Business
Spain’s economy minister says ‘overtourism’ challenges need to be addressed
Spain’s Economy Minister Carlos Cuerpo speaks during an interview with The Associated Press at the Economy Ministry in Madrid, Spain on June 10. (AP)
MADRID, June 11, (AP): Spain’s economy minister says the millions of tourists who visit the country every year present a challenge for Spain’s residents that the government can no longer afford to ignore. Last year, Spain received a record 94 million international visitors, making it one of the most visited countries in the world. It could receive as many as 100 million tourists this year, according to some projections.
“It’s important to understand that these record numbers in terms of tourism also pose challenges,” Economy Minister Carlos Cuerpo said in an interview Tuesday with The Associated Press. “And we need to deal with those challenges also for our own population.” Tourism is a key sector for the Southern European nation’s economy, which grew faster than any major advanced economy last year at 3.2%, and is projected to grow at 2.4% this year, according to the Bank of Spain, well ahead of the expected eurozone average of 0.9%.
But a stubborn housing crisis in which home and rental costs have skyrocketed in cities such as Madrid, Barcelona and elsewhere has led to growing frustration about one aspect tied to tourism in particular: the proliferation of short-term rental apartments in city centers. The country has seen several large protests that have drawn tens of thousands of people to demand more government action on housing. Signs at demonstrations with slogans such as “Get Airbnb out of our neighborhoods” point to the growing anger.
In response, the government recently announced it was cracking down on Airbnb listings that it said were operating in the country illegally, a decision that the company is appealing. “We are a 49 million-inhabitants country,” Cuerpo said. The record numbers of tourists illustrate the “attractiveness of our country, but also of the challenge that we have in terms of dealing and providing for a good experience for tourists, but at the same time avoiding overcharging (for) our own services and our own housing,” he said.
The Bank of Spain recently said the country has a deficit of 450,000 homes. Building more public housing is critical to solve the problem, Cuerpo said. Spain has a lower stock of public housing than many other major European Union countries. “This is the key challenge for this term,” the minister said of the country’s housing woes.
Beneficial owner registration hits 98% as Kuwait strengthens Anti-money laundering measures.
KUWAIT CITY, June 12: The Ministry of Commerce and Industry announced on Thursday that 98 percent of commercial entities in Kuwait have completed registration of their beneficial owners (BEN) following the ministry’s deadline on Wednesday. This high registration rate reflects strong compliance with regulatory requirements aimed at enhancing transparency and combating money laundering.
The ministry’s spokesperson, Abdullah Al-Harz, informed Kuwait News Agency (KUNA) that a total of 3,007 commercial entities failed to disclose their beneficial owners by the deadline and will face financial penalties estimated at KD 3 million (approximately USD 9.8 million). Fines start at KD 1,000 and can escalate to KD 10,000 for continued non-compliance.
Al-Harz detailed that 148,108 out of 151,115 active commercial entities completed the beneficial owner registration during the allotted period. Among these, 111,838 out of 114,339 active personal companies registered, achieving a 97.8 percent registration rate. Sole proprietorships numbered 35,066, with 34,701 registered, representing a 98.9 percent compliance rate. Joint-stock companies accounted for 1,710 active entities, with 1,569 registered, reflecting a 91.7 percent rate.
He emphasized that the 3,007 companies that did not meet the registration deadline will be penalized according to applicable legislation.
The spokesperson also highlighted the ongoing importance of adhering to transparency controls and regulations to improve Kuwait’s business environment in line with international standards.
Earlier this month, the Ministry of Commerce and Industry set a final 10-day deadline for institutions and companies to disclose the identity of their beneficial owners — defined as the individuals exercising ultimate control over the companies — to avoid legal actions and fines.
This initiative is part of Kuwait’s broader commitment to strengthening transparency and complying with global standards against money laundering and terrorist financing. The ministry stressed that disclosure reflects companies’ seriousness in maintaining organized data and enhancing their credibility.
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