UNBEATABLE TAX INCENTIVES: 35% TAX REBATE, ZEC, RIC - Why Tenerife - Tenerife Film Commission

Unbeatable tax incentives: 35% tax rebate, ZEC, RIC

Unbeatable tax incentives: ZEC, RIC and 38% deduction
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The Canary Islands offer many options to benefit from our tax incentives. If you are a foreign producer and you shoot in the Canaries, you can qualify for a 35% "tax rebate". You must invest at least one million euros in the Canary Islands and hire a local production company. It’s a fantastic opportunity!

If your production is Spanish and is officially stamped “Canary Islands Work", you can invest RIC (Canary Islands Investment Reserve) into the production and deduct 38-40% from business tax, instead of the 18-20% applicable on the Spanish mainland.

And don’t forget that you can set up your production company within the ZEC (Special Canary Zone), where you pay tax rates of only 4% whereas the average in the rest of Europe is 25%.