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Moving to Canary Islands

Thinking of selling up in your home country to invest in a new business or property abroad, please think carefully. It can offer you the quality of life you've been planning, so long as you are aware of the tax laws and how the system generally works.

The Canary Islands are an ideal location to invest in business and property, offering a more relaxed and financially stable standard of living, as well as a safer upbringing for your children, but it's not going to be handed to you on a plate. Some families arrive, begin their 'easy life' by going to the beach, having a few drinks and squeeze in a few hours of work. They soon realize that you still have to put the hours in to earn the money.

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Business investment can be very profitable but will require the same efforts and management structures as in other more Cosmopolitan Cities. However, it is important to adapt such structures and strategies to scale and to the cultural environment. What may be very successful for a multinational company will not work in an area that may be five, or more, years behind in technology. You will have to consider the cultural aspect, especially if you plan to introduce a new product to them. People living in typical Spanish areas are not aware of some products used in other countries, if that's the case, then as they have succeeded without out it, why should they buy it.

Business planning is fundamental. You must estimate your set-up costs and running costs, all of which can be very different to your home country. For example, social security costs in Spain are considered high in comparison to other European countries but taxation on the other hand can be more favourable, especially in the Canaries and Navarra. Try not to compare, accept the system and use it to your advantage.

The bar-restaurant trade appears to be interesting to those middle-aged investors who are looking to semi-retire, or couples who are searching for a more relaxed and stress-free life-style. Think carefully because there's a lot of competition out there. Spain is particularly bureaucratic, so if the paperwork is not correct then you could have problems preventing you from commencing.

If you are seriously thinking of moving abroad or have just done so and are planning to invest in a business, ensure you have reputable advisers to elaborate on some of the points I have mentioned.

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Posted in Outdoor Activities Post Date 08/13/2019


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