Coat of arms of the Canary Islands Coat of arms of the Canary Islands The coat of arms of the Canary Islands is the central device of the flag of the Canary Islands. It reads "Oceano". The designs were made official by the Statute of Autonomy of the Canarian Autonomous Community (Organic Law 10/82) on 10 August 1982. The coat of arms displays on top the Spanish royal crown. The seven gray islands represent the Canary Islands of volcanic origin in the Atlantic Ocean. The supporters are dogs from which the islands may derive their name, possibly from the Latin term "Insula Canaria", meaning Island of the
Canary Islands a rate of approximately 5% annually. This growth was fueled mainly by huge amounts of Foreign Direct Investment, mostly to develop tourism real estate (hotels and apartments), and European Funds (near €11 billion euro in the period from 2000 to 2007), since the Canary Islands are labelled Region Objective 1 (eligible for euro structural funds). Additionally, the EU allows the Canary Islands Government to offer special tax concessions for investors who incorporate under the Zona Especial Canaria (ZEC) regime and create more than five jobs. Spain gave permission in August 2014 for Repsol and its partners to explore oil and