Residents in Spain will need to declare any assets outside Spain worth over 50.000€
Tax residents in Spain must now begin reporting to the tax authorities any overseas assets they hold worth more than 50.000€. This requirement is part of Spain´s new anti-fraud law which came into force on 29th October 2012 (Ley 7/2012 on 29th October).
There is a new official form and reporting must be done by the end of the first trimester each year, although the deadline has been extended for reporting assets held as at 31st December 2012 to the 30th April 2013. Failure to do so would have very costly consequences.
Offshore assets which must now be declared include bank accounts, property and rights over such property, life insurance policies, shares and securities, income generated from money lending, assets to foreign entities, amongst others.
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