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 that are regulated as tax havens will impute to the general income of the tax period the positive difference between the net asset value of the participation on the closing date of the tax period and its acquisition value.

It will be presumed, unless proven otherwise, that this difference is 15% 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 share.

SHARES OR PARTICIPATIONS ACQUIRED BEFORE 1-1-99 (DT 8 Law)

For the purposes of calculating the excess of the net asset value, the acquisition value will be taken as the net asset value as of January 1, 1999, with respect to the shares and stocks owned by the taxpayer in it.

The difference between this value and the effective acquisition value shall not be taken as the acquisition value for the purposes of determining the income derived from the transfer or reimbursement of the shares or interests.

DISTRIBUTED PROFITS OBTAINED BEFORE 1-1-99 (DT 8 Law)

Dividends and profit shares distributed by collective investment institutions, which derive from profits obtained prior to 1 January 1999, shall be included in the tax base of the partners or participants thereof.

For these purposes, it shall be understood that the first distributed reserves have been allocated 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), are those listed below:

1. Principality of Andorra. (As of 10-02-2011, the Principality of Andorra is no longer considered a tax haven)
2. Netherlands Antilles (As of 27-01-2010, the Netherlands Antilles are 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. Sultanate of Brunei.
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. Eel.
11. Old and bearded.
12. The Bahamas (As of 17-08-2011, 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 11 September 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 27 December 2009)
33. Turks and Caicos Islands.
34. Republic of Vanuatu.
35. British Virgin Islands.
36. United States Virgin Islands.
37. Hashemite Kingdom of Jordan.
38. Lebanese Republic.
39. Republic of Liberia.
40. Principality of Liechtenstein.
41. Grand Duchy of Luxembourg, in respect of income received by companies referred to in paragraph 1 of the Protocol annexed to the Convention for the avoidance of double taxation of 3 June 1986.
42. Macau.
43. Principality of Monaco.
44. Sultanate of Oman. (As of 19 September 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 1 January 2013, it is no longer considered a tax haven.