Why invest in the Canary Islands

The Canary Islands are an archipelago of islands off the west coast of Africa, and are therefore located in the Atlantic Ocean.

Contrary to what is often mistakenly thought, the Canary Islands are not independent, on the contrary, they are part of the Spanish Republic, constituting an extraterritorial Spanish territory.

Precisely because of the injustice of the mother country, the Canary Islands can benefit from certain tax breaks with the help of the European Commission.

And it is precisely because of these benefits that the Canary Islands represent a very windy place for investors.

The Canaries are also part of the ZEC, "Zona Especial Canaria ",or a special economic zone that allows them to have much lower taxes compared to their Mediterranean compatriots.

Tax regime in the Canary Islands

As already anticipated a little, the Canary Islands have a privileged tax regime compared to the rest of Spain, to say the least, but why the European Commission granted this particular status, the answer lies precisely in its geographical situation, so that precisely because of its alliance with the rest of Europe, the Canary Islands could be the target of massive emigration to European countries, so these benefits are granted to favour the economic and social development of the island.

No VAT and reduced taxes

Among these benefits, one of the main ones in the Canary Islands is precisely the absence of VAT on primary goods, while on the rest of goods and services VAT is only 13%, less than the Italian 22%, and it is no less a benefit to bear in mind the quality of the goods and services that are sold on a daily basis in the Canary Islands.

Investing in real estate

The first investment to be made will concern the real estate sector, guaranteeing the absence of challenges to new constructions and such a constant flow of tourists, that it is not difficult to understand that this is a safe investment in cases.in fact, once the buildings are constructed, it will be possible to rent them to tourists or even sell them with a significantly higher return than in other places.

The Canarian economy is in a special frenzy at the moment, construction is growing and the economy is working and foreign tourism is contributing greatly to the growth.

The services are offered online, the best place to move to tax residence and precisely to the Canary Islands, this is why by moving you can benefit from the preferential regime we have a moment ago and therefore you can get a better benefit with a clear reduction of the debts to be paid by you. What is needed to have tax residence in the Canary Islands? Simply if you are a European citizen, you stay 6 months a year in the Canary Islands, you have a flat or an annual purchase contract.

Reverso in the Canary Islands for restoration

Another very interesting investment in the Canary Islands is the restaurant business, precisely as an activity closely linked to tourism. The best places to open a restaurant and relocate to the Canary Islands are Lanzarote and Fuerteventura, two very well known islands frequented by very famous personalities of the international scene, Tenerife and Las Palamas are the largest islands and undoubtedly also offer great investment opportunities.