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A notary residing in the Canary Islands inquires whether the purchase of land for the construction of holiday homes and the purchase of new apartments are eligible to realize the Canary Islands Investment Reserve (RIC). The DGT responds that investment in land does not meet the requirements of allocation and that the classification of the activity depends on the provision of hotel services.
Question posed: Whether both investments are eligible to realize the endowed Canary Islands Investment Reserve (RIC).
Investment in land is not eligible for the RIC because it does not comply with the allocation purposes required by Article 27.4 of Law 19/1994. For the rental of tourist accommodations to constitute an economic activity and not income from capital, it must be supplemented with services from the hotel industry. If such services are provided, the failure to provide any of them at the client's request would not affect the validity of the realization, provided that the other services characteristic of the industry are maintained.
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