Written by VIEW SPANISH GOVERNMENT ANNOUNCEMENT (ESPANOL)
Following a royal decree by the Spanish Government, the Canary Islands have taken a bold step in becoming a powerhouse for the global film and television industry by eliminating the global ceiling for tax credits. This move signifies a significant shift, making the region highly attractive for filmmakers and production companies worldwide. With this change, the Canary Islands are poised to emerge as the new global hub for film and TV production, offering unparalleled opportunities and incentives for industry professionals.
So what are the tax incentives/rebates?
Up to 50%-54% Tax Rebate.
Qualifying spend
Rebate is 50% of the first €1M eligible expenditure and 45% on the rest. Eligible expenditures include expenses in the Canary Islands directly related to the production.
Click here for a list of eligible expenditures.
For expenditures exceeding €1,900,000 in the Canary Islands, the rebate can go up to 54% for the initial million.
Minimum & Caps
Minimum Spend: €2M (budget); €1M (eligible spend); €200K (animation and post).
Minimum Filming Days: None
Project Cap: None (new, part of the announcement)
Additional Requirements: Must include local production company.
The amount of the tax break is deducted from the corporate income tax payable in the tax period in which the production services are completed. This will be the moment when the executive production ends in Spain.
Island Diversity
In addition to tax incentives, the Canary Islands offer a diverse range of natural landscapes, including beaches, oceans, cities, deserts, forests, lakes, rivers, mountains, rural areas, and tropical environments. These versatile settings cater to a wide variety of production needs, providing filmmakers with an array of options for their projects.
Discover how GlassFrog can help you to seize this opportunity to its fullest potential below.
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