Tenerife President to Discuss Unique Tax Climate

On Wednesday November 4 2015 at the Royal Automobile Club, London, the President of Tenerife Carlos Alonso will meet one of the UK’s most respected financial figures, Geoffrey Pointon, who will interview him about Tenerife’s unique tax climate and how it fosters overseas investment and trade on the island.

The ‘Tenerife Tax Incentives Breakfast’ event, organised by London-based conference company GeoTenerife, will take place from 9.00 to 11.00AM, and is designed to illuminate corporate tax advisors and accountants to the fiscal advantages available in Tenerife.

At the event, Geoffrey Pointon will interview the President about the tax scheme and what it means for UK firms. He co-founded Pointon York which he developed into a wide ranging financial services group.

Entrepreneurial by nature, he has over 50 years’ experience in high-profile positions. He is highly respected for consistently pushing the boundaries and innovating successful financial products.

Geoffrey Pointon has promoted higher standards throughout the financial services industry since the 1970s, helping to form the British Insurance Brokers Association (BIBA) and he was Chair or Deputy Chair of NASDIM (National Association of Securities Dealers and Investment Managers), FIMBRA (Financial Intermediaries, Managers and Brokers Regulatory Association) and APT (Association of Pensioneer Trustees).

Tenerife has a unique economic and tax system – the most favourable within the EU for investment and trade. The Economic and Tax System (Canary Islands REF) not only provides the possibility of benefitting from a reduced 4% Corporation Tax, among other tax incentives, but is also covered by the double taxation conventions signed by Spain.

Councillor of Tourism and International Development Alberto Bernabé Teja said, “With a wide array of fiscal incentives including a 4% fixed Corporation Tax rate, reduction of up to 90% of non-distributed net profit from taxable base, 50% tax rebate for production of tangible assets, and sector-specific deductions for investment, Tenerife is the place to do business.”

Tenerife is in the Canaries Special Zone which means that the island’s businesses pay much less than the European average of 25% Corporation Tax.

Alberto Bernabé Teja, who will be answering questions at the meeting, continued, “London is a world leader when it comes to financial services and that’s why we chose to meet with businesses here.

“A UK company that moves part – or all – of its operations to Tenerife will make itself much more tax efficient. Instead of the UK’s 20% corporation tax it would pay only 4% on activity in the Canary Islands.

“Of course, the financial incentives are only one part of the story. Tenerife is in the same time zone as the UK, meaning that employees in the Canarian branch of a business are at work at the same time as the London office. With multiple flights from London to Tenerife every day and only a four hour flight away from Europe, business travel is convenient.

“Lastly, who wouldn’t want to work in Tenerife? With an average temperature of 23°C and all-year-round sun, employees will be motivated, relaxed and refreshed every day.”

The ‘Tenerife Tax Incentives Breakfast’ is an unmissable event for anyone who is intrigued by the financial benefits of investing in, or relocating to, Tenerife.