Tax advantages of the Zona Especial Canaria (ZEC) to Fuerteventura.

The Canarian Special Zone (ZEC) it's a special tax regime which offers significant advantages for businesses located in the Canary Islands.

Today we will explore how Fuerteventura, one of the main islands of the archipelago, is benefiting from these benefits.

We talk about it with Antonio Armenia, expert in this matter, to better understand how the ZEC is influencing the local economy and what opportunities it offers to investors.

What is the Zona Especial Canaria (ZEC) and why it was created?

The Canarian Special Zone (ZEC) is a tax initiative established by the Spanish government in 2000.

Its main objective is to stimulate the economic development of the Canary Islands through significant tax breaks.

This special regime offers businesses a reduced corporation tax rate 4%, much lower than the standard rate of 25% applied in the rest of Spain. 

What are the main tax advantages offered by the ZEC?

In addition to the reduced corporate tax, ZEC offers income tax exemptions for dividends distributed to shareholders not resident in the Canary Islands. Furthermore, there are incentives for job creation and investment in research and development.

How Fuerteventura is exploiting these advantages?

Fuerteventura is using the benefits of the ZEC to diversify its economy, traditionally based on tourism. The island is attracting investments in emerging sectors such as renewable energy, technology and scientific research. Thanks to these benefits, new businesses are springing up, creating skilled and sustainable jobs.

Which sectors are emerging thanks to the ZEC in Fuerteventura?

One of the most promising sectors is that of renewable energy. Fuerteventura takes advantage of its favorable climatic conditions to develop innovative technologies in the field of wind and solar energy. The technology and scientific research sectors are also growing, con numerous startups and research centers establishing themselves on the island.

What are the main attractions for investors in Fuerteventura?

Investors are attracted not only by the tax advantages of the ZEC, but also by the modern infrastructure of Fuerteventura, dai efficient air and sea connections and an ideal climate all year round. Furthermore, the Local Government works closely with the ZEC authorities to ensure a favorable and competitive operating environment.

How the ZEC contributes to the environmental sustainability of Fuerteventura?

The ZEC promotes the development of companies in the renewable energy sector, which contribute to the environmental sustainability of the island. Solar and wind energy companies are reducing their dependence on fossil fuels, thus improving air quality and reducing the overall environmental impact.

What are some successful examples of ZEC businesses in Fuerteventura?

There are several success stories. For example, some companies in the renewable energy sector have installed wind farms and solar systems that not only provide clean energy, but they also create local jobs. Furthermore, tech startups they are developing innovative solutions that are exported internationally.

How can international businesses benefit from the ZEC?

International businesses that choose to establish themselves in Fuerteventura can benefit from reduced taxation, access to European and African markets and a qualified workforce. The ZEC also offers a stable and regulated platform to operate, with the support of local government and ZEC authorities.

What are the requirements to benefit from the ZEC?

Businesses must meet certain requirements to benefit from the ZEC, including the creation of a minimum number of jobs and a minimum initial investment. Furthermore, the activities must be among those permitted by the ZEC regime, covering a wide range of economic sectors.

What are the future prospects for Fuerteventura thanks to the ZEC?

The future prospects for Fuerteventura are very promising. With the continuous support of the ZEC, the island can continue to diversify its economy, attract new investments and develop emerging sectors. This will help create a more resilient and sustainable economic base for the future.