I'd like to add to the housing scarcity point by also bringing to attention the rent. 1000€ is a great deal for someone who's bringing their money from outside, but as a local with a full time job, that same deal leaves me with only 130€ a month - just enough to scrape by eating just rice and not much else; and if I'm lucky I'd still be able to pay for electricity. We are literally being priced out of our homes thanks to the real estate market pandering to its highest payers (understandably just like any high-return business does), who coincidentally also happen to be foreigners in this case. The fact that a family home costs this much considering local income is a simply tone-deaf and exclusively profit oriented approach on behalf of agencies and private landlords with no consideration for the social dimension. The only places you can realistically save money on a local wage here is by living in a more marginalized and precarious area such as Taco, San Matías, Añaza, Guaza or Vecindario, or in the middle of (pardon my french) bumfuck nowhere in Valle San Lorenzo or Los Silos. Going further inland is not an option if you do not have a car or if punctuality is important. I've been living here for 17 years and public transport beyond Puerto has always been a running joke, and it gets worse the further up you go - in Las Llanadas (Realejo Alto), there is only one bus line which passes by every hour and a half. Heck - I live in Puerto as well and my job requires me to move to Santa Cruz, sometimes being on-site at 5 AM. There are no buses running from Puerto to where I need to be from 4 or 4:30 - neither the 102, 103 or 108. The fact that "it's free with the monthly pass" doesn't fix the pitiful scheduling and organisation. I'm a car guy, but I would also love not being forced to use my car due to the lack of a better option. Tenerife feels like it's an experiment, where the premise is "what would happen if we let an economy grow unchecked but make it look semi-regulated", and we locals are paying the price. For reference, in March 2024 the amount of unemployed people in the Islands overall is 165.044, which is surprising considering how many places do not even offer fixed positions - most are temporary contracts or part-time, and a lot of these people are forced to accept under the table payments thanks to not being able to make ends meet. I'm extremely privileged to be over the 1000€/month net figure, but I can't say the same for my fellow Canary people. The median wage here is 21k€ a year, which after taxes translates to around 1250€ monthly. No average couple can afford to live here on a local wage without making some serious compromises. I understand that it's a global issue, but in such a small place like the Canary Islands, the influx of wealthy immigrants looking to settle coupled with the increasing scarcity of housing is going to have catastrophic long-term consequences if not dealt with properly - and our local government has proven time and time again that this simply is not within their interest. If they had their way, we'd be just like Mallorca or Ibiza in 10 years. The fact that corporate tax here is the lowest in all of Europe is just one more nail in the coffin. Please for the love of God be mindful when it comes to moving here. Feel free to come on vacation and enjoy a place like no other in the world, but remember that this is not just your home or real estate playground - it's our home too. We're just patiently waiting for another housing market crash that is long overdue so that we may finally afford a place to actually call our own, and not line someone else's pockets.
Thanks for sharing and fully understand. I have seen this happening everywhere in the last years and when looking for places to rent for the winter, I ended up staying in the middle of nowhere and in an unconventional studio cave - nothing really practical or interesting for a normal long-term rent. Spending as little as possible in commercial foreign businesses and choosing local restaurants and shops, and all other ways how local economy should be translated to locals is what everyone can easily encourage.
Well, to access the 4% corporate tax you have to hire 5 persons in tenerife! Otherwise tax is 25% like in all spain.. so.. you have to do the math, 4% taxes and 5 salaries.. is it worth it?
Thank you for the delightful and informative video. It was both lovely and educational. I'm considering moving my work and life there. Could you tell me how easy it is to find native or fluent English speakers for office-related work in the area?
@NomadElite which island 🏝 is least affected? Thanks for your help I very much appreciate your relocation Content... Have you any insights into the south of mainland Spain 🇪🇸? [ going forward I'll be directly in touch with your website....as I'm most certainly leaving Ireland 🇮🇪 And I have passive income set up.... Thanks again
Tenerife used to be one of the least effected islands, but that has changed. If you want reasonable prices and fewer tourists - Almeria is the place to be.
I'd like to add to the housing scarcity point by also bringing to attention the rent. 1000€ is a great deal for someone who's bringing their money from outside, but as a local with a full time job, that same deal leaves me with only 130€ a month - just enough to scrape by eating just rice and not much else; and if I'm lucky I'd still be able to pay for electricity. We are literally being priced out of our homes thanks to the real estate market pandering to its highest payers (understandably just like any high-return business does), who coincidentally also happen to be foreigners in this case. The fact that a family home costs this much considering local income is a simply tone-deaf and exclusively profit oriented approach on behalf of agencies and private landlords with no consideration for the social dimension.
The only places you can realistically save money on a local wage here is by living in a more marginalized and precarious area such as Taco, San Matías, Añaza, Guaza or Vecindario, or in the middle of (pardon my french) bumfuck nowhere in Valle San Lorenzo or Los Silos.
Going further inland is not an option if you do not have a car or if punctuality is important. I've been living here for 17 years and public transport beyond Puerto has always been a running joke, and it gets worse the further up you go - in Las Llanadas (Realejo Alto), there is only one bus line which passes by every hour and a half. Heck - I live in Puerto as well and my job requires me to move to Santa Cruz, sometimes being on-site at 5 AM. There are no buses running from Puerto to where I need to be from 4 or 4:30 - neither the 102, 103 or 108. The fact that "it's free with the monthly pass" doesn't fix the pitiful scheduling and organisation. I'm a car guy, but I would also love not being forced to use my car due to the lack of a better option.
Tenerife feels like it's an experiment, where the premise is "what would happen if we let an economy grow unchecked but make it look semi-regulated", and we locals are paying the price. For reference, in March 2024 the amount of unemployed people in the Islands overall is 165.044, which is surprising considering how many places do not even offer fixed positions - most are temporary contracts or part-time, and a lot of these people are forced to accept under the table payments thanks to not being able to make ends meet. I'm extremely privileged to be over the 1000€/month net figure, but I can't say the same for my fellow Canary people. The median wage here is 21k€ a year, which after taxes translates to around 1250€ monthly. No average couple can afford to live here on a local wage without making some serious compromises.
I understand that it's a global issue, but in such a small place like the Canary Islands, the influx of wealthy immigrants looking to settle coupled with the increasing scarcity of housing is going to have catastrophic long-term consequences if not dealt with properly - and our local government has proven time and time again that this simply is not within their interest. If they had their way, we'd be just like Mallorca or Ibiza in 10 years. The fact that corporate tax here is the lowest in all of Europe is just one more nail in the coffin.
Please for the love of God be mindful when it comes to moving here. Feel free to come on vacation and enjoy a place like no other in the world, but remember that this is not just your home or real estate playground - it's our home too. We're just patiently waiting for another housing market crash that is long overdue so that we may finally afford a place to actually call our own, and not line someone else's pockets.
Gentrification. It's happening all over the globe.
Great comment ❤
Thanks for sharing and fully understand. I have seen this happening everywhere in the last years and when looking for places to rent for the winter, I ended up staying in the middle of nowhere and in an unconventional studio cave - nothing really practical or interesting for a normal long-term rent.
Spending as little as possible in commercial foreign businesses and choosing local restaurants and shops, and all other ways how local economy should be translated to locals is what everyone can easily encourage.
Possible to combine 4% coorperate tax with 0% terretorial tax in Paraguay?
Well, to access the 4% corporate tax you have to hire 5 persons in tenerife! Otherwise tax is 25% like in all spain.. so.. you have to do the math, 4% taxes and 5 salaries.. is it worth it?
great stuff Gerald :)
I can't believe that you made a con out of people just wanting to have a good life, going to the beach and hanging out with friends and family.
It's a very different society. It's not wrong or right, just different. Work ethic is not a big thing in the Canary Islands.
Thanks for the tips ☺️ Do you know much more about Almeria? Job market etc? Ty 💚
You're welcome, Michelle. I honestly don't know much about the job market in Almeria.
Can u share about how to naturalise, get PR & Residency in Canary Islands, Please?
Are you a resident of Spain?
@@NomadElite No sir, currently in process of applying for an EU residency
Internet speed out of central town ?!!
Thank you for the delightful and informative video. It was both lovely and educational. I'm considering moving my work and life there. Could you tell me how easy it is to find native or fluent English speakers for office-related work in the area?
OJO: to get the 4% corporate tax you have to hire 5 persons locally, not remote workers.
Hi there 😊
What is the situation with migrants
Arriving from Africa?
I'm very interested in relocating from Ireland 🇮🇪
It's not ideal to be honest. Hopefully, the Spanish will pull the breaks on this circus asap
@NomadElite which island 🏝 is least affected?
Thanks for your help
I very much appreciate your relocation
Content...
Have you any insights into the south of mainland Spain 🇪🇸?
[ going forward I'll be directly in touch with your website....as I'm most certainly leaving Ireland 🇮🇪
And I have passive income set up....
Thanks again
Tenerife used to be one of the least effected islands, but that has changed. If you want reasonable prices and fewer tourists - Almeria is the place to be.
@NomadElite
It's a desert 🏜 like I thought
From some property I viewed online
[ I'll be in touch with you before Christmas 🎄.... thanks very much ] 🤝
Almeria is the place with the most sun per year in whole Europe! I stayed there for a few months in 2019.
You missed the biggest pro! For a normal family vlog you'd be forgiven for missing it, but unforgivable for "nomadelite". 0% tax on foreign dividends.
Shame on me 😂
@@NomadElite nomad capitalist would have known that 😂
I checked Idealista, you can get 1 bedroom 500€/M apartments and I pay 850€/M in Lisbon