Transfers to tax havens amounted to 6.8 billion in 2020

About 6.8 billion euros were transferred to 'offshores' in 2020, a figure that exceeds that of 2019 by 14.30%, and which had among the main destinations Switzerland, Bahamas, Hong Kongaccording to official data.

At stake in the statistics published on the Finance Portal are the transfers from residents and non-residents that banks are obliged to report through the so-called Modelo 38 until the end of March each year and where transfers that exceed 12,500 euros, individual or fractional, and that appear to be related, must be included.

The data show that transfers totaling €6,845,057,024 were made in 2020, up 14.30% (about €900 million) from 2019, with the largest share (€4,831,771,988) coming from residents and €2,285,036 from non-residents.

The figures indicate that transfers from non-residents remained almost identical to the previous year, but among residents they recorded a rise of 21.4%, still slightly below the figure recorded in 2018.

Switzerland, with 1.58 billion euros in transfers from residents and 1.29 billion euros from non-residents, is the main destination of these financial transactions, followed by the Bahamas (988.8 million euros) and Hong Kong (953.7 million euros).

In these last two cases it is the volume of transfers from non-residents that explain the top positions occupied by these two jurisdictions.

According to official data, those figures were behind a total of 99,632 transfers, a drop of 5.4% compared to the number observed in 2019, of which 87,674 were from residents and 11,958 from non-residents.

Thus, and despite the fact that the amount transferred to territories with a preferential tax regime increased in 2020, the number of transfers maintained the downward trend seen in recent years. Here too, the drop is especially relevant for payers with a non-resident Tax Identification Number (NIF).

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