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Why Gran Canaria?
Through the document “Invest in Gran Canaria” we provide you the necessary information to let you know what makes of Gran Canaria an attractive destination for investment.
Profile and general characteristics
Gran Canaria is integrated in the European Union and offers legal certainty for its investors. A suitable strategic location, with excellent infrastructures and communications, that permits easy connections with Europe, Africa and the Americas.
It is a consolidated touristic destination in the international market, with a wide range of hotel and non-hotel accommodation and leisure offer, in a very attractive environment and excellent life conditions, that provides opportunities to develop business in this sector.
The island’s research centres, skilled human resources, logistic conditions and attractive framework of incentives, favour the development of innovative and technological activities. The marine and maritime sectors and those related to information technologies or the environment, offer significant development opportunities on the island.
Tax credits and tax benefits for investment (Annex I)
While the Spanish Tax System is applied to Gran Canaria, the island’s “special status” within the European Union permits it to have reduced direct and indirect taxation as well as various fiscal incentives and economic aid for business investment.
Reduced Taxation
- Canary Islands Special Zone (ZEC). A low Corporation Tax Zone (4%) that promotes the establishment of new businesses, conditional upon minimum levels of investment and job creation.
- Discount for production of tangible assets. An incentive that offers a 50% reduction on tax liability on profits attributed, to production and industrial activities.
- Canary Islands General Indirect Tax. A tax that is similar to VAT but specific to the Canary Islands and with lower applicable rates. The general rateis 7%.
- Special taxes. The taxes on fuels, alcoholic drinks, and certain types of transport are significantly lower than those in the rest of the European Union.
- Gran Canaria Free Zone. A customs-free zone in which goods can be stored, transformed and distributed for an unlimited period of time without the imposition of tariffs or taxes.
Fiscal Incentives for Investment
- Canary Islands Investment Reserve (RIC). An incentive that reduces the tax burden on up to 90% of company profit if it is allocated to certain investments linked to the growth of the activity.
- Deduction for investments in Fixed Assets. An incentive that provides a 25% deduction on the taxable amount of investments in fixed assets.
- Greater deductions, related to the Spanish general tax regime, for investments in activities such as R+D+i, vocational training and Information Technologies.
Addresses (Annex II)
In this section you will find all the addresses that can be useful when investing in Gran Canaria, as official institutions, clusters, associations, professional associations, consulates, hospitals, bilingual schools, residences and other useful addresses.
