top of page
  • Novara Capital Group

Five Reasons Why Companies Choose Canaries Over Spain?

The Canary Islands are one of the seventeen Spanish regions or autonomous communities into which Spain is divided and as such they form part of the European Union (EU) and of the Euro Zone. Located at a distance of just over 1,000 kilometres from the Iberian Peninsula and about 100 kilometres from Africa, the Canary Islands are positioned in the Atlantic Ocean as a strategic enclave between three continents: Europe, Africa and America.

Administratively, they are divided into two provinces: Las Palmas, made up of the islands of Gran Canaria, Fuerteventura and Lanzarote; and Santa Cruz de Tenerife made up of Tenerife, La Gomera, La Palma and El Hierro.

The cities of Las Palmas de Gran Canaria and Santa Cruz de Tenerife share the status of capital.

The unique natural conditions have established the Canaries for decades as a first-rate holiday destination, receiving over nine million foreign tourists a year and three million Spanish tourists who visit the Islands attracted by the climate and the friendliness of the people.

The conjunction of all these characteristics together with one of the best standards of quality of life in Europe and specific fiscal conditions, together with other specific characteristics which will be listed below, make the Canary Islands a business centre of great potential:

  • Enviable geo-strategic location – daily connections to 178 locations worldwide

  • Lowest onshore corporation tax rate in Europe. 4% – wealth creation for Directors and equity enhancement for shareholders

  • Qualified and competitive human resources – young skilled multi-lingual workforce at excellent rates

  • Excellent infrastructures of services and communications – constantly developing and a leader in clean-tech initiatives

  • Leading-edge technological research – institutions supported from global experts and organisations

  • Tenerife is the largest of the Canary Islands and has the highest population of 908,555. The main activity in the south of Tenerife is tourism and lags behind the business capital of Santa Cruz in terms of Infrastructure, Communications and Commercial Functionality, with Santa Cruz being the main headquarters for, Politics, Banking, Insurance and Shipping.

  • Total area 7.447 km² 1.114 Km. of coastline 257 Km. of beach

  • Average annual temperature 15ºC to 24ºC

  • Official language Spanish

  • Local time GMT winter BST Summer

  • Currency Euro

  • GDP 2009 41.411,271 millones _

  • Per capita GDP 2009 19.867 _

  • Population 2009 2.103.992

  • Population density 282,5 hab./km2

  • Tourist arrivals 2009 13.356.325

  • Working week 40 hours/week

  • Minimum wage 2009 €633,30 per/ month

  • Consumer price index 2009 0,5%

  • Infrastructure: Airports 8 (6 of them international)

  • Commercial ports 27 – Marinas 19 – Road network 4.467 km2


Novara Capital Group is an international tax & capital investment consulting firm. We specialise in Corporate Structuring, European Union Tax Incentives, IP Positioning, and Transactions / M&A. We provide intelligent corporate structures, advice, and an integrated service which cross delivers in businesses. We advise companies globally to accelerate international growth, optimise net profits, and enhance equity value leveraging Intellectual Property and Licences. Our in-house experts specialise in International Tax Law, Company Law & Cross Border Jurisdiction, Investment & Asset Management, Mergers & Acquisitions, and Operational Management.

Get in touch today to arrange an introductory conversation for more information.


London Tel: +44 207 129 7086

Spain Tel: +34 910 085 807

13 views0 comments


bottom of page