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Costa Rica and United Arab Emirates Sign Agreement to Promote Investments

Costa Rica and the United Arab Emirates (UAE) today signed two agreements aimed at promoting investment and strengthening the legal guarantee on tax issues and avoidance of evasion.

San Jose, Oct 3 (EFE) .- Costa Rica and the United Arab Emirates (UAE) today signed two agreements aimed at promoting investment and strengthening legal guarantee in matters of tax aspects and prevention of evasion.

The Costa Rican Foreign Minister, Manuel González; Foreign Ministers for Economic and Trade Affairs of the UAE, Mohammed Sharaf, signed the agreements at an official ceremony in San Jose.

"Both are aimed at giving certainty to investors. both countries on the rules of how the tax aspects are interpreted and the framework in which the exchange of investments is regulated and established. clarity of rules, "explained Mora at a press conference.

The first agreement is an agreement for the elimination of double taxation on income taxes and capital gains, which also incorporates provisions for the prevention of tax avoidance and tax evasion.

The second aims at the promotion and reciprocal protection of investment, underlining the importance of strengthening economic relations, promoting trade and bilateral investment.

This agreement seeks to create favorable conditions for encourage greater investment and stimulate the flow of capital.

"There is interest in the areas of infrastructure, technology and energy. We have seen Costa Rica as a platform for action political, economic and investment policies that will allow them to do business with Latin America, "said Mohammed Sharaf.

Costa Rica indicated that both governments are moving towards a strong relations in the diplomatic, economic and cooperation fields, with a broad, robust and dynamic agenda.

"Our countries may seem geographically distant, however, there are many ways to shorten the distance. cultural exchanges are just some of the elements that can unite us even more, "said Foreign Minister Gonzalez.

Following the signing of the bilateral instruments, Costa Rica and the Emirates Arabs began an intense agenda with the presence of the highest representatives of the Dubai Chamber of Commerce and Industry, who visit the country today and tomorrow.

presence in San José of the emirate vice minister is the result of the official visit made to EAU by the Costa Rican president, Luis Guillermo Solís, in January 2017.

hurricane Otto for Costa Rica a year ago, the United Arab Emirates donated $ 10 million to help affected communities.

In January, Chancellor Gonzalez and the Minister of Foreign Affairs and International Cooperation of UAE, Sheikh Abdullah bin Zayed Al-Nahyan, signed an agreement for the suppression of all kinds of visas to Costa Ricans and another to promote air connections.

Costa Rica opened its embassy in Abu Dhabi this year.

According to official data from Costa Rica, trade with the UAE reached 5.9 million dollars in 2016.

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