Get the latest gossip
Canary Islands Reform Tax Break Funding, as Archipelago Looks for Further Growth in Its Film-TV Hub
Authorities in Spain’s Canary Islands have removed the €50 million cap on total annual tax credit funding in order to ramp up local industry.
“Removing the cap means that we can grow exponentially,” continued Zarauza, who cited other local industry drivers such as “the excellent productive capacity of Canarian professionals, the incredible locations, hours of sunlight and climate” on top of the extremely competition tax incentives, that make the Canary Islands “one of the best places in the world to produce, especially in the current times where budgets of platforms and broadcasters are being reduced,” he noted. As reported in Variety, the Canary Islands’ muscular tax breaks – upped to the current level in 2023 – have succeeded over the past few years in luring scores of Hollywood and European movies and series such as“ Clash of the Titans ”, “ Jason Bourne,” “Fast & Furious 6”, “Wonder Woman 1984”, “The Head” and “Peacemaker.” He added: “These figures, which were three times higher than those of 2013, underscore the remarkable exponential growth witnessed in just a decade,” says the production executive, who insists on the “pivotal role” that the tax incentives have played in “solidifying the industry within a territory eager for diversification.”
Or read this on Variety