DECLARATION OF ASSETS ABROAD
WHO MUST FILL THIS DECLARATION?
RESIDENTS IN SPAIN, EITHER INDIVIDUALS OR COMPANIES, AND PERMANENT ESTABLISHMENT, OWNING OR HAVING THE POWER TO DISPOSE OVER ASSETS ABROAD SUCH AS:
- BANK ACCOUNTS AND DEPOSITS.
- ALL KIND OF STOCKS, BONDS, VALUES, FINANTIAL RIGHTS, SAVINGS IN INSURANCE COMPANIES, TIME SHARING RIGHTS, TRUSTS , ETC.
- REAL ESTATE.
WHAT IS THE THRESHOLD FOR THIS OBLIGATION?
50.000.- EURO OF VALUE OF THE ASSET (NOT THE VALUE OF YOUR OWN PARTICIPATION) IN ANY OF THE THREE TYPES OF ASSETS. EXAMPLES:
- YOU ARE NOT obliged to declare an account with 49.000.- euro.
- YOU ARE obliged to declare if you are one of the holders of an account with 60.000.- euro, even if your part is only 30.000.- euro, because the asset is above the threshold.
- YOU ARE obliged to declare whichever is your percentage of participation in a real estate property, if the property value is over 50.000.- euro.
- YOU ARE obliged to declare all accounts or deposit that you had during the year, even if those are closed already by the end of the year.
- YOU ARE NOT obliged to declare in case of a trading activity, keeping accounting according to the Spanish regulations, detailing the assets as per the law, or accounts abroad in branches abroad of banks domiciled in Spain (please consult with us your specific case).
HOW IS THE VALUE CALCULATED?
- BANK ACCOUNTS AND DEPOSITS: the higher between the balance at the end of the year or the average balance of last quarter of the year.
- STOCKS, BONDS, VALUES, FINANTIAL RIGHTS, SAVINGS IN INSURANCE COMPANIES, according to the Spanish rules for the Wealth Tax.
- REAL ESTATE. Value of acquisition.
WHAT IS THE TERM TO DECLARE?
UNTIL APRIL 30TH DE 2013 (IN FUTURE YEARS UP TO 31ST OF MARCH).
WHAT SHALL I DO TO FULFIL THIS OBLIGATION?
If you are under any of the cases above, please inform us of the nature of the asset and we will detail the data needed to comply with the filing of the forms.
PLEASE NOTE THAT THE BREACH OF THIS OBLIGATION IS PUNISHED WITH VERY SEVERE FINES, AND THAT THE NON DECLARED INCOME WILL NOT BE SUBJECT TO STATUTORY PERIOD.
You can see the tax office reply to consultations about this matter by clicking here.