Legal framework within the European Union

Gran Canaria is part of the Canarian Autonomous Community, one of the 17 such communities that make up the Kingdom of Spain, all of which enjoy a high level of political autonomy.

 

On Gran Canaria, the State maintains its competences in the management of ports and airports, part of the fiscal system and matters of public safety.

 

Like the rest of Spain, Gran Canaria is part of the European Union and the Euro Zone. Consequently, its currency is the euro and it participates in the Single European Market, including its customs regulations.

 

However, the Canarian Economic and Fiscal Regime (REF) enables Gran Canaria to offer significant fiscal and economic incentives that represent a real attraction to foreign investors.

 

As a result, economic instruments allow that a large amount of companies benefit from incentives such as the Special Canary Zone (ZEC), which the most attractive tax incentive in the European Union, establishing a Corporate Income Tax rate of 4%, in comparison to the European average of  25%-30%; and the Free Trade Zone of Gran Canaria, which offer customs and tax advantages and legal certainty.

 

The Canary Islands received more than 3,400 million euro of gross foreign investment  during the period 2005-2011.

 

For its condition as an Ultraperipheric Region (RUP), the Canary Islands have access to funds and economic instruments specific in Spain and the European Union which benefit the economic and social development.

 

A high level of safety favours 
commerce,
 stability and the economic development of the island where some international companies and instituions are now based due to its geographic conditions. The diplomatic headquarters of "La Casa de Africa" (The House of Africa) is based in the islandas well as the representation of the Executive Committee of the Advisory Council for the Trade with Occidental Africa aka CAPCAO, and the presence of 40 consulates.

 

 

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