INVESTING AND LIVING IN TENERIFE

Accelerate your business with these expert tips on "Investing and living in Tenerife". Analyse and discover this TIP!

Tenerife offers attractive conditions for foreign investment, combining a large and sufficiently qualified workforce, part of an active and growing ecosystem, in a mature and developed market that offers privileged access to European and emerging markets in West Africa.

Thanks to its geographical location, excellent infrastructure, good physical and digital connectivity, differential taxation, and competitive costs, in a stable and low-risk European environment.

Let's take a look at the values that make Tenerife an ideal island for entrepreneurship

Strategic location between three continents: 

• It is located in the Atlantic Ocean, in a key enclave between three continents, Europe, Africa and America.
• It is a two and a half hour flight from the Iberian Peninsula and just over an hour from the African continent.
• It is an extraordinary access route to the countries of North and West Africa, and a magnificent platform for trade and business with companies from other parts of the world, as it is integrated into the main international trade routes.

6,000,000 tourists/year:

• It is the largest and most populated island in the Canary Islands, Spain and Macaronesia, with around 918,000 inhabitants, and receives around 6 million tourists a year, of which more than 85% come from abroad.
• The Canary archipelago currently has more than 2.15 million inhabitants and receives around 6 million tourists a year, of which more than 85% come from abroad..

Legal and economic security: 

• It is part of the 14th largest economy in the world and the fourth largest in the Eurozone, which has now grown for five years, the last four of which have been at rates of over 2.61 Q3PRGT.
• Fully integrated into the European single market, with all the guarantees of legal certainty, it offers competitive labour and operating costs in a low-risk environment. 

Tax advantages: 

• It offers the most interesting tax conditions (+). You will find details of these advantages in the link. As a preview, the current corporate tax rate is 4%.

Talent and qualified professionals: 

• Tenerife offers entrepreneurs and investors qualified, flexible and creative talent, with the capacity to adapt to the needs of a competitive and knowledge-based economy.
• It is a multicultural territory where more than 110,000 foreigners reside.
• It has two universities, the University of La Laguna, which is a point of reference in the Canary Islands, and the European University of the Canary Islands, which guarantee this potential through their educational offer in the fields of telecommunications, law, health sciences, mathematics, business administration, tourism and physics.

The detailed offer of each university centre is as follows:

In addition, Tenerife has 84 vocational training centres, 14 language teaching centres and 11 private centres.

Finally, it makes significant efforts to retain the talent generated in its universities and to attract talent at international level in complementary and specialised disciplines, thanks to the activity of its research centres, science and technology poles.

Knowledge hub with cutting-edge infrastructures:

As part of the strategy to diversify the local economy, it has been promoted as a technology and business centre.

The island has a developed and attractive market that can be used as a test bed for new technologies and services, as its environment allows for research, development and deployment of solutions and services on a global scale.

The island's most outstanding assets in the field of knowledge include: 

SUPER COMPUTER:

• Tenerife has managed to equip itself with excellent modern communications and data connectivity infrastructures.
• Among its unique resources is one of the most powerful and efficient computers in the world, Teide HPC (High Performance Computer), with availability for use in commercial activities, fluid simulations or blockchain (+)under an infrastructure-as-a-service model.

SCIENCE PARKS:

• The Canary Islands has its own network of Science and Technology Parks, including INtech in Tenerife, which offer a high quality environment with 600,000m2 of space available for innovative and technology-based companies.

TECHNOLOGICAL INFRASTRUCTURE:

• The island has state-of-the-art scientific facilities and leading research centres in areas such as biomedicine, astrophysics, renewable energies, volcanology, environmental management and the marine sector.

CONNECTIVITY:

• Its leading position in tourism in the Canary Islands has allowed it to have excellent transport and communications infrastructures.

Tenerife has managed to equip itself with excellent, modern and differential communications and data connectivity infrastructures, with the availability of unique resources.

AMONG WHICH THE FOLLOWING STAND OUT:

• One of the most powerful supercomputers in Spain, the Teide HPC (High Performance Computer) Supercomputer, a fundamental part of the ALiX project, a TIER III category data centre.
• High-capacity submarine cables connecting the island with Europe and West Africa, and the world's first neutral submarine cable station, the connection point for the six submarine cables connecting Tenerife with Europe and Africa, and which will imminently connect with Latin America.
• The island receives more than six million passengers a year, both on cruises and on transport, ranking third in Spain, eleventh in Europe and twenty-fourth worldwide.
• The port of Santa Cruz de Tenerife is the port of call for many shipping lines, with the new port of Granadilla in the south of the island as a complementary facility, which has already become one of the most important in this area of the North Atlantic for bunkering operations.
• On the other hand, the Dueport system, a Spanish maritime port one-stop-shop operated and managed by Puertos del Estado, will soon be implemented.
• It also has excellent maritime connectivity (Ports of Tenerife), through the network of commercial ports of the Canary Islands, which forms part of the existing network in Spain; the second European power in container port movement and eleventh in the world.

It is a transit point and a must-visit place between Europe, America and Africa, and a strategic supply and ship repair enclave in the Mid-Atlantic.

QUALITY OF LIFE:

• Tenerife has an excellent quality of life thanks to its privileged environment and climate.
• Its welcoming, open and multicultural society facilitates the integration of displaced investors and professionals and their families in an environment conducive to work-life balance.
• Its education system includes public and private training centres and schools with English-language courses and subjects, and there are a number of international schools, such as the British, French and German schools.
• It has a quality health infrastructure that covers the needs of the citizens through the Canary Islands Health Service, a public service dependent on the Canary Islands Government, and private centres.
• It has an attractive cultural, leisure and sporting offer with a first class gastronomic offer, internationally recognised.
• It has an attractive range of cultural and musical offerings befitting a leading tourist destination, with quality dedicated infrastructures.
• It also offers the best conditions, both for its climate and its diverse orography, for the practice of sports and, in addition, you will be able to enjoy a wide range of first class gastronomy and leisure activities at very affordable prices.