TAX HAVENS: What You Need To Know

It can be simple to open a bank account in the tax haven, but it can be very expensive to get it out. If you try to transfer funds from a tax haven to an EU country, the local tax authority may consider it undeclared income or fraud. This allows them to freely apply fines of upto 52% of that amount.

For this reason, managing your money and/or forming a company in a tax haven can only make sense if you plan to live in that country and keep your savings there. Otherwise, the legal and financial risks tend to outweight the benefits.


Spain’s Official List of Non-Cooperative Jurisdictions (Tax Havens)

Spain maintains a list of jurisdictions classified as “non-cooperative” (paraísos fiscales) under Royal Decree 1080/1991 and other laws. Some countries, described below, have signed tax treaties with Spain and may no longer be considered blacklisted for certain purposes.

The Spanish list includes:

  1. Andorra
  2. Dutch Antilles
  3. Aruba
  4. Bahrain
  5. Brunei
  6. Cyprus (Removed: tax treaty in force since 28 May 2014)
  7. United Arab Emirates (Removed: tax treaty in force since 2 April 2007)
  8. Gibraltar
  9. Hong Kong
  10. American Anguilla
  11. Antigua and Barbados
  12. The Bahamas
  13. Barbados
  14. Bermudas
  15. Cayman Islands
  16. Cook Islands
  17. Dominican Republic
  18. Grenada
  19. Fiji
  20. Islands of Guernsey and Jersey (Channel Islands)
  21. Jamaica
  22. Malta (Removed: tax treaty in force since 12 September 2006)
  23. Falkland Islands
  24. Isle of Man
  25. Mariana Islands
  26. Mauritius
  27. Montserrat
  28. Nauru
  29. Solomon Islands
  30. Saint Vincent and the Grenadines
  31. Saint Lucia
  32. Trinidad and Tobago
  33. Turks and Caicos Islands
  34. Vanuatu
  35. British Virgin Islands
  36. United States Virgin Islands
  37. Jordan
  38. Lebanon
  39. Liberia
  40. Liechtenstein
  41. Luxembourg (limited - only for specific passive income under certain companies, namely to avoid double taxation, dated 3 June 1986
  42. Macao
  43. Monaco
  44. Oman
  45. Panama
  46. San Marino
  47. Seychelles
  48. Singapore (tax treaty in force since July 2012, meaning it can be excluded this list in practice for taxpayers who benefit from the treaty.

This list of non-cooperative jurisdictions (tax havens) is based on Royal Decree 1080/1991 of July 5, as published in Spain’s official state bulletin (BOE). Content verified and updated as of May 2025, including removals due to double taxation or transparency agreements.

Agencia Estatal BOE Explanation

Current EU List of Non-Cooperative Jurisdictions (as of Feb. 2025)

The European Union maintains its own blacklist of non-cooperative tax jurisdictions, which is narrower and based on international standards for tax transparency and fair taxation. This list is updated twice a year.

The EU blacklist currently includes:

  1. American Samoa
  2. Anguilla
  3. Fiji
  4. Guam
  5. Palau
  6. Panama
  7. Russia
  8. Samoa
  9. Trinidad and Tobago
  10. U.S. Virgin Islands
  11. Vanuatu
ECCEU Explanation

Questions? We're here to help!

Contact Us

Call us at 932 155 393 or fill out the form below.