By Euro Weekly News Media • Published: 14 Nov 2015 • 16:19
HACIENDA, the Spanish Treasury, has identified €40 billion of assets deposited overseas of which 45 per cent is said to be lodged in tax havens, according to recent reports.
The largest amount estimated at €19.87 billion is unsurprisingly lodged in Switzerland, with €9.98 billion in Luxembourg and €4.07 billion in Andorra, which itself is jointly administered by Spain.
The Treasury has found €15.04 billion in areas said to be difficult for access and it was noted that Spanish taxpayers have more money in Swiss banks than Germany, France and the United Kingdom put together.
Interestingly, Gibraltar is not reported as being a significant depository for Spanish euros despite ongoing Spanish government complaints. In fact, Gibraltar has actually received a glowing report from the OECD on its record on exchange of information and transparency, with Gibraltar’s overall rating being the same as the UK, Germany and the USA.
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