General Overview. The Canary Islands are an autonomous territory, which have the right to participate in certain programs of the EU, which certainly enhance the development of this offshore jurisdiction. Having the highest rate of savings per capita in Spain, financial institutions of this jurisdiction can take advantage of the liquidity availability. The banking sector is well developed in the Canary Islands. Special Economic Zone and Special Tax Regime have been established, in order to create a favourable business environment for offshore business purposes. Thanks to its location, the Canary Islands are chosen particularly by European entrepreneurs and investors for offshore business management and offshore company formation.

Banking Sector. Major Spanish and international banks have established their presence in the Canary Islands. Saving banks are popular among the local population.