Spain currently maintains approximately 195 billion euros in territories considered low tax or with reduced financial transparency standards. This figure is approximately equivalent to 13% of national wealtha percentage aligned with the global average.
The data comes from the latest report from the European Union Tax Observatory, which analyzes the location of global wealth in low-tax jurisdictions. Internationally, the total volume exceeds 11 billion eurosa quantity which illustrates the structural dimension of the phenomenon.
How much Spanish money is there really outside?
The report introduces an essential nuance: not all assets located in these territories are necessarily hidden from the tax authorities. If the assets pass through Ghost companies or structures without real activitySpanish wealth in these enclaves would be reduced to 5% of GDPa few 75 billion euros.
This difference highlights the weight of opaque corporate structures in the overall calculation and explains why estimates can vary so significantly depending on the methodology used.
A global phenomenon, not isolated
Globally, the percentage of wealth located in low-tax territories has remained stable for almost two decades. In 2007, this represented approximately 11% of global wealth and currently around 12%with oscillations linked to the behavior of financial markets.
When financial assets are revalued, the volume of offshore wealth increases; When markets fall, the ratio decreases. This is therefore not a trend exclusively linked to an increase in tax evasion.
Switzerland and the Spanish currency map
The main historical destination of Spanish heritage abroad remains Swiss. Almost two thirds Spanish money located in opaque territories is concentrated in this Alpine country, although it is no longer officially listed as a tax haven within the European Union.
In 2017, Switzerland joined the Common reporting standardwhich marked a turning point in its traditional banking secrecy. Since then, its weight as a refuge for the wealthy has considerably diminished.
The decline of Swiss banking secrecy
In 2006, Switzerland focused around 50% of the world’s hidden heritage. At the end of 2023, this share had fallen to 22%. Strengthening transparency rules has made it more expensive to use the Swiss financial system for those seeking opacity.
As a result, other financial centers have gained importance in the distribution of international wealth.
British territories and new financial centers
In the Spanish case, almost a third of the assets located in opaque territories is found in financial centers linked to the United Kingdomsuch as Guernsey, Jersey or the British Virgin Islands.
In the world as a whole, Asian territories play an increasing role. Hong Kong, Singapore and Macao already concentrate more than a third of offshore wealthwhile the British enclaves total approximately 27%.
The United States also increased its weight, capturing approximately 13% of world heritage located outside the countries of origin, benefiting from a level of transparency lower than that required by international standards.
Fiscal transparency and monetary control
Since 2017, more than a hundred countries have automatically exchanged financial information via the Common reporting standard. Banks, managers and insurance companies are required to report data from non-resident accounts to the tax authorities.
This system has significantly reduced completely hidden wealth. Before its application, between the 90% and 95% offshore assets have escaped tax scrutiny. Today, this percentage is much lower.
What part remains undeclared
Data from countries with high levels of compliance, such as Denmark, indicate that approximately 83% of wealth in low-tax territories has already appeared, while around the 17% remains hidden.
This proportion serves as a reference to estimate the volume of assets that still escape international control systems.
Why is the money being withdrawn?
The European report highlights that the tax evasion This is not the only reason to keep assets overseas. International banks offer specialized investment products, greater financial flexibility and, in some cases, lower operating costs.
Furthermore, these structures can be used to hide assets in corporate or family disputes, evade international sanctions or channel funds of illicit origin through networks of shell companies, foundations or trusts.
Legality and tax obligations in Spain
Having assets abroad is not illegal. Tax residents in Spain are required to declare returns generated by these assets, such as interest or dividends, and to declare their global wealth when there is a wealth tax obligation.
Current figures show that Spain already has a significant part of its wealth outside the country, like major economies. The key is not just where the money is, but also how transparently it is reported.
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