Venezuela: Domestic and foreign investment opportunities in special economic zones

01 Aug 2022    1 minute read
Economic Special Zones

In brief

The National Executive with the National Legislative Assembly issued the Organic Law of Special Economic Zones ("Law")1 complementary to the Anti-Blockage Law.2 The purpose of the Law is to promote diversification and export increase by domestic and foreign economic activities in the country while creating new jobs.

The Law repealed all of the articles related to special economic zones (SEZs) established in the Decree with Rank, Value and Force of Law of Integral Regionalization for the Socio-Productive Development of the Homeland.3 Moreover, the Law established the option to adapt or remove SEZs or any special territorial regimes within 180 days.

The Law entered into force on 20 July 2022.

Contents

1. Purpose

The development of SEZs is of a strategic nature, of general interest, and a public utility. Therefore, legal entities, goods, services and activities established in SEZs are subject to special regulations with regard to guarantees, benefits, and economic, financial, tax, legal and commercial protection.

Click here to access the full alert.

Click here to access the Spanish version.

Please note that the original publication date of this alert is 1 August 2022.

1 Organic Law of Special Economic Zones dated 20 July 2022 (published in Official Gazette No. 6,710). The constitutionality of this law had been previously declared through Decision No. 0250 dated 6 July 2020 by the Constitutional Chamber of the Supreme Court of Justice.

2 Constitutional Anti-Blockage Law for National Development and Guarantee of Human Rights (published in Official Gazette No. 6,583 Extraordinary dated 12 October 2020).

3 Decree with Rank, Value and Force of Law of Integral Regionalization for the Socio-Productive Development of the Homeland (published in Official Gazette No. 6,151 of 18 November 2014). This Law created the SEZ of the Palavecino and Iribarren Municipalities of the State of Lara without any positive result.

Contact Information
Manuel Marin
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Caracas
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Caracas
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Marie Roschelle Carolina Quintero Sabino
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Caracas
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marieroschelle.quintero@bakermckenzie.com

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