THE LOWEST TAX REGIME WITHIN THE EUROPEAN UNION LEGAL FRAMEWORK
With a geographically strategic location, the island of Gran Canaria has become a magnet for many very different business ventures. While a Swedish company will soon launch zero gravity trips to the space from the island, scientist from all over the world are scrutinizing the deep sea searching for the magical chemistry isolated in algae. Due to its geographical location between Europe, Africa and America, the island has also become a strategic meeting point, especially for those with business in the oil rich area of West Africa. The island offers a Special Tax and Economic Regime (REF) in the frameworks of the European Union, with the lowest corporate tax of Europe at 4% and reduced Indirect Tax (IGIC) to 7%. Investments can also benefit from 90% of profit exempted to taxation within the Investment Reserve (RIC) and from the Special Economic Zone (ZEC).
But the island is specially known for its weather, mild all year round, and its long sandy beaches that attract almost four million tourists per year. Even Hollywood has set an eye on the island. The combination of geography, location and economic incentives with 38% tax deduction against 18% in the rest of Spain make Gran Canaria a very attractive movie set. “Wild Oats”, the latest movie of Demi Moore, was recently filmed there.
Why to Invest
Global Gulf Consulting has recently released the first investment and tourism report on Gran Canaria published in the Gulf Region. Strategically chosen, Oryx, Qatar Airways inflight magazine, will serve as the island springboard to promote the local investment opportunities in the wealthy Gulf States.
Qatar Airways is the fastest growing airline of the world and the only 5 stars travelling experience. With an aggressive growth strategy it flights 16 million passengers connecting them to more than 130 worldwide destinations.
It has shown a 35% growth year-on-year for the past 10 years with 250 aircraft currently in order.
FindMe in Gran Canaria Contributors
◦ José Manuel Soria, Minister of Industry and Commerce of Spain
◦ Hussein Mansour, Qatari Ambassador to Spain
◦ José Miguel Bravo de Laguna, President of Gran Canaria
◦ Jimena Delgado-Taramona, Director Gran Canaria Economic Promotion Society (SPEGC)
◦ Beatriz Barrera, President Canaries Special Zone (ZEC)
◦ Juan José Cardona, Mayor of Las Palmas
◦ Sergio Arencibia, Commercial Director of Lopesan
◦ Luis Ibarra Betancor, President of Las Palmas Port
◦ Sergio Arencibia, President Emicela
◦ Luis Padrón, Ambassador of Casa Africa
◦ José Regidor García, Rector University of Las Palmas
◦ José Sánchez Tinoco, President of the Chamber of Commerce
◦ Melchor Camón, Tourism Councillor of Gran Canaria
◦ Pablo Barbero, Tourism director of Las Palmas Municipality
◦ Alberto Martín Rodríguez, Director of Las Palmas International Airport
◦ Agustín Manrique de Lara, President of the Confederation of business people of Gran Canaria
◦ Germán Suarez, Astican
◦ Sergio Alonso, President Domingo Alonso
◦ Alexis Lozano, Director Prensa Canaria
◦ Jacinto Artiles, Director Escoex International Business School
◦ Angel Luis Tadeo, Director Grupo Dunas
◦ Armando Rodriguez, Marketing Manager Hermanos Domínguez
◦ Wolfgang Kiessling, President Loro Parque
◦ Octavio Llinás, Director PLOCAN
◦ Juan Ruiz Alzola, Director Agency of Investigation, innovation and information technology.
◦ José María Mañaricúa, President Gran Canaria Spa, Wellness & Health
◦ Bruno Berheide del Rio, Banco de Algas.