The IT industry in the Canary Islands in one of the largest sectors. The Islands have a digital ecosystem with more than 1000 IT companies, more than 100 start-ups, more than 45 coworking spaces and 3 technology parks. Why is the IT industry so popular in the Canary Islands?

Advantageous location:

Due to its proximity to the West African coast, the Canary Islands are ideal for the development of technology as well as involvement in the technology revolution that is occurring in West African countries. Despite only being 60 miles from the African coast, the Canary Islands also have a perfect platform in order to play a key role in the European technology industry.

Quality infrastructure and workforce:          

The Canary Islands are a top destination for digital nomads thanks to the modern technological infrastructure and telecommunications technology. Across the islands there are many universities and professional training centres creating a skilled workforce to fuel the economy.

Financial incentives:

• The Canary Islands has the lowest corporate tax rate in Europe at only 4%.

• The Canary Islands offer R&D tax credits of 45% for research and development in technological innovation.
• Reserve for Investments in the Canary Islands (RIC)- up to 90% tax relief
• The Canary Islands have their own Economic and Tax System (REF) which is fully approved by the EU and applies double taxation conventions and fiscal transparency.