Beyond ZEC: Understanding the Canary Islands REF and Real Estate Investments

A strategic framework for investors, advisors and decision-makers operating in the Canary Islands. 

30th January 2026

When discussing investments in the Canary Islands, communication often focuses almost exclusively on the ZEC (Canary Islands Special Zone) and its 4% corporate tax rate. While correct in specific cases, this narrative is incomplete and misleading, particularly when applied to real estate investments.

ZEC is a tool. The real framework is the Canary Islands REF.

What the Canary Islands REF really is

The Canary Islands Economic and Fiscal Regime (REF) is a special framework recognized by the European Union, designed to offset the structural disadvantages of insularity.

REF is not a single incentive, but a system encompassing multiple fiscal and structural mechanisms, with ZEC being only one of its components.

Real estate investments: why ZEC is not the right instrument

Traditional real estate investments do not fall under the ZEC regime. This does not mean real estate is disadvantaged in the Canary Islands, but that it must be structured correctly within the REF framework.

Lower indirect taxation, cost structures, corporate planning and depreciation regimes can significantly enhance long-term efficiency.

ZEC vs REF: tool versus framework

The difference between ZEC and REF is conceptual.

ZEC is a tool. REF is a system.

Strategic advisory lies in knowing when and how to apply each mechanism appropriately.

Conclusion: Investing in the Canary Islands requires an integrated understanding of the local fiscal environment. REF allows investors and advisors to structure real estate investments efficiently, using ZEC only when applicable.

True advisory is not about promoting tax rates, but about building sustainable structures.

 

Since 1999, strategic advisory and operational support for real estate investment, business development and internationalization in the Canary Islands.

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The "InfoCanarie" Team

 

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