December 20th, 2011 | News Release
Whatever your wealth levels, there’s always the inclination to see what the very rich do with their money with offshore accounts which sound fun and mysterious while probably avoiding the tax collector’s eyes. Perhaps if you have real money in your account, the answer to where you should spend it could be near to home.
With so many visitors arriving by cruise ship via ocean tourism the Canary Islands offers a multitude of tax friendly onshore investment facilities.
Tax haven attacks
Switzerland and many small Caribbean islands have been forced, gently, to open up their bank account information to the largest of countries in recent years. A declaration of assets has been the initial favour asked of these countries, before real pressure is exerted for information to be released.
The problem with tax havens is the strict policy of refusing to declare information concerning these accounts but this advantage is dwindling fast. The Organisation for Economic Co-operation and Development (OECD) is arguing with private bank account owners that they should declare the information held. The UK’s HM Revenue & Customs now offers the Offshore Coordination Unit (OCU) to seek and declare account details.
The argument is clear. Money held in foreign bank accounts that is not declared to the host country is depriving the taxpayer’s home nation of taxation due. It is with this in mind that the larger nations have been seeking to gain more tax during these years of recession.
As those who held money offshore in the Isle of Man showed, an entire country’s banking system gave in to the pull of European laws when the UK demanded that all bank account details were declared. To be fair, the British government suggested that those declaring their hidden money would escape fines, but those that waited too long found the money was taxed after the bank account information was passed over to the UK tax authorities with substantial fines to follow.
Which tax haven will break next?
No-one knows which tax haven will buckle next, but it might make sense to deal with the issue sooner, rather than later.
With 6,000 Swiss accounts currently under investigation, you have to decide whether you just sit tight and hope to avoid the tax office chasing your funds, or choose to place your funds in a tax haven, onshore. Where better than the Canary Islands?
The Canary Islands benefit from double taxation rules which means you only pay tax in one of the two countries where you hold the money or where you live. If you pay tax on your money in one, you’ll be able to claim a credit of that amount in the other. The Canary Islands are part of Spanish territory under EU rules and share double taxation agreements with many countries.
Good taxation options
One good reason to be taxed in the Canary Islands is the rate of Corporation Tax, set at 4%. To be able to claim this rate, the company must employ five people on the islands and invest at least €100,000 within two years of registering the business on the islands.
For businesses that do not have to be located in any particular country, such as internet businesses, this is an ideal opportunity especially as salaries in the Canaries are often lower than major EU countries. The local government is also offering help for employers to try to reduce the recession hit unemployment levels.
The IGIC (Impuestos General de las Islas Canarias) tax rate of just 5% applies to business conducted on the islands. There is no VAT. If you are billing someone or a business offshore, then the 5% rate doesn’t apply.
It might be to an individual’s advantage to look at Spain’s income tax rules. People who emigrate to Spain (including the islands) and live there for ten years can pay a 24% flat rate of taxation under the rules of the special expat tax scheme.
The EU considers the Canary Islands a special situation and has agreed with the tax advantages of being based in the island’s tax system. The EU suggests that the island requires some special favours since the location is remote and the size quite small.
The Canary Islands provide some good tax incentives for the fiscally challenged. The days of the tax havens being offshore look to be ending rapidly. It could be a good time to re-arrange individual and company taxation to gain the advantages offered by the Canary Islands.
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December 13th, 2011 | News Release
New Year can seem a little flat after all the celebrations so what better way to kick start 2012 than with a weeks holiday at the four star Hotel Las Aguilas just outside Puerto de la Cruz. Tenerife Magazine‘s latest holiday competition offers the chance to win a weeks half board stay for two people in this luxurious hotel with its fabulous views and easy access to the La Orotava valley with its traditional villages and bracing walks.
It’s comfort all the way at Hotel Las Aguilas from the two swimming pools to the new massage and beauty centre, three tennis courts and three padel courts, there is even a mini club for the children to enjoy their own sporting fun. Feeling hungry? Your can explore the fine food options of the Buffet Amaltea Restaurant, the Snack Bar Restaurant, or the Vulcano Show Bar with its great cocktails and shows. All this is set in 10,000 square metres of gardens and you can even use the free shuttle bus service down to the shops and beaches of Puerto de la Cruz.
All you have to do to enter the competition is answer an easy question at the Tenerife Magazine home page to get your name into the 31 January draw. Good luck.
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December 12th, 2011 | News Release
Some 650 runners flocked from around the world to compete in the Lanzarote International Marathon over the weekend of 2nd to 4th of December in Costa Teguise and at least another 2,000 roared them on in races for different levels of ability. Sands Beach Resort is always at the heart of sporting events in their community but even they were wowed by the enthusiasm generated by the races.
The main event was the 42,195 km run on Sunday which pulled in 100 of the best runners in the sport. Pilar Mahumud won the women’s race in 3hrs 14 minutes and 30 seconds, and all after jetting in from the New York marathon, Marcos Diehl of Germany was the fastest man with 2.37.40. Everyone had their own targets to beat in the half marathon, quarter distance, and wheelchair event. Athletes came from as far as Norway, France, and Denmark but there was no shortage of local runners keen to make their mark.
The full run down of results can be found at Active Lanzarote along with details of the other big sporting challenges that the island has to offer. Guests at Sands Beach Resort are used to seeing sporting stars at their beachfront resort and the staff encourage visitors to try some of the many forms of exercise they have on offer.
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December 12th, 2011 | News Release
Firmly established as a key fund raising and social event the Walk For Life excelled itself with over 2,000 people proudly displaying their colours to raise money and awareness in the fight against breast cancer. The new route encouraged more people to join in and they flocked to CC Gala just inside the Arona border for the early morning start, the large open plaza and pedestrianised street allowed friends old and new to adjust their pink outfits prior to the start.
This celebration of life and hope always appeals across the board attracting men, women, locals, ex pat settlers, and a good sprinkling of holiday makers. Arona and Adeje police combined to ensure a clear route along Avenida Rafael Puig, up into San Eugenio and then down into Fañabe. This longer more populated part of the Tenerife tourist zone responded with enthusiasm to the pink parade and the samba drums of Sueños del Sur led the way with a constant beat.
Walk For Life is very much about encouraging early diagnosis and highlighting the increasing rate of successful treatment, most of the walkers had first hand or family experience of breast cancer and wore the names of departed friends with pride. The elongated conga of walkers was a clear indication of the increased number of people happy to give up their Sunday morning to show their allegiance.
Two charities will benefit directly from the money raised, 15,000 euros at first count, AECC and Amate both play a very active part in Tenerife as well as helping the wider fight against cancer. The finale of the walk was at Playa Fañabe, another busy focal point that attracted lots more interest. After the walkers had taken a well earned rest a group of 27 swimmers from Tenerife Masters swimming club arrived through the waves from their Puerto Colon start point. All those involved should be proud of their efforts, it was not just a great fund raising success but also a bright and popular event that just keeps on growing.
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December 2nd, 2011 | News Release
No Queens speech, no sprouts, and no snooze in the chair but the true spirit of Christmas will be found in the mid Atlantic this year as 17 crews row the 2,900 miles from La Gomera to Barbados.
The 46 rowers in the Talisker Whiskey Atlantic Challenge leave San Sebastian on 4th December but will mark the 25th in various ways. Andrew Brown (below) a lone rower, has a cold Christmas pudding stashed in his boat Row The Atlantic, five feet shorter than the standard seven metres long and two wide. Tucked in the coffin under his seat he will catch three hour sleeps between rows of the same span spurred on by his fund raising targets for Help A Capital Child and Toy Trust.
Cardiff firemen John Haskell and Jamie Windsor (above) in Atlantic Dash will open Christmas letters from family and friends, part of a selection that includes low point letters. Their old wooden boat (the others are fibre glass and carbon fibre) has done the crossing twice before but has had a complete refit. Their minds and muscles will be focussed by three causes, the Firefighters, Help The Heroes, and Breast Cancer Care.
Husband and wife Richard and Helena Smalman-Smith in Tiger have a hoard of chocolate bars, each donated with a sticky label message of support. There’s also some brandy butter on board, and to keep teacher Richards mind sharp his pupils have sent a supply of maths teasers. They became the talk of the neighbourhood with the distinctive boat parked in their drive but they all rallied round to boost their sponsorship for St Mungos centre for the homeless, and Huntingdons Disease.
Some presents are more vital than others, Nick Moore and Toby Iles (above) on Shelterbox are helping to finance basic survival packages for displaced people around the world. Their gift will give all year, the big attraction for the experienced sailors was to see the money raised turned into a physical and practical help. Party hats have been tucked in the sleek and uncluttered boat for Christmas day but Toby will be hoping to celebrate his late January birthday past the finish line in Barbados.
The race is just a start for Epoch, Sonya Baumstein has three men for company (above) Oliver Lefick and John and Chris Crane. The Americans are backing their adult nature expeditions as a learning experience and are following the row with a 10,000 mile cycle ride from the top of Mexico to Alaska, a 4,500 mile kayak journey on to Washington and finally 2,000 miles hiking back to Mexico, all to be done in 400 days.
H2Row is going for the pairs crossing record of 41 days to boost Cancer Research UK, John Higson and Barney Mabbs admit they will miss green grass and proper showers but it will all be worth it. Think of them opening their advent calendar and enjoying a time out with home made Christmas cake, a welcome change from the mountains of dried food (below) being loaded into all the boats.
Small celebrations and thoughts of home aside the 25 December will be just another hard rowing day for the valiant crews. From Tommy Tippets in Solo Atlantic Row to James Cash and Bertie Portal in Facing the Atlantic (top pic) and all the other equally dedicated crews it’s about challenging nature and their own inner strengths. A notice on the marina gate said 1,200,000 pounds raised and counting, click on the links to the various web sites to add your sponsorship. We salute you all, safe journey and calm seas.
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November 28th, 2011 | News Release
Make a date in your diary, Sunday 11 December, that’s when around 2,000 people will join the Tenerife Walk for Life from CC Gala shopping centre in Arona to CC El Litoral in Fañabe to help the fight against breast cancer. Pink is the order of the day, try and wear at least some if you can, all ages and both sexes are welcome, breast cancer affects everyone as it touches many lives.
It’s just a 4.8 km walk starting at 11 am in good company along the Avenida Rafael Puig in Playa de Las Americas, a different route from previous years but the spirit and determination is the same. Many choose to dedicate the walk to lost loved ones but it is also a joyous celebration of the strides being made in medical research and a belief that early diagnosis and fund raising for a cure offer real hope.
Money is always needed to fund the fight so get yourself sponsored, every little helps. This year special calendars by photographers Williams Rodriguez and Abraham Aranega will be on sale to further boost the collection. Everyone will be playing their part, the swimmers from Club de Natacion Tenerife Masters have posed especially for the calendar. Money raised will be shared between Asociación Española Contra el Cáncer (AECC) and the Asociación de Mujeres Afectadas por Cáncer de Mama (Ámate).
To get involved check the website or call organiser Brigitte Gypen on 629111856 or just come along on the day, it’s a very worthwhile way to spend a few hours on a Sunday morning.
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November 25th, 2011 | News Release
All aboard, Canarian Weekly is pulling into a station, well a bar or shop, near you, and that’s more than can be said for the much promoted north to south train. The 1.8 billion euro project has hit the buffers, Canarian Weekly tells you why, they know the history having reported the ambitious plan as it chugged along, another example of their pledge to keep the readers informed of the burning issues in Tenerife.
Let’s look inside and see what else is coming your way this week. There’s the fallout from the Spanish general election, if that is a bit depressing you could always chance your luck on El Gordo Spain’s bank busting christmas lottery, find out how you can play and boggle your mind with the staggering number of prizes up for grabs.
There’s a big car fair coming to Santa Cruz, a go kart fiesta in Costa Adeje, and a new ITV (MOT) centre open for business in Adeje. Motorists always turn to Canarian Weekly, the regular Behind The Wheel page is a must to keep up with latest driving trends. There’s a good deal all round for people with special interests, Canarian Weekly has columns on gardening, sport, hair, and fitness. There’s so much to cram in, make sure you pick up your free weekly copy at the many outlets around Tenerife.
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November 22nd, 2011 | News Release
Hard work and attention to details have come up trumps for Golf Las Americas, the popular Tenerife course has been voted the best golf tournament host for Spain by leading event organisers Deporte y Business. The major coup is a boost not only for the course but also for the growing reputation of golf tourism in Tenerife. The showpiece tournament that caught the eye was the Tenerife Ladies Match Play held in June. Trying a new format could have been tricky but the professional approach of the course staff and the courtesy and expertise shown to the media, players, and spectators made it a huge success. All these factors were considered by the voting panel as well as the overall friendly and welcoming feel of the competition.
The award will be presented in Madrid, Golf Las Americas manager Joan Pifferer is immensely proud of the accolade and paid tribute to all those who made it possible. ” It’s incredible to win this new award, it’s a great source of pride to feel that a top company like Deporte & Business, a leader in golf tournaments, has rewarded the efforts we have put in at Golf Las Americas. This year has been a unique opportunity to stage the Tenerife Ladies Match Play, we were very pleased with the way it went but never thought we would get such an honour as this prize. I’d like to congratulate my team here at Golf Las Americas for making this award possible. ” In the meantime Golf Las Americas will continue to maintain its high standards for the thousands of keen golfers that enjoy playing the course all year round.
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November 22nd, 2011 | News Release
In December 2011, six ladies will depart from La Gomera (Canaries) to row unaided in the fastest trans-Atlantic row ever recorded. The women, all from Britain except their American skipper, will endure the harshest test known to mankind – to row across the Atlantic. It is a relatively unknown statistic that more people have been into space, than have rowed an ocean.
Row For Freedom, in aid of ECPAT UK, is a double-world record attempt to row across the Atlantic in the fastest time, whilst also being the first-ever team of six females to complete such an endurance challenge.
Departing on their epic journey in December 2011, the team comprises Julia Immonen, Debbie Beadle, Katie Pattison-Hart, Kate Richardson, Andrea Quigley and Helen Leigh. The girls are charity workers, models and athletes, hailing from Britain and the US, and have each been inspired to harness the positive power of sport to raise awareness and much needed funding for projects to tackle human trafficking.
The team will depart for La Gomera in the Canary Islands in mid-November, where they will spend a furious two weeks undertaking sea trials and packing the boat full of the provisions and stores they will need to keep their bodies fed and hydrated during the 5 week race. The world-record must be for an ‘unaided’ crossing, which means they will not see any support vessels or receive any help during the 5 week record attempt.
The ‘Row For Freedom’ team will be competing to become the first female crew to successfully row 3,000 miles from the Canary isles to Barbados in the fastest time. The team will wait for what they hope will be a storm-free weather window before pulling hard for Barbados. The team must try and avoid major storms as the boat has barely enough room for three people to rest. During severe storms the girls have to take cover in the minute cabin which is not even long enough to lie down in. Some of the girls have secretly opted to be lashed to the deck during storms rather than endure the sardine-can effect of squeezing themselves into a water-proof cabin.
The double world-record attempt, which is part of the Talisker Whisky Atlantic Challenge, is recognised as the world’s toughest rowing race. As a result the team will be rowing around the clock in all weather conditions for 40 days and 40 nights on a boat, which has aptly been named ‘The Guardian’. Row for Freedom aims to raise £1m for ECPAT UK, a charity which spearheads the attempt to end Child Prostitution and Slavery.
Julia Immonen comments: “We’ll be rowing 24 hours a day, 2 hours on – 2 hours off, for about 40 days without the support of our families. We have opted not to have news from home as we are worried that it will be too emotional to hear from close relatives when we are in the middle of the Atlantic. We are all incredibly driven to secure this world record whilst raising funds and awareness of the issue of child slavery across the world.”
The race route is no stranger to the plight for freedom. In the 15th Century, Christopher Columbus sailed the same course during his discovery of America and in the 1800s the route was used to transport slaves between the UK and the USA.
Today there are more people in slavery than ever before. It is estimated that 27 million people, half of these children, are modern day slaves and victims of human trafficking
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November 18th, 2011 | News Release
Another big week ahead in Tenerife and Canarian Weekly is ahead of the game. Spain goes to the polls this weekend, we’ve all looked out at the problems in Greece and Italy but could Spain be next and how would that affect island life. These are changing times, handy then that Canarian Weekly has an expert on Spanish law as one of its informative columnists.
Plenty of good news for residents and visitors to Tenerife, one of the UK’s top boy bands are on their way to play a free outdoor concert, you can read all the details in this weeks edition. Fancy some luxury? The swankiest hotel in Santa Cruz has just re-opened after a 25 million euro refit, get the lowdown on what you get for that sort of money.
As the clock ticks down to the London 2012 Olympics take a look at who has paid a visit to our shores to get ship shape for the challenge ahead. That still leaves plenty of room for all your usual favourites like television timings, horoscopes, puzzles, weather, sport and those free small ads. Make sure you pick up your free copy of Canarian Weekly and be better informed and prepared to enjoy life in the sun.
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