Although officially part of Spain, the Canary Islands' location, just a stone's throw from the northwest cost of Africa, means that the archipelago has a somewhat distinct identity, not least the fact that it has a subtropical climate twelve months of the year.
The climate, together with the low cost of living have long made the Canaries a destination of choice for the British expatriate, many of whom have been tempted to change their second home in the Canaries (vivienda secundaria) to their primary address and place of residence.
Being outside the European Union customs territory and VAT area, the Islands have a local Sales Tax (IGIC) which has a general rate of 7%, an increased tax rate of 13.5%, a reduced tax rate of 3% and a zero tax rate for certain basic need products and services. The cost of living is low, but the Tax system in respect of work, savings, and pensions can be tricky to negotiate, especially for those expats with little in the way of Spanish language.
Make your money work in the Canary Islands
Here at Blacktower we specialise in ensuring our clients have access to the most suitable financial products and services wherever they may be in the world. We can help non-Spanish speakers negotiate some of the complexities of the finance systems in The Canary Islands, ensuring that all formalities are handled so that your financial future is as secure as possible.
Based in Tenerife, our representatives in the Canary Islands can help you with QROPS and SIPP pensions advice, taxation issues, inheritance tax planning, asset and wealth management and more.
Talk to one of our team for advice and information today. You can get in touch either by completing the contact form above or by calling our office on + 34 822 680 037.