MARCH 2015

Spain Removes Andorra, Malta, Luxembourg, Singapore, and Hong Kong from its Tax Heaven List

Due to the entry into force of 15 double taxation agreeements (DTAs), Spanish tax authorities have issued a report updating the list of 48 tax heavens established by the Royal Decreet of 1991.  The territories that lost their condition of tax heaven are the Principality of Andorra, Netherlands Antilles, Aruba, Bahamas, Barbados, Cyprus, Hong Kong, Jamaica, Luxembourg, Malta, Panama, San Marino, Singapore, Trinidad & Tobago, and the United Arab Emirates.  Gibraltar and Liechtenstein remain in the list.

According to the report, there must be effective information exchange besides signing a DTA in order to get out of the tax heavens list.