Last year, notaries in the Archipelago formalized 10,697 free asset transfers. This figure represents the second-highest value in the historical series, averaging 42 operations per day. This surge coincides with the reinstatement of the 99% tax relief on the Inheritance and Gift Tax for direct relatives, implemented by the Canary Islands Government in September 2023.
The residential market shows a similar trend. According to data from the National Statistics Institute, 1,362 homes changed ownership through donations in the islands in 2024, reaching the highest level in the last six years. This phenomenon is a response to the difficulty young people with stable employment face in gathering the necessary savings required by banks, which typically finance up to 80% of the appraisal value.
The most frequent operations involve individuals under 35 who use family contributions, usually between 15,000 and 40,000 euros, to cover the down payment and purchase-related expenses. The autonomous region's tax advantages position the Canary Islands as one of the most favorable territories for these types of asset transfers.
