Published in 1991, Royal Decree 1080/1991 listed the countries or territories considered “tax havens” by Spain. The inclusion of a territory in this list did involve, in principle, a number of fiscal disadvantages and control measures relating to “tax fraud” or specific taxes on transactions affecting Spain. Later on, the introduction of new, stricter money laundering prevention measures resulted in restrictions and controls increasing and becoming stricter. 

 This has given rise to agreements between Spain and those countries and territories as a result of which the following have been taken off the list of tax havens:

Principality of Andorra

Aruba

Republic of Cyprus

United Arab Emirates

Hong-Kong

The Bahamas

Barbados

Jamaica

Republic of Malta

Republic of Trinidad and Tobago

Great Duchy of Luxemburg

Republic of Panama

Republic of San Marino

Republic of Singapore

Netherlands Antilles.

The Netherlands Antilles ceased to exist as such on 10/11/2010. From that date, Sint Marteen and Curaçao have enjoyed the same status as Aruba (i.e. they are part of the Netherlands but remain independent), while Saba, Sint Eustatius and Bonaire are part of the Netherlands.

SOURCE: MINISTERY OF FINANCE -SPAIN

Lizarza Abogados

2nd of January, 2015