REPORTING OF ASSETS HELD OUTSIDE SPAIN TO THE TAX AUTHORITIES.
For all New Tax Residents in Spain in 2016 with assets over 50,000€ located abroad as of the 31st December 2016 must be declared to the Spanish tax authorities by March 2017. This includes all accounts with financial institutions, custodian accounts, real estate, assets held in companies aboard, shares, trusts, etc.
The value of the assets reported is at 31st December 2016: the tax declaration (modelo 720) needs to be completed between February and March 2017
PLEASE BE AWARE: There is no obligation to file a declaration if you have nothing to declare or if you declared it previously. A new one need only be completed when there has been an increase in asset values of at least 20,000€.
It will be a criminal offence if you don’t report overseas assets. Failure to comply will mean a heavy fine and in some cases a prison sentence. There is no statute of limitation, so the tax offices can ask for information on your assets from the date it was set up.
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For more information contact Carmen Guerra for free professional advice at:
- Telephone: +34 950 472 504 / +34 670 215 926
