“The Canary Islands combine a great quality of life with unmatched taxation”

What is the current state of the Canary Islands in the national panorama?

Covid and its consequences have severely impacted the backbone of our economy, which is tourism, as in the Community of Valencia. We contained the tsunami thanks to measures such as RETEs, ICOR loans and, above all, extraordinary aid from both the government and our community to companies, moons and the self-employed. Therefore, thanks to this support, we are now growing in employment with historical figures and a power that contains very interesting opportunities. The closure highlighted some of the advantages of the Canary Islands, such as being a desirable destination for teleworkers from all over Europe and the world, a very interesting complement to traditional tourism. In addition, very strong opportunities have emerged under the protection of New Generation funds.

The Canary Islands are promoted in Valencia and other Spanish cities as one of the best destinations to do business in Spain and Europe. Tell us what “best kept secret” is, as the ad says. What advantages will Valencian entrepreneurs find in the Canary Islands?

The Canary Islands have two very attractive elements for investment. First, the climate—we are open all year round at the tourist level—and second, high quality of life, very well connected by sea and air, European environment, high legal security, first-class healthcare, a great educational offer, etc. It is an unbeatable destination in winter and mild summer temperatures also make us a very attractive destination.

The secret we are now revealing is our tax incentives, the benefits linked to our status as an ultra-peripheral European region, legal, transparent, sanctioned. We are not a tax haven, but we have very attractive 4% taxation on Corporate Tax with Reserve for Investments in the Canary Islands; or with a cut for investments in the Canary Islands, for example boosting the audiovisual industry and R&D. We combine high quality of life with unmatched taxation in the rest of the world.

They created the Canary Islands Hub brand to encourage companies to settle on the islands. Which sectors are they most interested in? What other countries are they targeting besides Spanish companies?

Most interesting for investors, it is linked to tourism, audio-visual space, blue economy, aviation and renewable energies with unrivaled conditions for the development of photovoltaic, wind, geothermal and green hydrogen. The cross of all this is innovation, computing and teleworking. Distance is no longer an inconvenience.

For peninsulas, the Canary Islands are first and foremost a tourist destination. Is it difficult to break this image or is it the basis for attracting investments from other sectors?

We are Europe’s leading destination for 100 million overnight stays per year. This tourism power opens the door to investment opportunities in other areas. The quality of life in the surrounding area has become a value highly appreciated by professionals. Our leadership as a tourist destination opens the door for us to be seen as the perfect place to build and set up business and life projects.

Companies need talent and human resources to grow. Could the Canary Islands have these resources?

No economy can be sustained without a determined commitment and proper management of human resources. The Canary Islands have made a significant effort to reduce school failure, we are committed to dual education, early education and active employment policies, placing the autonomous community among the best results in the country. There are good tax incentives and training tailored to the needs of companies relocating to the islands.

Do you have problems with overcrowding, price increases or housing?

Our effort in recent years has aimed at the highest quality rather than quantity. It is not to increase the number of hotel rooms, but to focus on improving the existing ones and to bet on projects that add value to the destination, respect the environment, and innovative ideas in terms of sustainability. Fewer tourists and more income per person per day.

Its climate, which is benign for 12 months of the year, is one of the big advantages, but global warming and sustainability issues can be a hindrance. What is the Canary Islands Government doing to minimize them?

Before Covid, we already knew that the environmental variable weighs more and more on a tourist’s decision when traveling to a particular destination. While the industry is making a commendable effort to reduce carbon emissions with biofuels and other formulas, aviation will continue to leave a CO2 footprint for several more years. But the only way to reach the Canary Islands in a few hours is by plane. What we are doing is developing sustainability policies at the destination to offset the potential carbon footprint of flying to the Canary Islands at the destination.

We have a very conscious industry in renewable energies, the water cycle, sustainable mobility, local production or zero kilometers, that has been serious, responsible and exemplary self-aligned for years, promoting the circular economy to minimize. carbon footprint. And this value is already known and very well known by tour operators in Europe. We are very close to turning the Canary Islands into a CO2-free destination.

Is the proximity of the Canary Islands to Africa a gateway for companies settling on the islands? How does the Government of the Canary Islands relate to the African continent?

Our commitment to consolidate the Canary Islands as a connecting platform between Europe, Africa and the Americas was agreed. There are several examples of very powerful companies established in the Canary Islands as a base for their operations in Africa. Our ports and airports are internationally recognized first class and we add to that a safe and adequate environment for workers and their families. And on the contrary, we already have cases of African companies establishing their European bases of operation in the Canary Islands.