Balearics is the third largest tax haven investor in Spain

Last year the Balearics banked and invested nearly 4'000 million pesetas in overseas tax havens, becoming the third most active foreign investor in Spain with only Madrid and the Basque Country depositing larger amounts abroad. According to figures released by the Treasury in Madrid, the amount of money invested by Spain in tax havens during the first nine months of 1999, was four times the figure for 1998 and is expected to grow further this year. In total Spain deposited 121'388 million pesetas overseas between January and September last year with 6.37 per cent of that figure being banked by non-listed companies some 89'659 million pesetas. The most popular destination is the Cayman Isles. Last year the total amount of money invested overseas, in tax havens and elsewhere, reached 1'344 billion pesetas. However, the Cayman Isles is holding just over 84 per cent of money invested in tax havens, 102'137 million pesetas with Panama being the second most popular destination for Spain's and Balearic money.