Extension of Cooperation Agreement to Promote Canary Islands' Fiscal Policies

Background

• The Spanish regional government has approved a one-year extension of a cooperation agreement with the College of Commercial and Business Graduates of Santa Cruz de Tenerife.
• The original deal was signed in December 2024, aiming to boost awareness of the Canary Islands' special tax regime, known as the Régimen Económico y Fiscal (REF).
• The extension, ratified in January 2026, extends the agreement until December 31, 2026, with a possibility of a further two-year renewal.

Budget and Activities

• The extension comes with a dedicated budget of nearly €3,900 for 2026.
• The funds will cover speaker fees and travel costs for regional outreach activities.
• The cooperation involves the college organizing:
  • Seminars
  • Workshops
  • Dissemination efforts
• Regular progress reports will be provided to ensure accountability.

Objectives and Importance

• The government emphasizes their ongoing commitment to educating local residents, businesses, and stakeholders about the REF's economic benefits and implications.
• Greater awareness of the REF can:
  • Influence investment decisions
  • Promote regional development
  • Foster a better understanding of how the Canary Islands' special fiscal status supports its economy.
• For expats and locals alike, staying informed helps grasp the economic strategies that shape everyday life on the islands.

"Greater awareness of the REF can influence investment decisions, promote regional development, and foster a better understanding of how the Canary Islands' special fiscal status supports its economy."