Webinar: The Luxembourg Stock Exchange and the Luxembourg Green Exchange: market trends and regulatory developments

Last Monday 26th October, the Official Spanish Chamber of Commerce in Belgium and Luxembourg organized a webinar on ‘The Luxembourg Stock Exchange and the Luxembourg Green Exchange: market trends and regulatory developments’ in collaboration with Luxembourg Stock Exchange (LuxSE), and with the participation of its Head of Regulatory Affairs, Paula Redondo Pereira. The webinar was organised within the framework of the Spanish Financial Forum, a committee of the Chamber focused on the financial services industry.

Marta González Benguria, General Secretary of the Chamber, introduced the speaker and acted as a moderator of the event.

Then, Paula Redondo took the floor and thanked the Chamber for their invitation, as well as to all the attendees for their interest in the event. The speaker began by explaining the activity and functioning of the LuxSE, an institution with more than 90 years of history. Paula explained that the LuxSE is owned by market participants (banks, financial institutions, etc.) as well as by the government of the Grand Duchy of Luxembourg. The different activities developed within the LuxSE were presented, with special emphasis on listing, which is the main activity. The position of Spanish issuers, which currently stands at 43, was then outlined. This number is expected to grow in the near future due to the significant benefits of the LuxSE for issuers and investors.

The second part of the webinar focused on the Luxembourg Green Exchange (LGX), the first and so far only platform dedicated exclusively to sustainable financial instruments, created in 2016. The LGX is contributing to the regulation that is taking place in this field on the initiative of the European Commission, as it is part of the ‘EU Commission’s High Level Expert Group (HLEG) on sustainable finance’ and the ‘EU Commission’s Technical Expert Group (HLEG) on sustainable finance’. Currently, the possibility of creating standardized Green Bonds at the European level is being considered, an initiative in which LuxSE takes part.

Following the presentation, a question time was opened during which the attendees could ask all the doubts that arose during the event.

From the Official Chamber of Commerce of Spain in Belgium and Luxembourg we would like to thank Paula Redondo Pereira for accepting the invitation and all participants for their attendance.

11/12 Webinar: Substance requirements and future application of the MLI to Spanish infrastructure and real estate structures

On November 12th from 10.00 a.m to 11.15 a.m., the Official Spanish Chamber of Commerce in Belgium and Luxembourg, in collaboration with Deloitte Luxembourg, will organize a live webinar where you will have the opportunity to discuss the potential impact of the multilateral instrument (MLI) and its principle purpose test (PPT) provision on the Luxembourg entities holding Spanish infrastructure and real estate assets. Moreover, our guest speakers will also analyse the recent developments with respect to substance requirements and the cases applying the Beneficial Owner concept.

The webinar will be hosted by three Deloitte experts in this field: Franciso Da Cunha (partner), Samara Brey (Senior Manager) and Victor Sanlorien (Senior).

The event will be held in English. If you are interested in participating, don’t hesitate to contact us: luxemburgo@e-camara.com

 

In collaboration with:

Deloitte Accountancy - Credit Expo België

Webinar on “Spain as remote working destination”

Last October 13th, the Official Spanish Chamber of Commerce in Belgium and Luxembourg organized a Webinar on “Spain as a destination for teleworking“, in collaboration with Business Cluster, a group of companies formed by Euro Economics, AgioGlobal, MADSkills, Quintessence and with the participation of EPS, IFAS and Modern Nomads. The Webinar was held by Wim Zwaenepoel, lecturer at the IE Business School and consultant at Netexpat, and by Jeroen Oskam, founding partner of Euro Economics.

To begin with, during this Webinar the lecturers presented some general data on the impact of the Covid-19 on Spanish society, and specifically, the impact that the health crisis has had on the economic and labour fields. The trends of telework in Spain before the Covid-19 were explained, as was its evolution until today, in addition to the forecasts that analysts estimate about this modality of work in the future. Additionally, the economic and labour policies adopted by the Spanish authorities to try to mitigate the negative effects of the Covid-19 were reviewed.

Moreover, the speakers focused on analysing, in second place, the so-called “STEM” sector (“Science, Technology, Engineering and Mathematics”), highlighting the growing lack of technical workers in the Benelux countries. On the other end is Spain, where there is a large pool of STEM sector professionals with excellent technical training. In the Webinar, a vision of the possibilities offered by the different modalities of teleworking in Spain was presented as a way to overcome the lack of specialized STEM personnel in the Benelux.

Thirdly, the emerging trend callednew nomads was introduced, referring to professionals from the Benelux who are moving their workplace to Spain thanks to the advances in the implementation of teleworking. The speakers highlighted the many benefits of this new way of working and its advantages, such as a lower tax burden or a lower cost of living. An example of this trend is the Canary Islands, where more and more foreigners are choosing to work remotely while having settled in the archipelago. The speakers emphasized the attraction of Spain as a territory from which to work remotely, due to its infrastructure, connectivity, and availability of resources, among others.

Finally, our speakers addressed the legal and tax implications of this practice of teleworking from Spain for workers in the Benelux countries, pointing out several possible alternatives, both for employees and for freelance.

After the presentation, some time was spared for a round of questions, in which the attendees raised several questions to the speakers. These questions dealt with the tax implications for those Benelux workers whose stays in Spain are less than the 183 days established by tax regulations, or everyday issues to take into account when choosing to work remotely from Spain, such as having a private health insurance for greater security.

From the Official Chamber of Commerce of Spain in Belgium and Luxembourg, we would like to thank Business Cluster for its presentation, as well as all the attendees for their presence.

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11/26 Webinar: Insurtech report: Discovering Future of Insurance

On November 26th from 11:00 to 12:00 the Official Spanish Chamber of Commerce in Belgium and Luxembourg organises a webinar in collaboration with its member company everis. The event is organised within the framework of the Spanish Financial Forum, a committee of the Chamber focused on the financial services industry.

everis, together with NTT Data, published the third edition of InsurTech Outlook, where the technological landscape within the insurance market and its evolution during the last years is analyzed. Furthermore, this report shows the rol from insurers, investors and technological companies in the industry, illustrating the trends that are redefining the insurance market.

The webinar will be presented by a team of everis professionals specialized in this field: Dirk Croenen, Head of Everis BeNeLux Insurance sector, Marc Durante, Director Insurance everis Luxembourg, Carlos Ordonez, Global Head of Digital Insurance and Richard Calvo, Insurtech Procjet Leader.

During the webinar, the speakers will go through an executive summary of the reports and then focus on Health insurance domain specificities and Liquid Ecosystems putting the customer at the center.

If you are interested, don’t hesitate to sign up for this webinar through this reply form.

The webinar will be held in English

More information on the report HERE.

In collaboration with:

Webinar on “The tax obligations in Spain for individuals living abroad”

 

Last September 14th, the Official Spanish Chamber of Commerce in Belgium and Luxembourg organized a webinar on “The tax obligations in Spain of people who have moved abroad”, in collaboration with its member company B LAW&TAX. The webinar was given by Inmaculada Pineda and Almudena Soler, partner and tax advisor respectively at B LAW&TAX.

During this webinar the different tax obligations that displaced persons abroad can have in Spain were explained. For this purpose, in first place, the criteria used by the Spanish administration to determine tax residence through the personal income tax law or the different double taxation avoidance agreements were explained. The particular case of diplomats and officials of the European institutions was also addressed. In addition, it was presented the different formal requirements for making the change of tax residence effective.

Secondly, they discussed the different implications of tax residence in terms of taxation and profits, income from work for services rendered outside Spain, as well as the requirements for applying any exemptions in these cases. With regard to wealth tax, the applicable regulations were presented according to the residence, the limits and benefits applicable together with their different applicable deadlines. Then, the Model 720 for the declaration of goods and rights abroad was discussed, explaining who is obliged to present this model, the content, the deadlines and possible sanctions.

Finally, participants studied the implications of non-residence for taxation and tax benefits under Spanish law. They determined the possible taxation of income from real estate or movable capital, capital gains as well as the declaration models and deadlines. Lastly, new developments in the taxation of individuals were addressed.

Throughout the different blocks the participants were able to express their different doubts with the speakers. The questions dealt with different cases such as posted workers, the case of taxation of non-work income for officials of the European institutions or the formal obligations when indicating the address of residence.

From the Official Spanish Chamber of Commerce in Belgium and Luxembourg we would like to thank BLAW & TAX for their excellent presentation as well as all the participants for their presence.

 

Webinar on “Spanish scientific diplomacy – successful collaboration between Spain and Belgium in the field of biotechnology”

Last Wednesday 9 September, the Cultural and Scientific Department of the Spanish Embassy in Belgium, and the Official Spanish Chamber of Commerce in Belgium and Luxembourg, with the collaboration of the Centre for the Development of Industrial Technology (CDTI) and the Spanish Office of Science and Technology (SOST) organised, in a special edition of the “Mediodias de la Embajada”, the second event in the framework of the Spain means Innovation programme. This webinar was entitled “Spanish scientific diplomacy – successful collaboration between Spain and Belgium in the field of biotechnology”.

As part of the programme of scientific diplomacy and dissemination of science, technology and innovation of Spain in Belgium, this webinar examined the innovation and business opportunities between Spain and Belgium in the field of biotechnology, based on the experience of the Spanish company Minoryx Therapeutics, as an example of good practice in collaboration in the biotechnology sector between the two countries.

Minoryx Therapeutics is a biotechnology company focused on the discovery and development of new therapies for severe genetic diseases of the central nervous system, which recently opened a subsidiary in Wallonia near the city of Charleroi (Belgium).

The event began with a welcome speech by H.E. Beatriz Larrotcha Palma, Spanish Ambassador to the Kingdom of Belgium, who summarised the enormous commitment to innovation and scientific research shared by both countries and thanked the speakers and attendees for their presence at this webinar. Willy Borsus, Vice-President of Wallonia, Minister for the Economy, Research and Innovation, Digital Technology, Agriculture, Urban and Regional Planning, IFAPME and Competence Centres, then presented the many benefits of the Wallonia region in the field of research for the technology sector.

After the words of welcome, the round table was held, moderated by Frédéric Soumois, a journalist specialising in the health and scientific field from the newspaper Le Soir. Marc Martinelli, CEO of Minoryx Therapeutics, began by explaining the basis of their current research into rare diseases of the central nervous system, as well as detailing the benefits of the Belgian market in the sector based on his current experience with the company’s subsidiary opened near the city of Charleroi (Wallonia). He was followed by Josep Samitier, director of the Biotechnology Institute of Catalonia, and Marc Dechamps, director of international affairs for the BioWin cluster, who both gave their views on the benefits of biotechnology for improving the health sector, emphasising the advantages of Spain and Belgium in the sector.

The round table ended with Marina Martinez, H2020 Programme Officer at the Centre for Technological Development and Industry (CDTI), who briefly presented the numerous support and promotion mechanisms at European (Horizon 2020) and national level for companies in the biotechnology sector.

Finally, throughout the question time, participants had the opportunity to present their comments and questions on numerous issues of interest. From the Spanish Official Chamber of Commerce in Belgium and Luxembourg we would like to thank all the participants and the speakers at the event for their participation.

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ICT Spring Europe 2020

On the 5th edition of the international event ICT Spring Europe 2020, that will take place on the September 15th and 16th in Luxembourg, the Chamber will, once again, be an official partner.

The aim of ICT Spring Europe, as an influential voice in the global technology community, is to encourage networking among business decision makers, innovation managers, start-ups, researchers and venture capitalists at European level. The event will take place at the European Convention Center, will feature high level international speakers, and will highlight the latest trends and technological innovations, as well as reflect on their impact on society and the business community.

In order to adapt to international health safety measures, this year the participation in the event will be either face to face or virtual, and the fees have been adapted to support SMEs and Startups.

Thanks to the good collaboration of the Chamber of Commerce with the organisers of ICT Spring, they will  offer a free of charge participation for foreign visiting companies in the digital edition of the event, including access to conferences and networking. Companies who are interested are requested to send us an email to ictspring@cc.lu  while putting luxemburgo@e-camara.com  in copy to receive their free of charge ticket code.

In addition, a preferential rate of 300 euros is offered to those startups interested in having a digital exhibition space during the event, and a preferential rate of 1.250 euros is offered to companies.

More information on the event’s program: https://www.ictspring.com

Webinar on “Taxation in Spain in times of COVID-19: Opportunities and challenges”

 

On July 22nd, the Official Spanish Chamber of Commerce in Belgium and Luxembourg organized a webinar on “Taxation in Spain in times of COVID-19: Opportunities and challenges”, in collaboration with its member law firm Garrigues. The webinar was held within the framework of the Spanish Financial Forum, a committee of the Chamber focused on the financial sector in Luxembourg.

During the webinar, the speakers, Pablo Torrano, Albert Collado and Nuria Cabré, three partners from the tax department of Garrigues in Barcelona, presented the different options through which the losses generated by the crisis derived from the Covid-19 could be compensated for tax purposes, as well as the operations that could be considered taking advantage of the drop in asset valuation.

On the other hand, the tax changes implemented in Spain in the recent months were discussed, as well as the prospects of possible new measures that could be adopted in the future.

Finally, a round of questions and answers was held in which the participants were able to raise their doubts with the speakers. Thus, various topics were discussed, such as the competitiveness of the Spanish tax system when it comes to attracting new residents or the range of possibilities that arise when making a donation.

From the Official Spanish Chamber of Commerce in Belgium and Luxembourg, we thank the speakers for their presentation, and our partner company Garrigues for its collaboration in organising the webinar.
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Comercial opportunities in Belgium and Luxembourg after COVID-19

COVID-19 has had a very different impact in Belgium and Luxembourg marked by a light lockdown and strong determination by public administration to support its business and protect employment. This health crisis has been without any doubt a mayor disruptive factor that highlighted some existing tendencies already putting in place in both markets. That is why, despite the limited uncertainty, some opportunity window seem to be opening in the next months in Belgium and Luxembourg in the upcoming months making them two very interesting destinations for internationalization strategies for Spanish companies.

In this context, the Chamber has developed a series of collaborations with various Spanish territorial chambers to present the Belgian and Luxembourg markets to Spanish companies. In particular, presentations were made for the Chamber of Commerce of Pontevedra, Vigo and Villagarcía de Arousa, Madrid Network and the Chambers of Commerce of Zaragoza and Mallorca. Throughout these webinars, the main sectors of interest in each country were presented and a series of recommendations were given to companies interested in internationalizing their product or service.

The internationalization of companies will be a key element for their survival in the post-Covid situation.

During the months of September and October, the Chamber is planning new presentations.

These are the dates:

  • In collaboration with the Chamber of Commerce of Gran Canaria, 17th September at 11:00
  • In collaboration with the Chamber of Commerce of Huelva, September 29th at 11:00
  • In collaboration with the Chambers of Avilés, Gijón and Oviedo, 30th September at 11:00
  • In collaboration with the Chamber of Commerce of Huesca, October 2st at 9:00
  • In collaboration with the Chamber of Commerce of La Rioja, 6th October at 9.30am.

Webinar on “Impact of Covid-19 on the Spain’s Real Estate Industry and on the value of assets”

On July 8th, the Official Spanish Chamber of Commerce in Belgium and Luxembourg, organized a webinar on “Impact of Covid-19 on the Spain’s Real Estate Industry and on the value of assets”, in collaboration with Gesvalt.

The event was organized within the framework of the Spanish Financial Forum (SFF), a Committee through which the Chamber aims to create a space for opinion and debate on economic and financial issues in Luxembourg where members can share experiences, establish collaborations and exchange information on trends in the sector.

The Vice-president of the Chamber and President of the SFF, Jose Luis Rodriguez Alvarez, highlighted the professional career of the speaker and appreciated her participation in the webinar.

Sandra Daza, General Director of Gesvalt, made a presentation about the effects of Covid-19 in the real estate sector in Spain, and the trends that can be expected. In her presentation she went into detail about which values have been more or less affected, the state of the hospitality sector, how the demand will evolve within the real estate sector, what changes we can expect in the price of assets, what will happen with prices when they return to normal and, consequently, the possible business opportunities.

During the question time, the participants could present their comments and questions on many interesting issues. Thus, various topics were discussed such as the situation of vacation real estate assets located on the coast in the face of declining tourism or what consequences the increase in eCom transactions we are experiencing today will have for the retail sector.

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