Specific situations

What applies to buyers using an offshore structure?

Buyers acting through offshore structures (BVI, Cayman, Panama, Jersey) will generally establish a high risk and with it the duty of enhanced due diligence (EDD) — the classification is nonetheless made by a case-by-case risk assessment, not schematically because of the legal form alone. The agent must establish the beneficial owners behind the structure, understand the business purpose and examine the source of funds in more depth.

Under Arts. 11–16 Ley 10/2010 (enhanced due diligence) and Art. 11 Real Decreto 304/2014, offshore structures count as typically high risk. In practice that usually means:

  1. EDD as a rule: the structure itself — opacity, a seat in a low-tax or offshore jurisdiction — is a strong risk indicator. The final classification nonetheless remains a risk assessment, not an automatic legal consequence independent of the circumstances.
  2. Establishing the UBO: the beneficial owner behind the offshore company must be identified. In layered constructions (a BVI holding → trust → S.L., say) that can be complex.
  3. Business purpose: there must be a comprehensible economic reason for the offshore structure (tax planning, succession planning). Concealment for its own sake is an indicator of suspicion.
  4. Source of funds: the money must be traceable back to its source. Statements from the offshore bank alone are not enough — ask for the origin of the deposits into that account too.
  5. Documentation: every step of the review must be documented without gaps; an examen especial is generally advisable.
  6. Reporting: where the structure has no discernible economic purpose, or the UBO is being obscured, a report to SEPBLAC is mandatory.

Legal basis: Ley 10/2010, Arts. 11–16; Real Decreto 304/2014, Art. 11; FATF Recommendations

Practical tip: Offshore purchases turn up occasionally in the luxury segment (above 5 million €). Never settle for the offshore structure alone — insist on full disclosure down to the natural person. For complex constructions, consult a Spanish tax lawyer.

Related questions

AI-assisted tools were used in preparing these FAQs; the content was subsequently reviewed and approved by the Doxario editorial team. They reflect the general state of the law as at the review date shown and do not constitute individual legal or tax advice. To assess your own case — particularly where complex structures are involved (offshore companies, trusts, foundations, communities of heirs) or where the new EU rules leave room for doubt — we recommend consulting a lawyer specialising in Spanish anti-money-laundering law and, on tax questions, a tax adviser. Doxario is a deal management and compliance platform for estate agents in Spain, operated by Blue Pepper S.L.; we therefore have an economic interest in the solutions described in these FAQs. Doxario accepts no liability for decisions taken solely on the basis of these FAQs.

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