Pursuant to the Organic Law of Special Economic Zones1, the National Executive issued on 10 August 2023 Decree Nos. 4,838; 4,839; 4,840; and 4,841 ("Decrees")2. The Decrees create the Special Economic Zone (SEZ) of the Federal Dependency La Tortuga Island, adapt the Special Military Economic Zone No. 1 of the State of Aragua3 and SEZ of Peninsula Paraguaná of the state of Falcón, and create the SEZ of the State of La Guaira, respectively.
The Decrees became effective on 10 August 2023.
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1 Organic Law of Special Economic Zones, published in the Official Gazette No. 6,710 on 20 July 2022. For more information click here: https://insightplus.bakermckenzie.com/bm/international-commercial-trade/venezuela-domestic-and-foreign-investment-opportunities-in-special-economic-zones
2 Published in the Official Gazette No. 6,756 on 10 August 2023.
3 The Special Military Economic Zone No. 1 of the State of Aragua differs from the Special Military Economic Zone for Forestry Development "ZEEMDEF" created by the Decree No. 4,392 published in Official Gazette No. 42,034 on 22 December 2020, mainly in the productive sectors of development as ZEEMDEF is limited to forestry activities without a defined incentive system, while the Military SEZ No. 1 focuses on several sectors with a structured incentive system. In addition, both have different governing bodies, competent authorities and organizational structures.