8.2.5.2. Collective investment institutions established in tax havens
Income imputation
Taxpayers who participate in collective investment institutions established in countries or territories legally classified as tax havens, will allocate to the general income of the tax period the positive difference between the net asset value of the participation on the closing day of the tax period and its acquisition value. .
It will be presumed, unless proven otherwise, that this difference is 15 percent of the acquisition value of the share or participation.
The amount charged will be considered greater value acquisition.
The profits distributed by the collective investment institution will not be imputed and will reduce the acquisition value of the participation.
Shares or participations acquired before 1-1-99 (DT 8 Law)
For the purposes of calculating the excess net asset value, the net asset value as of January 1, 1999 will be taken as the acquisition value, with respect to the units and shares held by the taxpayer.
The difference between said value and the effective acquisition value will not be taken as the acquisition value for the purposes of determining the income derived from the transfer or redemption of the shares or participations.
Profits obtained before 1-1-99 (DT 8 Law)
Dividends and shares in profits distributed by collective investment institutions, which come from profits obtained prior to January 1, 1999, will be integrated into the tax base of the partners or participants thereof.
For these purposes, it will be understood that the first distributed reserves have been provided with the first profits earned.
Countries and territories classified as tax havens
The countries and territories classified as tax havens by Royal Decree 1080/1991, of July 5, 1991 (BOE of July 13), which, for the 2019 financial year, continue to be considered tax havens are the following:
- Anguilla
- Old and bearded
- Bermuda
- Emirate of the State of Bahrain
- fiji
- Gibraltar
- Granada
- Isle of Man.
- Cayman Islands
- Cook Islands
- Guernsey and Jersey Islands
- Falkland Islands
- Mariana Islands
- Solomon Islands
- Turks and Caicos Islands
- British Virgin Islands
- Virgin Islands of the United States of America.
- Macau
- Mauricio
- Montserrat
- Principality of Liechtenstein
- Principality of Monaco
- Hashemite Kingdom of Jordan
- Dominican Republic
- Republic of Liberia
- Republic of Nauru
- Republic of Seychelles
- Republic of Vanuatu
- Lebanese Republic
- St. Vincent and the Grenadines
- St. Lucia
- Burei Sultanate