When dealing with international corporate and economic activities, Spain has always struggled with the concept of an ‘offshore jurisdiction’. From the Anglo-Saxon perspective, using an offshore jurisdiction means using a jurisdiction that is different from your own. From this point of view, Belgium or the UK are offshore jurisdictions with regards to Spain.
However, from the Spanish perspective, using this expression while investing or structuring is usually interpreted as investing through a tax haven and relating to transactions that are not disclosed to the Spanish authorities.
