> DECLARATION OF TAX RESIDENTS IN SPAIN OF ASSETS OUTSIDE OF SPAIN

DECLARATION OF TAX RESIDENTS IN SPAIN OF ASSETS OUTSIDE OF SPAIN

Foto de DECLARATION  OF TAX RESIDENTS IN SPAIN OF ASSETS OUTSIDE OF SPAIN

06 Marzo, 2015

Written by Dr Crespo

The principal features of the regulation are the following:

 1.- Duty to declare information of bank accounts outside of Spain.

You have a duty to inform the government about any bank account you have outside of Spain, whether you are the holder, representative, beneficiary, authorised, or you have Power of Attorney on the account.

You must also declare such accounts even if you have cancelled them during the year.

You do not have the obligation to provide the information to the tax department if the global amount of all the accounts outside of Spain do not exceed 50,000 Euros at 31st of December or in the last quarter of the year the average balance does not exceed 50,000 Euros.

However, you must provide this information if you have closed the accounts prior to the 31st of December or ceased the position you held on the accounts provided these were declared.

When must this information be provided to the tax department? From the 1st of January to the 31st of March.

 If any of the above applies to you please contact us in order to inform you what information we require.

 2.- Duty to declare information of shares, credits, rights, insurances, annuities, rents, either deposited, managed or obtained outside of Spain.

Also included in the obligation to provide information assets in trusts.

You must also declare such assets even if you have cancelled them during the year.

You do not have the obligation to provide the information to the tax department if the global amount of all the assets outside of Spain do not exceed 50,000 Euros at 31st of December .However, you must provide this information if you have transferred the assets prior to the 31st of December.

When must this information be provided to the tax department?

From the 1st of January to the 31st of March.

 If any of the above applies to you please contact us in order to inform you what information we require.

 3.- Duty to declare property and rights on property sited outside of Spain, including time-sharing.

You do not have the obligation to provide the information to the tax department if the global amount of all property outside of Spain does not exceed 50,000 Euros at 31st of December.

 As a general rule the applicable value will be the purchase price, although if the tax authorities in England have assessed a higher value for tax purposes this would be the applicable value.

However, you must provide this information if you have transferred property prior to the 31st of December.

 When must this information be provided to the tax department?

From the 1st of January to the 31st of March .

 If any of the above applies to you please contact us in order to inform you what information we require.

 

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