Up to 54%
tax rebate for foreign productions
Basic requirements
- A million euros spent in the Canary Islands
- Minimum production budget 2 million euros
- Contracting a film producer registered with the Institute of Cinematography and Audiovisual Arts, (ICCA), who has his/her tax residence in the Canary Islands
- For Animation the mininum spent in the Canaries is 200.000€
Up to 54%
tax credit per investment in Spanish productions
Basic requirements
- Obtaining A Canaries Audiovisual Work Certificate
- At least 50% of the deduction base must correspond to expenditure incurred in Spain
4%
Corporate Income Tax rate
Basic requirements
Film companies based on the islands can benefit from a reduced Corporate Income Tax rate of 4% as ZEC entities (Canary Islands Special Zone), under the framework of the Canary Islands Economic and Tax regime, ranging the archipelago the perfect place to set up your business.
The Islands, being a Spanish Autonomous Community, are ruled by European Union regulations, which allow the free movement of citizens. The Euro is the official currency. As European residents they enjoy all the rights and privileges granted by the agreements concerning European citizens under the 1992 Treaty of Maastricht. More information about how to become a ZEC Entity.
0%
IGIC (Regional VAT)
Basic requirements
A zero rate is applied to the production of feature films, drama, animation or documentary series.
Canary Islands Audiovisual Production Certificate
In order to obtain the Certificado Canario de Producción Audiovisual, the company must be registered in the Registro de Empresas Audiovisuales de Canarias. The production must be of Spanish nationality and must also meet the following requirements:
- The contribution of the Canarian producer must exceed 20% of the cost of the audiovisual work.
- In the case of financial co-production, the contribution of the Canarian co-producer will not be less than 10% or more than 25% of the production cost.
- A minimum amount of time will be required to shoot in interiors or exteriors in the Canary Islands:
For full-length feature films:
- 11 days when the budget is less than two million euros.
- 14 days when the budget is between two and four million euros.
- 16 days when the budget is between 4 and 8 million euros.
- 18 days when the budget is from 8 million euros or more.
Exception: Only 9 days of filming, provided that a minimum accredited expenditure of 15% of the budget is made in post-production processes carried out in the Canary Islands.
For live-action series:
20% of the shooting time that makes up a season must be carried out in the Canary Islands.
Exception: Only 15% of the shooting time of a season, provided that a minimum accredited expenditure of 15% of the budget is spent on post-production in the Canary Islands.
Documentaries:
- No minimum time.
For animated works:
- 15% in the case of works with a budget of over five million euros.
- 20% in the case of works with a budget of less than five million euros.
For the calculation of production time in the Canary Islands, rendering work may not exceed 20% of the total production time.
The hiring of local personnel with residence or fiscal domicile in the Canary Islands will be required:
For feature films and fiction series:
- One person considered as creative staff.
- Nine technical staff from a minimum of five different teams.
For documentaries:
- At least two people (director, scriptwriter, composer of the original music, director of photography or executive producer) must be tax residents in the Canary Islands.
For animation:
- At least the team leader of the office in the Canary Islands, or failing that, animation lead, senior animator or dubbing actor/actress in lead or supporting role.
Contact us
hello@canaryislandsfilm.com
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