Informative declaration on assets and rights abroad

This month I would like to write on the new informative declaration on assets and rights abroad. In order to intensify the actions against tax fraud, a new obligation is established, in such a way that all residents of Spain, individuals and companies, are to declare all their assets and rights owned abroad.

Please, bear in mind that a person is regarded as resident of Spain, Spaniard or foreigner, when staying in Spain for more than 183 days, basically.

In particular, everyone in the above situation is to inform, although there are some exceptions, about:

1. Bank accounts and other financial products with banks and financial companies, abroad.

2. Assets, whichever kind: rights, insurances, shares and annuities abroad.

3. Real estates and rights on them abroad.

The liabilities even reach “trusts”, which is a very complex matter so we shall not tackle them this time.

The form is to be submitted between 1st January and 31st March 2013, with a wide description of each, in regards to the assets & income for 2012 and so on, should an increase of them take place compared to the first year.

Summing up, it is obvious that the tax authorities are walling in residents, whichever nationality, owner of assets and rights abroad, for they are well aware of the common practice of not declaring them when abroad, as the fact of persons who declare themselves as non-residents when they are really residents of Spain

There are already communication mechanisms among the administrations of different countries, included in the tax treaties, as information clauses with the same aim, but due to bureaucratic, control, management and economical reasons, the advantages of the above declaration are clear.

Should you have any doubt or question about it, please, put it forward in my e-mail This email address is being protected from spambots. You need JavaScript enabled to view it.

Additional information