3 levels of tax incentives for the animation industry in the Canary Islands
Filming in the Canary Islands
The magical world of the seventh art can encounter obstacles and difficulties when looking for the appropriate filming location. The landscape needs to fit the storyline, but also the budget, logistics and financial constraints.
Thanks to the Canary Islands Economic and Tax Regime, within the legal framework of the EU and Spain, the southernmost territory in Europe has become the ideal place to host film shoots. In the Canary Islands, you can enjoy a 50-45% deduction for investing in foreign productions or co-productions and up to 50-45% for Spanish productions. The Canary Islands Special Zone (ZEC) allows for companies to be set up in the archipelago with a corporate tax as low as 4%.
Audiovisual and animation industries
Film productions can also come from a computer. The size of the global animation industry was about USD 244 billion in 2015 and the Canary Islands cater for them too.
Companies such as ÁNIMA, TOMAVISION and B.Water can attest to the advantages of being based in the Canary Islands: excellent climate, work-life balance, qualified workforce and of course the above mentioned mind-boggling tax reliefs.
If you are in the film industry, including the wonderful world of animation, your every need will be taken care in the Canary Islands. Set up base there or go shoot, an outstanding local film community, arguably the best weather in the world and phenomenal tax advantages await you.