Incentivos

Incentives

Due to its outlying location, the Canary Islands enjoy a special tax regime. For this reason, the islands offer a set of tax allowances which are successfully applied to film production.

Due to the approval of the new Canarian Economic and Tax Regime ( REF) (1), which entered into force on 1st January 2015,  the Canary Islands has become one of the best places in Europe to host shootings. Economic benefits are added to the climate, natural resources, diversity of landscapes and a solid audiovisual sector with the latest equipment and also qualified proffesionals with enough experience to assist any need.

  • (1) RDL 15/2014, 19th December, ammending the Canary Islands Economic and Fiscal Regime
  • Law 27/2014, 27th November, Corporate Income Tax
  • (3) Law 3/2017, 27th June, General State Budget

50%-45% Tax rebate for international productions

50%-45%

Tax rebate for international productions

Basic requirements:

  • A million euros spent in the Canary Islands
  • Minimum production budget 2 million euros
  • Contracting a film producer registered with the Institute of Cinematography and Audiovisual Arts, (ICCA), who has his/her tax residence in the Canary Islands
  • For Animation and Postproduction the mininum spent in the Canaries is 200.000€

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50%-45% Tax credit per investment in Spanish productions or coproductions

50%-45%

Tax credit per investment in Spanish productions or coproductions

Basic requirements:

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Canary Islands special zone (ZEC)

ZEC

Canary Islands special zone

4%

Corporate Income Tax rate

Film companies based on the islands can benefit from a reduced Corporate Income Tax rate of 4% as ZEC entities (Canary Islands Special Zone), under the framework of the Canary Islands Economic and Tax regime, ranging the archipelago the perfect place to set up your business.

The Islands, being a Spanish Autonomous Community, are ruled by European Union regulations, which allow the free movement of citizens. The Euro is the official currency. As European residents they enjoy all the rights and privileges granted by the agreements concerning European citizens under the 1992 Treaty of Maastricht. More information about how to become a ZEC Entity.

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RIC The Canary Islands investment Reserve

RIC

The Canary Islands investment Reserve

0%

IGIC (Regional VAT)

A zero rate is applied to the production of feature films, drama, animation or documentary series.

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