Congress Approves ‘Canary Decree’ for Sustainable Investments
The Spanish Congress has approved the 'Canary Decree' with a significant majority, enabling certain regions to use their budget surplus for sustainable investments. This includes a 60% income tax deduction for La Palma residents and funds for agricultural recovery.
The Spanish Congress has overwhelmingly approved the ‘Canary Decree’, allowing specific regions to utilize their budget surplus for sustainable investments. This includes a 60% income tax deduction for La Palma residents and authorizes the Canary Islands government to allocate 100 million euros for agricultural recovery and infrastructure rebuilding.
The decree also permits eight regions with lower debt levels to reinvest over 4 billion euros in public housing, healthcare, and social services from 2026 to 2028, with 600 million euros earmarked for the Canary Islands.
This decree presents a significant opportunity for property buyers and investors in the Canary Islands. The focus on sustainable investments and infrastructure improvements could enhance property values and living standards, making the region more attractive for long-term investment.
