Canary Islands General Indirect Tax (IGIC)
The Canary Islands' indirect tax, equivalent to VAT in mainland Spain but generally at lower rates. It applies to the purchase of premises when the seller is a business.
The IGIC is the Canary equivalent of VAT, and one of the islands’ advantages is that its rates are generally lower than mainland VAT.
When you buy premises from a business it is usually subject to IGIC; between private parties, transfer tax applies instead. Knowing which one changes your entry cost.