8.2.5.2. Collective investment institutions established in tax havens

INCOME IMUTATION

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.

DISTRIBUTED 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 QUALIFIED AS TAX HAVENS

The countries and territories classified as tax havens by Royal Decree 1080/1991, of July 5, 1991 (BOE of July 13), are those indicated below:

1. Principality of Andorra. (As of 02-10-2011, the Principality of Andorra is no longer considered a tax haven)
2. Netherlands Antilles (As of 01-27-2010, the Netherlands Antilles is no longer considered a tax haven).
3. Aruba (As of 01-27-2010 Aruba is no longer considered a tax haven).
4. Emirate of the State of Bahrain.
5. Brunei Sultanate.
6. Republic of Cyprus. (As of May 28, 2014, it is no longer considered a tax haven, when the agreement to avoid double taxation comes into force).
7. United Arab Emirates until 1-4-2007.
8. Gibraltar.
9. Hong Kong. (As of 4-13-2012 Hong Kong is no longer considered a tax haven)
10. Anguilla.
11. Old and bearded.
12. The Bahamas (As of 08-17-2011 The Bahamas is no longer considered a tax haven).
13. Barbados (As of 10-14-2011 Barbados is no longer considered a tax haven).
14. Bermuda.
15. Cayman Islands.
16. Cook Islands.
17. Republic of Dominica.
18. Granada.
19. Fiji.
20. Guernsey and Jersey Islands (Channel Islands).
21. Jamaica (until May 15, 2009).
22. Republic of Malta (until September 11, 2009)
23. Falkland Islands.
24. Isle of Man.
25. Mariana Islands.
26. Mauricio.
27. Montserrat.
28. Republic of Nauru.
29. Solomon Islands.
30. St. Vincent and the Grenadines.
31. St. Lucia.
32. Republic of Trinidad and Tobago (until December 27, 2009)
33. Turks and Caicos Islands.
34. Republic of Vanuatu.
35. British Virgin Islands.
36. Virgin Islands of the United States of America.
37. Hashemite Kingdom of Jordan.
38. Lebanese Republic.
39. Republic of Liberia.
40. Principality of Liechtenstein.
41. Grand Duchy of Luxembourg, with regard to the income received by the Companies referred to in paragraph 1 of the Protocol annexed to the Convention, for the avoidance of double taxation, of June 3, 1986.
42. Macau.
43. Principality of Monaco.
44. Sultanate of Oman. (As of September 19, 2015, Oman is no longer considered a tax haven).
45. Republic of Panama.
46. Republic of San Marino (As of 02-08-2011 San Marino is no longer considered a tax haven).
47. Republic of Seychelles.
48. Republic of Singapore. With effect from January 1, 2013, it is no longer considered a tax haven.