Special case: entities resident in countries or territories classified as tax havens or zero taxation

Regulations: Art. 91.13 of Law Personal Income Tax

When the investee entity is a resident of countries or territories considered tax havens or in a country or territory with zero taxation, it will be presumed, unless proven otherwise, that the following circumstances occur:

1. That the taxation of the non-resident entity for the income subject to inclusion is less than 75 percent of the amount that would have corresponded to those same income applying the Spanish Corporate Tax rules.
2. That the entity is the producer of the income listed in letters a), b), c), d), e), f) and g) of the heading "Income obtained from entities that develop economic activities" within the section " Content of the regime and moment of imputation ", so they should be understood as imputable.

3. That the income obtained by the investee entity is 15 percent of the acquisition value of the participation.

See in this regard the definition of tax haven, zero taxation and effective exchange of tax information contained in the first Additional Provision of Law 36/2006, of November 29, on measures for the prevention of tax fraud and which is discussed in the " List of countries and territories legally qualified as tax havens " within the section dedicated to the "Imputation of income by partners or participants of collective investment institutions established in tax havens" in this Chapter .