Fiscal Incentives for Productions
The Canary Islands have a specific tax regime (REF) which allows them to offer international production companies greater tax incentives than in the rest of Spain, being one of the largest in the world.
54-45% deduction for foreign productions (tax rebate).
- Producers providing services to foreign films
- Tax rebate of 54% of eligible expenses in the Canary Islands for the first million euros and 45% thereafter.
- Minimum expenditure: 1 million euros
- 54% on the first million euros when expenditure in the Canary Islands exceeds 1,900,000 euros.
Eligible expenditure in the Canary Islands directly related to the production
- Cretivecrewwith residence in the EEC
- Expenditure in technical industries and other suppliers
- Maximum deduction will be 36 million euros for feature films and 18 million euros per chapter for series.
- The local production or service company must be tax resident in the Canary Islands.
- The total cost of the production must be at least 2,000,000 euros.
- Cultural certificate, recognition in the credit titles and delivery of promotional material required
- 50-45% tax credit for investment in Spanish productions and co-productions.
- Investments in the production of feature films, TV series, animation, documentaries and short films.
- 50% deduction for the first million euros of the budget and 45% for the rest of the production budget.
- 54% for some types of productions if the level and intensity allows it (women directors, short films, co-productions, etc.).
- Maximum deduction will be 36 million euros for feature films and 18 million euros per chapter for series.
- The producer and the investor must reside in the Canary Islands.
- Canary Islands Audiovisual Production Certificate, Spanish nationality and proof of culture are required.
In addition, audiovisual works, except advertising, which are made through a production service, are eligible for 0% IGIC.
If you need more information, do not hesitate to contact us.
