The EU updates its list of non-cooperative offshore jurisdictions: Panama, Russia and others under scrutiny

The EU updates its non-cooperative tax haven list in 2026: Panama, Russia and other jurisdictions come under scrutiny. Using offshore structures there without transparency is increasingly risky.

Published on 2026-03-25 · GTM Team

The European Union has published a new update to its list of non-cooperative countries and territories for tax purposes, a key tool in the fight against global tax evasion and avoidance.

The most recent update —officially published in March 2026— includes several jurisdictions traditionally linked to the offshore system, with practical consequences for residents and companies using structures abroad.

🌍 What has changed in the EU's tax haven list

The jurisdictions newly included in the EU's list of non-cooperative countries are:

• Panama
• Anguilla
• American Samoa
• U.S. Virgin Islands
• Turks and Caicos
• Guam
• Palau
• Vanuatu
• Vietnam
• Russia

These jurisdictions have not fully met the international standards for tax information exchange and good practices required by the EU.

🛡️ Why does this list matter?

Inclusion on this list is not symbolic: it has real effects on taxation and compliance:

• Commercial and financial restrictions: EU companies and banks may face limits or additional conditions when operating with entities registered there.
• Greater tax scrutiny: Any structure linked to these jurisdictions automatically triggers alerts from European tax authorities.
• Transparency obligations: Using companies or accounts in these locations can lead to more exhaustive inspections.

In other words: what used to be considered an "aggressive tax structure" can now become an audit target.

💸 Offshore today: it's not what it used to be

The image of offshore as "where to hide money from taxes" is outdated. Today, due to global mechanisms like the CRS (Common Reporting Standard for automatic bank information exchange) and multilateral agreements, account and asset data abroad is shared between countries automatically.

This means that:

• The Tax Authority can know what's abroad without prior investigation.
• Countries can cross-reference information about accounts, investments or offshore structures.
• Trying to hide assets outside Spain has become much riskier.

⚠️ Practical impact case

Panama is one of the most striking examples: a traditional offshore centre par excellence, it now appears on the non-cooperative list. This means any business or financial structure registered there —if used as a tax shelter— can trigger enhanced control protocols by the Spanish Tax Authority and other European authorities.

🧠 Realistic lesson for 2026

The rules are changing:

• Offshore doesn't necessarily mean illegal, but it is dangerous if not properly declared or justified.
• Global taxation no longer depends on what the Tax Authority doesn't see, but on what banks and governments share automatically.
• Being in a "non-cooperative" jurisdiction can cost much more in inspections, penalties and information requests.

📌 Conclusion

Traditional offshore havens are no longer an impenetrable refuge. The EU's updated list of non-cooperative jurisdictions is a wake-up call:

👉 using structures in these zones without advice and transparency is increasingly risky.

And for individuals or companies with tax residence in Spain, the conclusion is clear:

if you operate or have assets abroad, do it transparently and declared, because taxation no longer forgives silence or grey areas.