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You should brush up on the status of the Channel Islands, Canary Islands and other various EU country administered islands used as havens. (Here's a starter fr
by spruce 12y ago
You should brush up on the status of the Channel Islands, Canary Islands and other various EU country administered islands used as havens. (Here's a starter from a simple google search : http://www.lowtax.net/information/spain/spain-canary-islands-special-zone.html http://www.lowtax.net/information/spain/spain-canary-islands...)
It has become so complex that no-one can really keep on top of it other than the obvious fact that big companies seem to be able to avoid tax and suck whopping pay packets for their elites (again without any inconveniences such as tax).
- muyuu 12y agoI should know, I was raised there. The Canary Islands have some special treatment with respect to mainland Spain in things like VAT and petrol tax, which are still in line with many European countries (and you don't go that far to buy retail petrol, it defeats the purpose). By the way the data on that site is outdated, the general IGIC (VAT) is up to 7% since 2012 and the maximum is 20%. As for the other exemptions, they are hardly "tax haven" label worthy. Nothing compared to the Channel Islands, Luxemburg, etc and more in line with countries like the Netherlands. I have yet to know of anyone not from Spain who'd choose the Canary Islands to dodge taxes, and I know plenty of people with offshore accounts (work in the other Canary - Canary Wharf, London).