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My father in law lives in Tenerife so I go there regularly with my wife. We went to visit the Rolex shop of Playa de las Americas a few times. They had exactly the same Sub than mine for sale. Euro (Belgium) price : about 12.100 euros. Tenerife price : +/- 10.000 euros.
Tenerife (with the rest of the Canary islands) has a very low VAT, about 2-3%, where the rest of EU applies from 19 to 23 %.
So yes, buying in Tenerife (even smartphones or iPads) will be cheaper than the rest of EU.
A normal watch maintenance costs at Rolex Brussels about 700 euros. The same (I asked) maintenance is about 200 euros (2012 price) in Tenerife.
Should you leave your watch there for maintenance or repair, you get a price quote in 24 hrs. For a heavy repair, they will send your watch to Rolex Switzerland, as most other countries do I believe.
I hope this helps ! :)
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