The rehabilitation of the Hotel Merlin, also four stars, in Costa Adeje (Tenerife), is another of the initiatives for which the talks are more advanced. “In both [Puerto Azul y este] We have two separate agreements of intent that allow us to offer at this time 41 million in RIC investment, about 22 million in 2021 and the remaining 19 million euros in 2022 “, details the general director of RIC Private Equity, Enrique Guerra.
In the portfolio, still “in a very preliminary phase of study,” continues Guerra, for next year and 2023 there is a battery of ideas on the table. In Lanzarote they intend to invest in the transformation of two four-star hotels and in the construction of tourist villas. The total investment volume calculated for this group of projects is around 34 million euros. In Fuerteventura they are working on the idea of entering with 10 million in the construction of a hotel.
Guerra knows that the success of this clearly Canarian venture capital company depends entirely on the trust that is generated among the RIC Private Equity partners themselves and among the Canaries who have RIC endowments pending materialization. “We want to offer them to invest with us, as do our reference partners, since we want to be a benchmark and a safe alternative that allows consolidating tax savings in tractor sectors for the economy of the Islands”, explains the CEO.
The investment vehicle has been registered with the National Securities Market Commission (CNMV) since October 2019. In addition, it operates so that the back is always covered so that there are no subsequent surprises. The disparity in the interpretation of the RIC between the Canarian companies –their advisers– and the inspectors of the Tax Agency (AEAT) has resulted in cases in the judicialization of operations and, even, in the obligation to return the tax benefit plus the interests.
RIC Private Equity raises the actions a priori to the Government of the Canary Islands, which if it has nothing to object, issues a certificate of suitability for the project. But in addition, it also crumbles it before the AEAT, which clears the way for subsequent and, sometimes, onerous discussions.
It is “the greatest socialization that can exist conceptually of the money coming from the RIC”, says Guerra about this “indirect materialization vehicle” to which “any company, businessman and professional” that has pending to materialize endowments can be added.
Regarding profitability, if an investor contributes 100,000 euros in December 2021, the last moment to materialize the provision corresponding to the 2016 financial year, the payment that he evaded is avoided by taking advantage of the RIC plus an accumulated default interest of 18.75 %. On June 30, 2022 (if the investor is a natural person) or on July 25, 2022 (if it is a commercial), for the amount invested in December 2021, the investor no longer has to pay 47,500 euros (if he is a person physical), or 29,688 euros (if it is a company).
In addition, once the time foreseen for the investment has ended, in December 2026 RIC Private Equity will buy back your shares and pay you the same 100,000 euros that you invested. In other words, in the entire operation a natural person would have obtained 11.71% profitability and 6.74% a commercial company. “This is the minimum profitability that the RIC Private Equity investor aspires to,” explains its CEO.
The pandemic slowed down the launch of this project, although it also gave more scope to finish outlining the edges. In addition, the break offered more time for debate and in-depth study of the lines to follow, both with partners and potential investors.
Although the initiative starts in the tourism field, RIC Private Equity has already announced that it will not be limited exclusively to this economic activity. «In the renewable sector, we are determined to support the pilot project that Canaluz Infinita is carrying out for the energy reconversion of El Goro, Telde, which will constitute the first energy community of an industrial estate in the Canary Islands and whose works will begin in 2022 and will last at least two years ”, Enrique Guerra advances.