Honduras Approves Law on Charter Cities

Congress has approved a law governing the Special Development Regions (REDs in Spanish).

Friday, July 29, 2011

The law states that the REDs are allowed to have their own budget, the right to collect and administer their own taxes, to determine the rates they charge for their services, to hold all types of contracts that extend to the next period of government, and manage their own internal and external debts as long as they have the approval of the State of Honduras.

The law details how this development model is an entity of the State of Honduras created with the purpose of accelerating the adoption of technologies for high end value added production, within stable transparent regulations, capable of attracting national and foreign investments.

Additionally, it states that the REDs are part of the State of Honduras and are subject to the state on all issues related to sovereignty, national defense and foreign affairs, electoral matters, issuance of identity documents and passports.

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