Socialists and popular defend Madrid’s candidacy
On February 22, the Council and the European Parliament will make public the verdict on Madrid’s candidacy as the seat of the new EU anti-money laundering office. Although the OECD has described the Community of Madrid as a ‘tax haven’, the Socialist and Popular parties have repeatedly claimed the Spanish capital as an example to follow in terms of taxation. According to a 2021 study, the increase in the number of wealthy residents in Madrid after the reintroduction of the wealth tax in 2011 is one of the arguments in favor of the candidacy
The arguments of the Spanish Minister of Economy
The Minister of Economy, Carlos Cuerpo, has defended Madrid’s candidacy in Brussels, highlighting its experience in matters of taxation, the support of the Spanish financial intelligence unit and the ease of recruiting already trained workers. Madrid’s good connectivity with the rest of the EU and the lower cost of living compared to other European cities have also been highlighted
Competence and territorial balance
Madrid faces eight other bids, including cities from the three largest and most influential EU member states. The EU’s desire to balance the headquarters of the community bodies territorially can play in favor of Madrid, since the Spanish capital does not have any European institution, despite being the capital of the fourth largest member state of the EU. This could be a point in favor of Madrid’s bid
Spain’s territorial balance
Diplomatic sources believe that Madrid is ‘a very good option’ to territorially balance its European institutions in Spain, since other Spanish cities already have European institutions. This could strengthen Madrid’s bid for the EU’s new anti-money laundering office
