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Tax Havens 2023

The BOE published on February 10, 2023 the Order HFP/115/2023, of February 9, 2023, which details the list of countries with tax regimes considered harmful; as a measure for the prevention of tax fraud.
Tax havens have been a popular way for individuals and companies to reduce their tax burden. As the global economy has become increasingly interconnected, it has become easier for individuals to move funds to and from these countries. To ensure that taxes are paid fairly, the tax agency will monitor any movement of funds into or out of any of these countries. This will help them track any possible cases of tax evasion or avoidance.
Transparency of information with these countries will be required, in the case of mutual cooperation the country will disappear from the list.
But it is not only transparency that is required of these countries, but also their attraction of offshore companies aimed at attracting profits without real economic activity, either by the existence of low or no taxation or by their opacity.

The list of countries is as follows:
1. Anguila.
2. Bahrain.
3. Barbados.
4. Bermudas.
5. Dominica.
6. Fiji.
7. Gibraltar.
8. Guam.
9. Guernsey.
10. Isle of Man.
11. Cayman Islands.
12. Falkland Islands.
13. Mariana Islands.
14. Solomon Islands.
15. Turks and Caicos Islands.
16. British Virgin Islands.
17. Virgin Islands of the United States of America.
18. Jersey.
19. Palau.
20. Samoa, with respect to the harmful tax regime (offshore business).
21. American Samoa.
22. Seychelles.
23. Trinidad and Tobago.
24. Vanuatu.

In our particular case several clients have encountered major problems when transferring money from Gibraltar to the Spanish state. It is incredible the amount of documentation required to unblock the funds in the bank.

We therefore advise you to have a good tax strategy if you want to transfer funds from one of these countries. This will ensure that the process is smooth and efficient, while ensuring that all applicable regulations are followed.

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Lorenzo Viu

Lorenzo Viu


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