Taxation in the Canaries: tips to follow

 

Taxation in the Canaries: tips to follow
One of the most beautiful paradises. The tropics - Europeans are loved by the whole world for a variety of reasons. The breathtaking landscape of undisputed beauty is not the only reason that drives hundreds of tourists each year to move and buy a house in the Canaries.


Made up of two large islands, Gran Canaria and Tenerife, with the smaller ones added, it has become a popular destination for those who are tired of paying heavy taxes, especially at the building level.

 


In fact, the Canaries have a very low taxation also in relation to Spain itself. Moving to Spain and maybe even buying a house in Spain is a very convenient choice, but it is a perfect choice for those who do not want to give up luxury. In fact, the latter's satellites, the Canary Islands, enjoy wide-ranging administrative and financial autonomy.
What are the tools to know and the opportunities connected?

                                      
First of all, in order to benefit from the various facilities, it is necessary to have a tax residence. To get it you need more than 183 days spent on an island in a year. Many countries that have a convention with the Spanish government avoid double taxation.
The fundamental and unique feature at the fiscal level is RIC (the Reserve for Canary Investments). What does it consist of? In short, it allows us to accumulate a portion of our profit at the end of the year without it being subject to taxation. Ideal for those who want to buy a second home.


Another opportunity is given by the DIC, Deduction for Investments in the Canaries which, instead of acting on profit, is paid on the tax.
How? It is possible to set aside up to a third of the taxes that we have to pay, thus allowing the payment of two thirds of the tax itself.
These elements offer the possibility as well as numerous guarantees to make investments in each sector. The profits set aside thanks to these two instruments allow the reinvestment of the same. The real estate sector is the most profitable as the houses purchased can be easily rented and the proximity to the sea allows the property to not lose progressively value.
Prices range for a rent from 70 to 120 euros per night.
For the purchase we start from 180 thousand euros for houses in the center, increasing as you approach the coast.
Ideal for investors who do not want to lose the opportunity to buy or sell real estate in a part of paradise.

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    Taxation in the Canaries: tips to follow

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