WE ARE YOUR PARTNER IN THE CANARY ISLANDS
Fiscal Incentives: The best in the world with up to 54% CASH REBATE & 0 % VAT
In the Canary Islands we have a specific tax regime (REF) which allows us to offer international production companies much greater tax incentives than in the rest of Spain, making it the most powerful and effective production incentive in the world. You’ll be able to pay back your bridge loan in up to 1 year maximum.
54-45% deduction for foreign and Spanish productions (tax/cash rebate)
- We provide production services for foreign and Spanish films and series
- 54% Tax deduction for the first million euros spent in the Canary Islands, and 45% thereafter.
- Minimum expenditure: EUR 1 million
- The Canary Islands Special Zone (ZEC), setting up companies in the Canary Islands at a reduced rate of 4% on Corporate Income Tax, which is compatible with the above mentioned tax reliefs
- 36,000,000€ QUOTA deduction maximum limit for feature films
- 18,000,000€ QUOTA deduction maximum limit per episode, for TV series
Eligible expenditure in the Canary Islands directly related to production
- Creative team with residence in the European Community
- Spending on technical industries and other suppliers
- The local production or service company must be resident for tax purposes in the Canary Islands.
- The total cost of production will be at least EUR 2,000,000.
- Investments in feature film, TV series, animation, documentary and short film production
- 54-45% tax credit for investments in Spanish productions and co-productions.
- Investments in the production of feature films, TV series, animation, documentaries and short films.
In addition, audiovisual works, except for advertising works, which are produced through a production service, can benefit from 0% IGIC.