{"id":2072,"date":"2013-05-20T08:00:11","date_gmt":"2013-05-20T08:00:11","guid":{"rendered":"http:\/\/www.asociacion-eurojuris.es\/en\/?p=2072"},"modified":"2020-04-11T07:21:13","modified_gmt":"2020-04-11T07:21:13","slug":"residents-in-spain-are-required-to-declare-their-assets-abroad","status":"publish","type":"post","link":"https:\/\/www.asociacion-eurojuris.es\/en\/residents-in-spain-are-required-to-declare-their-assets-abroad\/","title":{"rendered":"Residents in Spain are required to declare their assets abroad"},"content":{"rendered":"<p><strong>Spanish Royal Decree 1558\/ 2012,<\/strong> published on 15 November 2012 introduces <strong>new reporting requirements for taxpayers residing in Spain<\/strong>: they should <strong>declare to the Spanish State tax authority rights and property<\/strong>, such as real estate, bank accounts, stocks, bonds and insurances, held or managed abroad.<!--moreResidents in Spain are required to declare their assets abroad--><\/p>\n<p>This statement should be <strong>made exclusively by means of telematics through the Internet,<\/strong> transmitting it with an electronic signature produced when selecting a personal certificate installed in advance in the browser for this purpose. <strong>Application deadline is from 1st January to 31st March of the year following that to which the information relates<\/strong>, although the declaration for 2012 will take place during March and April 2013.<\/p>\n<p><strong>The information to be reported to the tax authorities<\/strong> on accounts in financial institutions located abroad includes the following items:<\/p>\n<ul>\n<li><strong>Company name or full name of the bank<\/strong> or savings bank and location<\/li>\n<li><strong> Full identification of accounts<\/strong><\/li>\n<li><strong> Date of opening or cancellation<\/strong>, or, <strong>where appropriate, date of issuance and withdrawal of the permit leading to the liability<\/strong> of the concerned reporter.<\/li>\n<li>And, <strong>logically, the balance of the accounts at 31 December<\/strong>, and the average balance for the last quarter of the year.<\/li>\n<\/ul>\n<p>Anyway, <strong>no one is obliged to report on the status of the account,<\/strong> if the final balance on 31st December does not exceed, in total, EUR 50.000. The submission of this <strong>declaration in the following years will be only required when either of the joint balances of the accounts<\/strong> (the one at 31st December or the average one of the last quarter of the year) <strong>experiences an increase exceeding 20.000 euros.<\/strong><\/p>\n<p><strong>A<\/strong> <strong>similar provision is established when the foreign assets are such as securities, stocks, mutual funds, life insurances or disability insurances and temporary or lifelong rents.<\/strong><\/p>\n<p>For <strong>real property located abroad<\/strong>, the information statement will contain the following data:<\/p>\n<ul>\n<li><strong> Identification of the property<\/strong> with a brief specification of its typology, as\u00a0 will be defined by a future order of the competent Ministry.<\/li>\n<li><strong> Location of the real estate:<\/strong> country or territory in which it is situated, city, street and number.<\/li>\n<li><strong>Date of acquisition.<\/strong><\/li>\n<li><strong> Cost of acquisition.<\/strong><\/li>\n<\/ul>\n<p>In the case of timesharing contracts or similar arrangements and in case of usufruct rights the reporter should also<strong> indicate the value of the property on the 31st December<\/strong>. The applicable quantitative liability limits are the same as in the previous cases.<br \/>\nThis <strong>obligation to declare assets is accompanied by a closer cooperation and a increased mutual assistance between tax authorities<\/strong>. We are going to discuss about that in a future article.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Carlos Prieto Cid<\/strong><br \/>\n<span style=\"color: #000080\"><a title=\"Tarracoiuris Abogados, Spanish Lawyers in Tarragona, Spain\" href=\"http:\/\/www.tarracoiuris-abogados.com\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #000080\">Tarracoiuris Abogados, Spanish Lawyers in Tarragona, Spain<\/span><\/a><\/span><\/p>\n<h2><br title=\"Tarracoiuris Abogados\" \/><span style=\"color: #000080\"><a title=\"International Law Firms Spain\" href=\"http:\/\/www.asociacion-eurojuris.es\/en\/quienes-somos\/despachos-asociados\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color: #000080\"><em> <strong>Member of Eurojuris Espa\u00f1a, international network of Spanish Law Firms<\/strong><\/em><\/span><\/a><\/span><\/h2>\n<p><span style=\"color: #000080\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Spanish Royal Decree 1558\/ 2012, published on 15 November 2012 introduces new reporting requirements for taxpayers residing in Spain: they should declare to the Spanish State tax authority rights and property, such as real estate, bank accounts, stocks, bonds and insurances, held or managed abroad.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1064],"tags":[],"class_list":["post-2072","post","type-post","status-publish","format-standard","hentry","category-pubications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Residents in Spain should declare their assets abroad- Eurojuris Spain<\/title>\n<meta name=\"description\" content=\"Residents in Spain should declare to the Spanish State tax authority rights and property, such as real estate, bank accounts, stocks,bonds and 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