The Canary Islands topped Spain’s regions for foreign investment in film and TV production in 2024, attracting €42.7 million from eight international projects. This comes as the rest of Spain experienced a 33% drop in foreign film-related investment.
The figures, released by Profilm, the association of Spanish production companies working with international projects, highlight the Archipelago’s continued appeal as a filming destination, rivalling even Catalonia, which nearly tripled its own figures to reach €41.3 million.
Spain saw a steep decline in overall investment, falling from €197.4 million in 2023 to €129.9 million in 2024, with fewer productions and job opportunities. Profilm attributes the drop to less competitive tax incentives compared to other European countries and delays in processing international tax deductions.
Despite this, the Canary Islands held steady, thanks to their attractive landscapes, established infrastructure, and existing tax benefits. The report also showed major spending on accommodation (€13.3M), equipment rental (€9.1M), and location fees (€6M), boosting the local economy.
While other regions like the Balearic Islands and Madrid saw reduced or no international activity, Tenerife and Gran Canaria remain strongholds for audiovisual productions, with recent shoots including big-budget films such as Day Drinker, starring Johnny Depp and Penelope Cruz.
