For the fifth consecutive year, Cuatrecasas has hosted the Spain-US Business Forum in its Madrid headquarters. The forum, organized together with the Spain-US Chamber of Commerce and the Spanish Chamber of Commerce, seeks to strengthen the business relationship between the two countries.
Attending the forum were acting minister of development, José Luis Ábalos; US ambassador to Spain and Andorra, Duke Buchan III; chair of the board of directors of the Spain-U.S. Chamber of Commerce, Alan D. Solomont; former ambassador to Spain in the US, Javier Rupérez; former secretary of state director of Spain’s intelligence agency, Félix Sanz Roldán; and chair of the Spanish Chamber of Commerce, José Luis Bonet.
Acting minister of development, Mr. Ábalos, expressed his optimism about the business relations between Spain and the US: "The relations between the two countries are more balanced and sophisticated than 60 years ago. There is a wide range of business activity by US companies in Spain and vice versa. We believe in the principles on which our cooperation is based, and we are sure this will continue." He highlighted that 80% of activity by large Spanish infrastructure companies takes place outside of Spain and that Spanish companies also have a strong international presence in the technology sector.
Jorge Badía, managing partner at Cuatrecasas, gave a welcome speech at the forum, where business executives, experts and leading politicians from Spain and the US exchanged points of view, to explore the opportunities, challenges and economic perspectives of the relations between the two countries.
Jorge Badía highlighted that the US continued to be Spain’s main partner outside of the EU: "In 2018, the US was the sixth destination for Spanish goods exports and the fifth provider to Spain. Spain’s investment in the US is almost €73 billion, which shows the ongoing interest by Spanish companies in the US market.” He also highlighted the importance of Spanish private investment in the infrastructure sector, participating in large-scale projects in the US. He indicated that 2019 marked a milestone due to the US senate’s ratification of the protocol amending the double tax treaty between Spain and the US signed in 1990.
Dèlcia Capocasale, partner in our Finance and Tax Practice, explained the main aspects of the treaty for avoiding double taxation between Spain and the US. She also highlighted the importance of mechanisms preventing double taxation, as "taxation must not be an obstacle to companies’ expansion and internationalization or to bilateral relations between states."