According to a report issued by the General Directorate for Taxes of the Spanish Ministry of Finance (Treasury Office - Ministerio de Hacienda), following the conclusion of double taxation agreements the Ministry has substantially reduced its list of countries regarded as tax havens around the world. Following the entry into force of the double taxation agreement between Spain and Cyprus, Cyprus has now been formally removed from the list, along with 14 other territories including Andorra, Hong Kong, Singapore and United Arab Emirates.
Formal removal from the blacklist removes any doubts regarding the applicability of certain tax deductions contained in the Spanish tax regulations, which require that the relevant jurisdiction should not be regarded as a tax haven.
The blacklist list now comprises: Anguilla, Antigua and Barbuda, Bahrain, Bermuda, Brunei, Cayman Islands, Cook Islands, Dominique, Fiji, Gibraltar, Grenada, Channel Islands, Jordan, Lebanon, Liberia, Liechtenstein, Macao, Malvinas Islands, Isle of Man, Marian Islands, Mauritius, Monaco, Montserrat, Nauru, Oman, Seychelles, Solomon Islands, St Lucia, St Vincent and the Grenadines, Turks and Caicos Islands, Vanuatu, British Virgin Islands and US Virgin Islands.
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