Living in the Canary Islands - Pros and Cons

Living in Tenerife Canary Islands Will Change Your Life FOREVER

The Canary Islands are one of the most sought after geographic location for digital nomads, retirees, entrepreneurs, and investors.

The pros of living on the island of Tenerife, include the work-life balance, low corporate tax rate, safety, rental prices, and airfare discounts for residents.

0:00 Start
0:12 Discounts on Travel
1:31 Housing Shortage
3:20 Corporate Tax
4:43 Personal Income Tax
5:42 Work-Life Balance
6:56 Anti-Foreigner Sentiment
7:58 Safety
9:04 Dating Scene
10:42 Rental Prices
12:32 Foreigner Turnover
13:57 Strategic Location

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[mocha]

I'd like to add to the housing scarcity point by also bringing to attention the rent. 1000€ is a great deal for someone who's bringing their money from outside, but as a local with a full time job, that same deal leaves me with only 130€ a month - just enough to scrape by eating just rice and not much else; and if I'm lucky I'd still be able to pay for electricity. We are literally being priced out of our homes thanks to the real estate market pandering to its highest payers (understandably just like any high-return business does), who coincidentally also happen to be foreigners in this case. The fact that a family home costs this much considering local income is a simply tone-deaf and exclusively profit oriented approach on behalf of agencies and private landlords with no consideration for the social dimension.

The only places you can realistically save money on a local wage here is by living in a more marginalized and precarious area such as Taco, San Matías, Añaza, Guaza or Vecindario, or in the middle of (pardon my french) bumfuck nowhere in Valle San Lorenzo or Los Silos.

Going further inland is not an option if you do not have a car or if punctuality is important. I've been living here for 17 years and public transport beyond Puerto has always been a running joke, and it gets worse the further up you go - in Las Llanadas (Realejo Alto), there is only one bus line which passes by every hour and a half. Heck - I live in Puerto as well and my job requires me to move to Santa Cruz, sometimes being on-site at 5 AM. There are no buses running from Puerto to where I need to be from 4 or 4:30 - neither the 102, 103 or 108. The fact that "it's free with the monthly pass" doesn't fix the pitiful scheduling and organisation. I'm a car guy, but I would also love not being forced to use my car due to the lack of a better option.

Tenerife feels like it's an experiment, where the premise is "what would happen if we let an economy grow unchecked but make it look semi-regulated", and we locals are paying the price. For reference, in March 2024 the amount of unemployed people in the Islands overall is 165.044, which is surprising considering how many places do not even offer fixed positions - most are temporary contracts or part-time, and a lot of these people are forced to accept under the table payments thanks to not being able to make ends meet. I'm extremely privileged to be over the 1000€/month net figure, but I can't say the same for my fellow Canary people. The median wage here is 21k€ a year, which after taxes translates to around 1250€ monthly. No average couple can afford to live here on a local wage without making some serious compromises.

I understand that it's a global issue, but in such a small place like the Canary Islands, the influx of wealthy immigrants looking to settle coupled with the increasing scarcity of housing is going to have catastrophic long-term consequences if not dealt with properly - and our local government has proven time and time again that this simply is not within their interest. If they had their way, we'd be just like Mallorca or Ibiza in 10 years. The fact that corporate tax here is the lowest in all of Europe is just one more nail in the coffin.

Please for the love of God be mindful when it comes to moving here. Feel free to come on vacation and enjoy a place like no other in the world, but remember that this is not just your home or real estate playground - it's our home too. We're just patiently waiting for another housing market crash that is long overdue so that we may finally afford a place to actually call our own, and not line someone else's pockets.

[antonmarklund]

Possible to combine 4% coorperate tax with 0% terretorial tax in Paraguay?

[LucaRigoli]

Well, to access the 4% corporate tax you have to hire 5 persons in tenerife! Otherwise tax is 25% like in all spain.. so.. you have to do the math, 4% taxes and 5 salaries.. is it worth it?

[SomePotato]

I can't believe that you made a con out of people just wanting to have a good life, going to the beach and hanging out with friends and family.

[michelleoconnor]

Thanks for the tips ☺️ Do you know much more about Almeria? Job market etc? Ty 💚

[saadiqbal]

Can u share about how to naturalise, get PR & Residency in Canary Islands, Please?

[purplyak]

OJO: to get the 4% corporate tax you have to hire 5 persons locally, not remote workers.

[anthonymiller]

Thank you for the delightful and informative video. It was both lovely and educational. I'm considering moving my work and life there. Could you tell me how easy it is to find native or fluent English speakers for office-related work in the area?

[virtualworldsbyloff]

Internet speed out of central town ?!!

[MaximusByrne-rijf]

Hi there 😊
What is the situation with migrants
Arriving from Africa?
I'm very interested in relocating from Ireland 🇮🇪

[MrJeffHead]

You missed the biggest pro! For a normal family vlog you'd be forgiven for missing it, but unforgivable for "nomadelite". 0% tax on foreign dividends.

[virtualworldsbyloff]

I checked Idealista, you can get 1 bedroom 500€/M apartments and I pay 850€/M in Lisbon