Key facts
- Spain has removed Gibraltar from its list of non-cooperative tax jurisdictions after 35 years.
- Gibraltar's removal is based on its compliance with international tax rules and a bilateral tax cooperation agreement signed in 2019.
- Russia has been added to Spain's list of non-cooperative jurisdictions.
- The EU had previously placed Russia on its blacklist due to a lack of tax cooperation.
- The Tax Justice Network ranks Gibraltar 37th in its corporate tax haven ranking, estimating annual revenue losses of $7.354 billion for other countries.
Spain has officially removed Gibraltar from its list of non-cooperative tax jurisdictions after 35 years, a decision underpinned by technical criteria rather than diplomatic gestures. The move follows Gibraltar's satisfactory implementation of a bilateral tax cooperation agreement signed with Spain in 2019, which came into force in March 2021. Spain's Ministry of Finance confirmed that Gibraltar now meets international standards for tax transparency and exchange of information, including participation in the OECD's Inclusive Framework on BEPS and ratification of Pillar Two, which sets a 15% global minimum tax for multinationals.
Gibraltar's Chief Minister, Fabian Picardo, expressed relief, calling the removal a 'historic injustice of more than 30 years.' This decision aligns with a European Commission proposal from February 2026 aimed at fair taxation and anti-tax-evasion standards. Despite the technical compliance, organizations like the Tax Justice Network still rank Gibraltar as a significant corporate tax haven, estimating it causes annual revenue losses of $7.354 billion for other countries.
In parallel, Spain has added Russia to its list of non-cooperative jurisdictions for the first time, following the EU's decision in February 2023 due to Moscow's lack of cooperation on tax matters. While this adds another layer of scrutiny to already constrained trade relations, the direct economic impact is expected to be limited due to existing sanctions imposed over Russia's invasion of Ukraine. The inclusion will, however, increase pressure on Russian capital in Spain and complicate transactions for Spanish companies with remaining ties to Moscow.