The Canary Islands Government plans two significant changes to local taxation rules that could affect Gran Canaria property owners. IGIC rises to 7% after a year at 6.5% IGIC is the Canary Islands version of VAT. It was set at 6.5% in 2019 (compared to 21% for the equivalent IVA in mainland Spain). The new…
Gran Canaria and the Canary Islands offer resident business owners and entrepreneurs generous tax benefits that are unique in Europe. The main benefit is that companies incorporated in the Canary Islands Special Zone (ZEC) only have to pay 4% corporation tax. This compares to average of 25-30% in other areas of the EU. Other advantages include an…
In December 2018 and January 2019, respectively, the Spanish Supreme Court issued judgments against the Government of the Canary Islands regarding the current regulation of holiday homes. These judgments cancel the following three rules of said regulations: 1) Prohibition of holiday rental homes in tourist areas This ban has been annulled in a very clear…
This article explains what is going on with holiday rental property law in Gran Canaria and how it affects property owners. The 2015 current rules are still in force and efforts to modify them seem to have stalled. Proposed new regulations require changes to both national and regional rules but would clear up many of…
This article explains what recent European Court of Justice and Spanish Supreme Court judgements mean to consumers who paid too much in interest to their Spanish bank or mortgage provider due to Clausulas Suelo (Floor Clauses). Court judgements have established that you can reclaim excess interest payments stemming from Floor Clauses in your mortgage payments….
The Canary Islands Government has announced a new draft of its holiday rental rules designed to replace the current law dating to 2015. The draft is only meant as a “working document” before it enters into public consultation and then into a final version to be to be approved by the Canarian Parliament. This could…
Here’s part two of our Gran Canaria property glossary with all the most common and useful Spanish property words used by buyers and sellers. We hope it’s useful and please let us know if you come across a word you think we should include.
Both Mogán and San Bartolomé de Tirajana, the two main municipalities of south Gran Canaria, have announced property tax cuts for next year. The Ayuntamiento de Mogán is cutting its IBI tax rate by 6% from 0,68 to 0,64%. It is also offering a further IBI tax rebate of 15% for properties that install solar heating…
The Canarian Government has underlined its commitment to protecting the property rights of residents in Gran Canaria’s resorts with an amendment to the new Land Use Act (Ley de Suelo). The measure means that existing residential use of property in resort areas is regarded as consolidated and cannot be penalized. It will go to Parliament for…
Cardenas is proud to be one of the few Gran Canaria estate agencies with professional surety insurance. Our policy, with the Spanish division of HCC International Insurance Policy PLC, means that any money you transfer to us is insured and safe. For example, when you buy a property in Gran Canaria, you can transfer the…
