001 | 18. November 2022.

A new benefit for small business owners was approved in the regulations of the Canary Islands Service for Business Laws and Regulations.

Article 14 of this law prescribes the drafting of the following normative acts:

1. General act on the method of recording, classifying, archiving and keeping archival material and documentary material;

2. List of categories of archival material and documentary material with storage terms;

3. General act on the method of recording, protection, and use of electronic documents.

   In addition to these acts, the following must be submitted:

– Consent to the list of categories of archival material and documentary material with retention periods;

– Decision on the appointment of a responsible person for the protection of archival materials.

As an accounting agency that has been successfully operating for over 20 years, we are able to offer you the creation of archival materials that will include all the necessary documents. On average, this service costs up to 50,000 dinars, but we offer you a special January offer of only 1500€.

Our goal is as many satisfied clients as possible, as well as recommendations to other companies.

We are at your disposal for any additional questions and information.

TeneInvest Agency

002 | 24. November 2022.

New Law for Real Estate Taxation in the Canary Islands

Compared to other Spanish regions, tax rates on real estate in the Canary Islands are remarkably favorable. So, the total extra costs for buying property remain relatively low, around 10% of the purchase value.

The transfer tax on real estate constitutes the largest part of the costs when buying property on the Canary Islands. The rate depends on whether you buy a newly built or a second-hand property. If you are buying a new property in the Canary Islands, you will pay 7% IGIC (General Indirect Tax of the Canary Islands) + 1% of the purchase price. If you are buying a second-hand home, the rate is 6.5% of the purchase value.