Unbeatable tax incentives: 50% - 45% tax rebate, ZEC, RIC
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 50%-45% "tax rebate". You must invest at least one million euros in the Canary Islands or 200,000 euros for animation and postproduction projects 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 50%-45% from business tax, instead of the 30%-25% 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%.