Why Canary Islands is an Entrepreneurial Paradise, and not a Fiscal Paradise!
The Guardian News published an article ranking Santa Cruz de Tenerife in it’s top 5 places in the world to live! But why has this popular tourist destination ranked so highly with business highflyers, and what secrets does it really have to offer?
Christopher Pennington, Founding member of CIC group was recently interviewed by another publication for British Airways’ inflight magazine as to why the Canary Islands have such a gravitational pull on industry and business leaders, with more than 600 international businesses recently establishing a base there.
“The Canaries have many reasons why they’re becoming a key place of influence for fast growing and profitable businesses. Being on the same timezone as London yet located withing the Eurozone is a key advantage, the islands have direct daily flights to more than 180 destinations and more than 400 weekly flights direct to the UK. The Corporate Tax Rate for International businesses in the Canaries is just 4% through the Onshore EU Tax Incentive (ZEC) which means fast growing companies reduce their corporate tax bill by 80% in sone cases.
Cost of living in the Canaries is seriously lower than elsewhere in Europe, standard of living is high which is why companies find it easy to attract top talent to the islands as well as access to the educated, young, bi-lingual workforce already available.
Having helped US companies to establish a management centre to conduct EU operations along with numerous UK companies to avoid Brexit uncertainty by establishing and EU subsidiary and maximise net profits, it’s clear to see this trend continuing for many years to come”.
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