Through FYM Canary Islands your productions can avail up to 54% on the first million euros when eligible expenses in the Canaries exceed €1.900.000, 50% Tax Rebate on the first million euros of deductible expenses and 45% Tax Rebate on the rest of the expenses. These incentives apply for foreign films, fictions series or documentaries.
CANARY ISLANDS TAX INCENTIVES
The Canary Islands offer attractive tax advantages that are successfully applied to audiovisual production thanks to the Canary Islands Economic and Fiscal Regime (REF) within the legal framework of the EU and Spain.
THESE TAX INCENTIVES INCLUDE:
- Deduction for investment in foreign productions:
- Up to 54% on the first million euros when eligible expenses in the Canaries exceed 1.900.000€
- 50% Tax Rebate on the first million euros of deductible expenses and 45% Tax Rebate on the rest of the expenses.
- Maximum deduction base is EUR 18 million
- 0% VAT
WHAT KIND OF PRODUCTIONS QUALIFY?
Foreign productions of feature films leading to a master copy prior to its industrial produced copy: feature films, animation films, fiction series and documentaries are included.
WHAT REQUIREMENTS MUST BE MET?
The eligible expenditure for the Canary Islands must be at least 1.000.000€ including postproduction service works, VFX and animation:
- Hire FYM Canary Islands as a local service.
- The foreign production must have a minimum budget of €2 million.
- Maximum deduction of €18 million.