Executive summary

The Spanish Ministry of Finance published a draft Ministerial Order on 22 May 2026, proposing an update to the list of non-cooperative jurisdictions (formerly "tax havens") for Spanish tax purposes. This draft is the first proposed revision of the list since it was published in February 2023.¹

The draft was published on the Ministry of Finance website in the public hearing and public information section of ongoing administrative proceedings. The formal public consultation and hearing process opened on 26 May 2026 and the deadline for submitting comments is 1 June 2026.

According to the draft, Gibraltar and Barbados would be removed from the list of non-cooperative jurisdictions, while other jurisdictions, including the Cayman Islands, Jersey and Guernsey (Channel Islands), would remain. Given the broad range of Spanish tax rules that refer to non-cooperative jurisdictions, the proposed changes may have relevant implications for Spanish taxpayers with cross-border structures or transactions involving the affected jurisdictions.

Detailed discussion

Revised legal framework for non-cooperative jurisdictions

As part of the transposition of the European Union (EU) Anti-Tax Avoidance Directive, Spain amended its domestic rules on tax havens, now referred to as "non-cooperative jurisdictions," through revised wording of the First Additional Provision of Law 36/2006.

Under this revised provision, Spanish legislation no longer contains a closed or static list of non-cooperative jurisdictions. Instead, identification of non-cooperative jurisdictions is expressly left to regulatory development. As a result, the Ministry of Finance conveys via Ministerial Orders which countries, territories or "harmful tax regimes" fall within this concept.

In addition, the revised provision introduces a dynamic update mechanism. In particular, to help align the Spanish approach with international standards, it states that the list of harmful tax regimes considered to be non-cooperative jurisdictions may be updated based on the criteria of the EU Code of Conduct on Business Taxation or the Organisation for Economic Co-operation and Development (OECD) Forum on Harmful Tax Practices.

When the Ministerial Order was approved, there were informal and unofficial indications that the list of non-cooperative jurisdictions could be updated annually to reflect developments at the EU and OECD levels. In practice, however, no updates have been made, and the list has remained unchanged for approximately three years. In particular, the Cayman Islands was included on the initially approved list and has remained on the list since.

Public consultation

The deadline for submitting comments on the draft Ministerial Order is 1 June 2026 — a consultation period of seven business days, which is relatively short compared to other regulatory initiatives.

At this stage, the draft Order has not yet been finalized, and its final content, as well as its entry-into-force date, will depend on the outcome of the consultation process and formal approval by the Ministry of Finance.

Implications

A jurisdiction's characterization as non-cooperative has wide-ranging consequences under Spanish tax law and affects multiple taxes and reporting obligations. Depending on the specific tax and circumstances, a jurisdiction's inclusion on the list may result in enhanced disclosure obligations, limitations on exemptions or special regimes, restrictions on deductibility and/or the application of specific anti-avoidance rules.

In this context, Spanish taxpayers and multinational groups may wish to review existing or planned structures involving jurisdictions that would be affected by the draft changes to assess potential Spanish tax impacts, especially transactions or investments involving jurisdictions that remain on the list.

The short consultation period may limit stakeholder engagement, but affected taxpayers should nonetheless consider whether submitting comments to the Ministry of Finance might be appropriate.

The draft may provide an indication of how Spain intends to approach future updates and the extent to which alignment with EU and OECD lists will be achieved in practice.

Taxpayers should continue to monitor developments and assess the impact once the final Ministerial Order is published.