How does Tenerife make money?

How does Tenerife make money? Tourism has traditionally been an important source of income and a key factor in the economic growth of Tenerife, with a significant contribution to the island's GDP.

What bills do you pay in Tenerife?

Where is the richest place in Tenerife?

The municipality of Costa Adeje, in the south of Tenerife, has emerged top once again in the ranking of the most exclusive regions in the Canary Islands.

Is Tenerife a tax haven?

The Canary Islands are thus a tax haven, fully legal in terms of tax advantages, mainly for the so called ZEC, a norm providing great exemptions for those who wish to open an offshore company, according to law requirements.

Where do most locals live in Tenerife?

The population is divided into three types of zones; the capital city of Santa Cruz, the southern coastal cities like Las Galletas, El Medano, San Miguel, and Granadilla de Abona, and the northern cities of Puerto de la Cruz, La Laguna, and Buenavista. Most residents live in the capital city.

Are houses expensive in Tenerife?

High price bracket in prime locations Prices for such high-end properties range from 1 to 2 million euros. Local client interest is more focused on townhouses near Costa Adeje. Such properties with an interior of approximately 100 square metres are selling for between 300,000 and 600,000 euros.

Where is the cheapest place to live in Tenerife?

Tenerife north is usually less expensive than the south, where you'll find many more renting options. The average cost for a room in a shared apartment is €650-800 per month while renting an entire apartment can cost you up to €1500 monthly. The cost of food in Tenerife is quite cheap.

What is the main source of income for the Canary Islands?

The productive specialisation of the Canary Islands is highly dependent on the tourism sector, which is reflected in the importance of trade, transportation, hotels and restaurants, and recreation (it represents 39.8% of the region's GDP, compared to 28.3% of the Spanish total).

Is it hard to get a job in Tenerife?

Hi first unemployment in Tenerife is much higher than many other parts of the EU, some news reports show it to be as high as 20%. So any 'in-comers' will be at the bottom of the list. You also need to learn Spanish. For many jobs you will need a local qualification, much more so than in the UK.

What is the main source of income in Tenerife?

Tourism is the mainstay of Tenerife's economy. Thanks to the millions of visitors that come to Tenerife every year, tourism is the main cornerstone of the economy.

Where do the rich live in Tenerife?

Where do the rich live in Tenerife? Most of these villas are located in the municipality of Adeje, namely in its coastal areas: Costa Adeje and La Caleta – Playa del Duque.

Why is Tenerife property so expensive?

High international demand is having a large impact on the Tenerife property market. The majority of prospective buyers are interested in acquiring properties in the locations Costa Adeje and La Caleta. In recent years, prices here have risen by as much as 30 percent.