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Próspera Key Terms
Daniel Frazee avatar
Written by Daniel Frazee
Updated over 11 months ago

Council of Trustees (Próspera Council)

The Council of Trustees is a public trust vested with governance authority alongside the Technical Secretary in Próspera. It consists of nine seats, one of which is filled by the Technical Secretary. The remaining eight seats are filled by four persons selected by all Residents and four persons selected by the Promoter and Organizer. The Council of Trustees includes members designated Council Treasurer and Council Secretary. The Council Treasurer is responsible for financial tracking, reporting and overseeing audits, while the Council Secretary certifies the official record of proceedings, acts as revisor of rules for publication, and must be present for quorum of the Council to exist in all but emergency circumstances. Council members serve seven year terms. The Council of Trustees is designed initially to align incentives with the rapid development of Próspera consistent with the vision of its promoter and organizer, but it will eventually transition to invite robust democratic engagement by residents.

Legal Stability Guarantee

A legal stability guarantee is a feature of physical residency in Prospera. It is an agreement that protects the resident against any adverse change in the law. This means that the resident will not be subject to any new or amended Prospera tax law or any new or additional Prospera rule that significantly impairs, restricts or diminishes any legal right or obligation created or imposed by the Declaration, as long as they maintain their agreement and are in good standing. This guarantee is particularly important for businesses looking at long-term operations, providing them with legal stability for the future.

Special Economic Zone (SEZ)

A special economic zone (SEZ) is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country's national borders, and their aims include increasing trade balance, employment, increased investment, job creation and effective administration. To encourage businesses to set up in the zone, financial policies are typically introduced. These policies typically encompass investing, taxation, trading, quotas, customs and labor regulations.

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