Spain has formally begun the process of removing Gibraltar from its list of non-cooperative jurisdictions, marking a significant development for Gibraltar’s financial services sector and wider international business community.
The draft Ministerial Order, published by Spain’s Ministry of Finance in May 2026, proposes the removal of Gibraltar from the blacklist originally established under Royal Decree 1080/1991. A short public consultation period is now underway before the measure is expected to enter into force through publication in Spain’s Official State Gazette, the Boletín Oficial del Estado.
If confirmed, the move would bring an end to a designation that has remained in place for more than three decades.
A long-standing designation finally revisited
Gibraltar was first classified by Spain as a tax haven in 1991, during a very different international regulatory era. At the time, many offshore jurisdictions operated with far lower levels of transparency and information exchange than those required today.
Over the past two decades, however, Gibraltar has implemented extensive anti-money laundering measures, tax cooperation agreements and international reporting standards. Notably, Gibraltar has also maintained OECD white-list status since 2009 and has never appeared on the European Union’s own list of non-cooperative jurisdictions.
The proposed removal from Spain’s blacklist, therefore, reflects a broader recognition of Gibraltar’s position as a mature and highly regulated international finance centre.
The role of the 2021 tax agreement
The development also follows commitments made under the International Tax Agreement between Spain and the United Kingdom in respect of Gibraltar, which entered into force in March 2021.
That agreement established enhanced cooperation and information exchange measures between the two jurisdictions, covering areas such as tax residency, cross-border workers and administrative assistance. As part of the agreement, Spain committed to removing Gibraltar from its blacklist within two years.
While that commitment was not implemented within the original timeframe, the publication of the draft Order now represents the clearest indication to date that Spain intends to complete that process formally.
Why this matters commercially
Although largely symbolic in some respects, blacklist designations carry genuine practical and reputational consequences.
For businesses, investors and professional advisers, the existence of a tax haven designation can create additional scrutiny, administrative complexity and negative perception, regardless of the actual regulatory standards operating within a jurisdiction.
The proposed delisting is therefore likely to be viewed positively across Gibraltar’s financial services industry, particularly by firms involved in corporate services, funds, insurance, fintech and cross-border structuring.
It also sends an important message internationally. Gibraltar’s financial sector has positioned itself around transparency, compliance, and high regulatory standards, rather than the low-regulation offshore models historically associated with older tax-haven classifications.
A stronger foundation for cross-border business
The timing is particularly notable given Gibraltar’s continued efforts to strengthen its position as an internationally respected and well-regulated financial centre.
In recent years, Gibraltar has continued to develop sophisticated expertise across private client services, funds, insurance, distributed ledger technology and international corporate structuring. Its regulatory environment, English common law system and close alignment with UK standards continue to make it attractive to internationally mobile businesses and investors.
For companies and advisers operating between Gibraltar, Spain and wider European markets, the removal of this long-standing designation may also help simplify certain commercial relationships and reduce outdated perceptions that no longer reflect the jurisdiction’s modern regulatory environment.
Julian Pitaluga, Director at Abacus, comments that, “After more than 35 years on Spain’s tax haven blacklist, the proposed removal of Gibraltar from this list reflects the reality of what the jurisdiction has become over the years: a transparent and well-regulated financial centre, operating to the highest international standards.
From our perspective within the financial services industry, this is not only an important political milestone, but a huge commercial and reputational step forward. It reinforces what many of us on the ground here already know, that Gibraltar is built on regulation, cooperation and transparency.”
The draft Order remains subject to the current consultation process before final publication, but the direction of travel is now clear.
For Gibraltar, the move represents more than the removal of an outdated label. It reflects decades of regulatory development, international cooperation and the steady evolution of the jurisdiction into a modern, transparent and internationally connected financial centre.
For businesses, advisors and investors operating across borders, it also provides a stronger and more accurate framework through which Gibraltar can be viewed internationally going forward.