We update our tax guide with the latest changes of 2024

The Economic Promotion Agency of Gran Canaria (SPEGC), through its initiative Best In Gran Canaria, has released an updated version of its tax guide, providing comprehensive information on the current tax regulations in the Canary Islands.

This document, prepared in collaboration with PricewaterhouseCoopers (PwC), is annually renewed and aims to offer interested parties up-to-date information in an accessible and straightforward manner.

Designed for companies and entrepreneurs operating in or considering expansion to Gran Canaria, the guide highlights the opportunities offered by the Canary Islands Economic and Fiscal Regime (REF). Its ultimate aim is to enhance technical knowledge about investment prospects on the island, ensuring Gran Canaria’s position as a regional leader in attracting new businesses and promoting economic diversification.

The 2024 edition introduces several important updates, including the implementation of a minimum corporate tax and its impact on REF-related incentives. It also addresses changes in the cumulative application limits of REF aid, following the guidelines on state aid for regional purposes, and the removal of the annual €50 million cap for sectoral aid to audiovisual productions.

Canary Islands continue to lead in terms of favorable tax conditions for new economic activities, maintaining the lowest tax rates in the country thanks to the Canary Islands Special Zone (ZEC) and specific reserves like the Canary Islands Investment Reserve. Additional benefits include higher deduction percentages compared to the rest of Spain, exclusive deductions such as those for new fixed assets, and higher aid application limits than any other region in the state.

Best In Gran Canaria is an initiative driven by the SPEGC, under the Cabildo de Gran Canaria, with the mission of promoting and facilitating international investments on the island. It brings together 14 public entities to support this goal. The tax guide is part of the broader efforts to attract companies and investors to Gran Canaria by offering valuable advice and insights.

This document, available for free download in both Spanish and English, serves as an essential resource for businesses and investors seeking to take advantage of the unique fiscal benefits Gran Canaria has to offer.