The General Directorate for Taxes of the Spanish Ministry of Finance issued a report revising the list of countries regarded as tax havens for Spanish tax purposes. Cyprus is now formally excluded from the blacklist, following the conclusion of the Double Tax Treaty between Cyprus and Spain which entered into force on 28 May 2014 and is effective from 1 January 2015.
Effective removal from the Spanish blacklist enables Cyprus resident companies to benefit from relevant tax deductions as these are provided under Spanish tax regulations which though are non-applicable to blacklisted jurisdictions.
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