The Canarian government wants to encourage new entrepreneurs to set up as self-employed “Autonomos” on the island. They offer a reduction for your first year, when you’ll pay just €80 a month in contributions. In your second year, this will continue as long as your net income is below the Minimum Interprofessional Wage (SMI).

Once it exceeds that, or you reach the end of your second year as an “Autonomo”, you’ll start paying monthly contributions which correspond to your income bracket, starting at €225 a month for the lowest earners.

As an added bonus, male “Autonomos” under the age of 30 and female “Autonomos” under the age of 35 can apply to extend this introductory rate by one more year if they are still earning under the Minimum Interprofessional Wage (SMI).