Spanish billionaire Enrique Bauelos de Castro founded the San Marino District company on August 3rd in San Marino. a seed that, if sown, could have a profound impact on the small republic’s economy. the first step of a major political-entrepreneurial project, still in its infancy but already accepted by part of the government, aimed at creating a special economic (and fiscal) zone under Monte Titano. Luxury residences and hotels, clinics – according to the draft of the project – companies in advanced sectors, international schools, wellness centers, high-end shops, private banks, top restaurants, to attract individuals, families and companies with high potential. A paradise for VIPs, athletes and Co.? A Montecarlo in the heart of Romagna? A bit of Singapore, Dubai, Hong Kong? As far as we know, Italians would be excluded. A draft law is already ready. And the controversies will not last long either. But who is Enrique Bauelos, the key man of Operation Des, Special Economic District?
About lot
Enrique Bauelos de Castro, Spanish billionaire, real estate entrepreneur, a volcanic businessman from Valencia with big fortune and big setbacks with a focus of his activities in real estate. In 2006 it reached a fortune of 7.7 billion according to Forbes and then lost 6.4 billion in one year due to the collapse of the Spanish real estate market. At this point he moved to international markets. For the past few months he has been working with the government of Cape Verde, the African republic off the coast of Senegal, on a $500 million real estate project similar to San Marino’s. With the Titano, however, there are no signed contracts, only working drafts, according to which the state allocates the land and any real estate units to investors for the construction of functional buildings for the special economic district. Both non-resident tax residents (those staying in Des for a minimum of 90 days and a maximum of 180 days) and Des corporations enjoy a special tax regime.
The benefits for citizens
And what do the people of San Marino get in their pockets? For example, the income from the withholding tax for the release of apartments and concessions (10,000 euros per year); indirect income from tax receipts on the income of residents and companies Des. Investors, eg building lots or others, collect the rents of the houses and the money for the services provided as well as the subsidized taxation. Apparently an operation where everyone wins. The opposition to San Marino, in particular Libera, a kind of Italian Pd, calls for an immediate confrontation to avoid risks to the resilience of the San Marino system in favor of a few subjects with significant spending capacity. Within the same government there are those who, in private conversations, fear the risk of sovereignty being sold out.
Ecosystem to attract investment
The Minister of Foreign Affairs (Minister) Luca Beccari stifled the first quarrels: No Montecarlo – he says – the characteristics of San Marino will not change. The idea is to create a functioning ecosystem to attract foreign investment in innovative and strategic sectors. Beccari confirms that everything has yet to be defined and that the project is based on an idea from Bauelos, but it has not yet been defined with whom or with which contractors the project will be carried out. There will probably be a competition. And the Spaniard’s San Marino district (and his daughter Ruiz Gloria) already in pole position.