Madrid tax data reveals Gib is no haven for Spanish money

Spanish taxpayers who hold money and financial assets outside Spain barely use Gibraltar compared to other jurisdictions, according to figures revealed by the head of the Spanish tax agency in parliament in Madrid yesterday.

Santiago Menéndez, director general of the Agencia Tributaria, told the parliament’s tax commission that 197,000 taxpayers had declared 124.5 billion euros held outside Spain over the past three years, but that only 260m euros were held in Gibraltar.

Spanish law requires taxpayers to provide to the Spanish tax authorities information about offshore accounts, offshore investments, and real estate located abroad.