1. What are the legal requirements to open a business in Tenerife?
The activity must be reported to the Public Administrations involved; State Treasury, Social Security, Canary Islands Treasury, City Council, etc., as appropriate for the type of activity.
2. What taxes must companies pay in Tenerife?
Income Tax, Corporate Tax, the Canary Islands General Indirect Tax (VAT), Social Security, and others due to registration of activity.
3. How to get housing in Tenerife?
The purchase of homes is an interesting option due to the stability of prices and the increasing evolution of home values. There is variety depending on the locations. Rentals are another option for which there is a high demand in the most economically active and populated areas, which can increase prices.
4. How to educate children and young people?
Public education is free, and places must be reserved in advance.
The private one must also be reserved in advance due to the high demand in more populated areas.
5. What are the most important economic sectors in Tenerife?
Tourism, Services, Commerce and Agriculture.
6. What support does the State offer to new companies?
Reduced quota for self-employed workers during the first year, subsidies 6000/9000 € for new ventures, reduced corporate income tax rates during the first years and for reinvestment of profits also in personal income tax, occasional subsidies to support investment.
7. Requirements to work in Tenerife
Community (EU) citizens enjoy the freedom to work and take up residence on the islands.
Non-EU citizens must access through work and residence permits whose requirements are to justify investments for businessmen and job offers for employees, with terms that may extend beyond 6 months.
8. How does healthcare work in Tenerife?
Public healthcare is accessible to all workers, pensioners, and immediate families. The service is of good quality compared to the rest of Europe, although some treatments and services require a waiting list.
Private healthcare is not too expensive and avoids long waits for specialists and treatments.
9. How can I open a bank account in Tenerife?
They will ask you to justify the usefulness of the account and/or its destination, being easier for people who work or have income.
10. What languages are spoken in Tenerife?
Mainly Spanish, with English being the common language for those who do not speak the local language.
11. What are the best areas to live in Tenerife?
There are warm areas in the south and cooler areas in the north.
Beach tourist areas are desirable due to the climate and may be more expensive, which will also depend on how established tourism is in the area.
You can also live in the countryside with very quick access to populated urban areas due to the distribution and size of the view.
12. What is the currency used?
The Euro, as in the rest of Spain.