International Economic Association Contract for the Provision of Professional Services in Cuba

November 8th, 2017 Posted by Uncategorized 0 thoughts on “Jiménez Astorga signs an International Economic Association Contract for the Provision of Professional Services in Cuba”

The past 1st of November we were honored with the presence of the Minister of Higher Education of Cuba Dr. José Ramón Saborido and the Hon. Ambassador of Spain in Cuba Mr. Juan José Buitrago de Benito in the signing of the international economic association contract with Centro Internacional de La Habana (CIH) for the provision of professional services.

 The contract was signed within the framework of the Havana International Trade Show (FIHAV).

This contract was signed under the nº 298 of 2017 Resolution of the Ministry Trade and Foreign Investment, and after fulfilling  the requirements of the  nº 118  “Foreign investment law”. The purpose of the contract is the provision of professional services of economic profile and consultancy, studies of pre-feasibility, feasibility, market research studies and post investment studies, preparation of analytical reports on economic issues and trade, developing business strategies, business management, diagnostic studies, accounting advisory and the valuation of assets for the domestic and foreign market.

This agreement strengthens the commitment of Jimenez Astorga in the Cuban market. The synergies generated between CIH and JAAC in the past years paved the way to make great efforts to achieve the signing of this contract.

JAAC becomes the first foreign company in Cuban territory to obtain authorization for the provision of consulting services. Noteworthy is the importance of its membership to the Bridge Alliance (www.bridge-alliance.com) an International Alliance of law firms with an international scope with presence in 12 countries for the joint management of potential investors in Cuban territory.

The experience acquired by JAAC in the Cuban market is a valuable asset for investors interested in developing investments in Cuba. Given the characteristics of the Cuban market it is essential for investors to have a powerful ally that provides a professional advice and an efficient consultancy service throughout the nvestment process. With the signing of this contract, JAAC along with CIH, can provide a professional service combining the experience and the work methodology of a European firm with CIH´s knowledge of the local market.

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