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Canary Islands

Trust and expertise are key to ensuring financial peace of mind for expats in the Canary Islands.

Discuss

your general wealth management needs

Plan

overseas asset management

Help

with pensions, savings & investments

Average yearly wage

23,000 EUR

Average retirement age

65 years and 10 months

Average weekly working hours

38.5 hours

Currency

Euro (EUR)

We are one of the most comprehensive and experienced wealth management companies around and our range of holistic financial planning services covers all your needs whether you are in the world.

Living in the Canary Islands

The Canary Islands in Spain are a paradise of sunshine, biodiversity, and Spanish culture that no place in the world can match. After all, where else can you find 65-million-year-old subtropical forests in a warm, comfortable climate where turtles swim in volcanically warmed seas while the best tapas in the world is served on the shores?

The seven inhabited islands have something for everyone, with spectacular landscapes and national parks for nature lovers, cosmopolitan cities for modern living, and historic towns brimming with rich heritage.

Thanks to a large community of expats, the majority of whom speak English, language need not be a barrier when moving to the Canary Islands. However, professional financial advice from Blacktower can help you make sure your transition to the islands is smooth, and leaves you in the best possible position once you’re settled.

Cost of living in the Canary Islands

  • Pint of beer: 2.31 EUR (£2.06)
  • Cappuccino: 2.03 EUR (£1.81)
  • Meal in a restaurant: 10.16 EUR (£9.06)
  • Monthly public transport pass: 34.33 EUR (£30.61)

Benefits of living in the Canary Islands

The Canary Islands offer a unique quality of life, thanks to their location in the North Atlantic Ocean, their volcanic geography and their diverse history and heritage.

Tax advantages

For business owners and entrepreneurs, the Canary Islands is a uniquely advantageous place to live because of the Canary Islands Special Zone (ZEC), which means companies incorporated there only have to pay 4 per cent corporation tax, compared to 25 to 30 per cent elsewhere in the European Union. What’s more, dividends distributed by subsidiaries in the ZEC to parent companies in the EU are exempt from tax, and companies in the ZEC pay no transfer tax or stamp duty. If you are a business owner or you are keen to start a business in the Canary Islands, Blacktower can advise you on the many tax benefits the region has to offer, including remarkably low VAT compared to the rest of Spain.

Affordable luxury

The cost of living in the Canary Islands is dramatically lower than other parts of Spain, with rents 39.19 per cent lower than in Madrid and groceries 10.4 per cent lower than in Barcelona. But the added value offered by the islands comes in many forms. Las Palmas, sitting in the middle of the ocean where trade winds constantly breeze through, boasts the cleanest air of any Spanish city and studies have found that it benefits from the most pleasant urban climate in the world. Add to that the slower pace of life and the abundant natural beauty of towns, cities and villages on the Canary Islands and you start to get a sense of the wellbeing they offer their inhabitants.

Exciting prospects

People often think of the Canary Islands as a remote getaway, and it can certainly provide tranquillity if you want it, but life is very much thriving on the archipelago. Gran Canaria in particular has the fast life on tap, with its excellent schools, an outstanding university, modern healthcare facilities and transport networks, and an airport with regular flights all over Europe and Africa. Moving to the Canary Islands gives you the best of both worlds if you want an aspirational lifestyle in a laid-back atmosphere.

Best areas to move to in the Canary Islands

Whether you’re looking for a city brimming with history, a burgeoning metropolis, or a coastal paradise, there are places to live in the Canary Islands to suit everyone’s taste.

Las Palmas de Gran Canaria

  • Pint of beer: 2.75 EUR (£2.45)
  • Cappuccino: 1.52 EUR (£1.36)
  • Meal in a restaurant: 8.50 EUR (£7.58)
  • Monthly public transport pass: 35 EUR (£31.21)
  • Population: 378,517

One of the largest cities in Spain, Las Palmas is the capital of Gran Canaria, and along with all the trappings of a busy modern city, it offers a stunning beach as well as a delightful old town. Las Palmas and its surrounding area are home to most of Gran Canaria’s fee-paying international schools, and the University of Las Palmas de Gran Canaria has over 22,000 students enrolled across six campuses. The World Health Organisation ranked the air quality in Las Palmas as the best in Spain, making it a wonderful place to enjoy the open air markets, beautiful parks, al fresco dining and live music that take place throughout the year.

Santa Cruz de Tenerife

  • Pint of beer: 2 EUR (£1.78)
  • Cappuccino: 1.58 EUR (£1.41)
  • Meal in a restaurant: 10 EUR (£8.92)
  • Monthly public transport pass: 40 EUR (£35.66)
  • Population: 204,856

Santa Cruz is the art and culture hub of the Canary Islands, with its auditorium playing host to opera, ballet, world music and jazz throughout the year, and an annual blues festival taking over the city in June. Pedestrianised streets lined with bars and restaurants welcome shoppers and tourists, who can enjoy traditional Canarian food or cuisine from around the world. Santa Cruz is loved by residents young, old, and every age in between, with its stunning juxtaposition of architectural styles forming a beautiful cityscape nestled in the shadow of the Anaga Mountains.

Maspalomas

  • Pint of beer: 2.20 EUR (£1.96)
  • Cappuccino: 3 EUR (£2.67)
  • Meal in a restaurant: 12 EUR (£10.70)
  • Monthly public transport pass: 28 EUR (£24.96)
  • Population: 36,065

Lying just south of Playa del Ingles, Maspalomas is known and loved as a holiday resort and is famous for its thriving nightlife and spectacular sand dunes. If you want to blend the serenity of the Canary Islands with a social life that never stops, this buzzing resort town could be what you’re looking for, with its bustling shopping centres, outstanding restaurants, and modern gym facilities. Just 20 minutes walk from the town centre is Maspalomas beach and the dunes that have been a protected nature reserve since 1987. The dunes are an other-worldly place to escape the pace of life in the town, and nature lovers can find plenty more adventures in the rural areas around Maspalomas.

Managing your finances in the Canary Islands

The Canary Islands are a unique place to live, and they offer a unique range of financial benefits to residents.

Given the many regulations specific to the region, advice on tax planningpension planning, and pension transfer schemes can be invaluable as you prepare to build a happy, successful life on the archipelago. If you would like to discuss how best to manage your savings and investments as you plan your move to the Canary Islands, we can tailor a plan to suit your specific needs.

Our wealth management experts can assist you with SIPPs and QROPS as well as any other considerations you should be making before you begin your new life in the Canary Islands.

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 + 34 952 816 443.

Contact the Canary Islands Office

Ctra. Gen. C-822 Nº 61, Edif J. J. Garoé,
Valle San Lorenzo, Arona 38626 Tenerife, Spain

+34 952 816 443

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Blacktower was created to bring independent wealth management advice and financial planning solutions to a global client base. Since its inception over 30 years ago, the business has grown from strength to strength into one of the most recognised industry leaders.

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