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Friday, 10 June 2011

Access to Attractive Tax Incentives in Canary Islands

The Canary Islands historically benefit from different and stable economic and fiscal treatment in order to compensate for the effect of its insularity and remoteness. Thus, they have their own Economic and Fiscal Scheme (REF), Law 19/1994 on the Economic and Fiscal Scheme of the Canary Islands, subject to Spanish law and fully authorized by the EU.

The REF includes a series of tax incentives related to creating and developing business, some of the most outstanding of which are:

The Canary Islands Special Zone (ZEC), to which a 4% Business Tax applies (instead of the 30% under the General Scheme).

The Reserve for Investments in the Canary Islands (RIC) allows for a reduction of up to 90% of undistributed profits on the Business Tax base.

Exemption from the Tax on Property Transfers and Documented Legal Acts for the constitution, expansion and acquisition of investment assets.

Advantages of the Indirect Canary Islands General Tax (IGIC) related to VAT with a general rate of 5%, zero application to certain products and services like telecommunications or for the acquisition of investment assets as well as a limit for operating volume.

50% tax credit on the profits obtained for the sale of corporeal goods produced on the Canary Islands.
Significant tax deductions for investments made in sectors of interest.

Two duty-free zones of the five existing in Spain. The companies that set up in Canary Islands duty-free zones can also receive all other benefits offered by the REF.

These incentives mean that the Canary Islands is highly attractive to investment tax-wise; but they are not a fiscal paradise.


If you want to buy property in Canary Islands contact info@goldacre-estates.com, call 0034-928535044, or browse options at www.goldacre-estates.com.

Source: Proexca

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