Canary Islands’ Tax Incentives for Science Drive Employment in R&D

Researcher at Arquimea Center

Over the past three years, the region has witnessed an impressive 50% surge in individuals dedicated to the R&D sector across the archipelago. The number of professionals engaged in this sector, both within corporate entities and as independent researchers, has reached its zenith, a milestone unseen since 2009.

At the heart of this shift lies an enticing prospect for enterprises: a scientific endeavor funded by a company situated in the Canary Islands can avail itself of enticing tax deductions, allowing research to be conducted at remarkably reduced costs. The driving force behind this advantageous provision is none other than the Economic and Fiscal Regime (REF) of the Canary Islands. Through this framework, companies are accorded the opportunity to deduct up to 100% of the funds allocated to scientific pursuits, with a particular emphasis on the initial two years of activity.

Success case

Rubén Criado, an individual who embarked on this journey, underscores the allure of the Canary Islands’ R&D incentives. “The decision to establish our presence in the Canary Islands was greatly influenced by its superior R&D incentives compared to other locales,” Criado shared. His own venture, the Arquimea Research Center, emerged just before the onset of the pandemic. As a division of the technological powerhouse Arquimea, the center was conceived with the dual mission of “pioneering novel technologies” and “harnessing the potential of those technologies that hold promise for product creation.” Fast forward three years and Criado now stands as the esteemed General Director of this institution, steering a talented cohort of 100 dedicated researchers.

In the dynamic intersection of fiscal incentives and scientific aspiration, the Canary Islands are fostering a landscape where innovation thrives, industries flourish, and the promise of meaningful breakthroughs beckons.

📸 A researcher from Arquimea conducts tests on a robot crafted at the center. CARSTEN W. LAURITSEN

Written in Spanish by: Verónica Pavés

Source: La Provincia, Diario de Las Palmas