RESIDENTS IN SPAIN

TAX OBLIGATION FOR SPANISH AND RESIDENTS IN SPAIN

Overseas assets on Form 720

As a resident in Spain , you are legally obliged to report all your assets located outside of Spain.

If you have not submitted Form 720 in previous years you are obliged to do so if the value of your assets loated outside of Spain comes over 50.000€.  If you already reported assets by Form 720  last year or before, than you have to submit a new declaration only in case of an variation in the value by more than 20.000€.

There are few days left to submit the annual Form or Modelo 720 listing all assets located outside Spain. You have to report all assets  in its amounts over 50.000€ in a certain catagory.

There are three categories: bank accounts;  real estate property;  investements in movables rights, securities, participation units, shares.

In case of shared assets each owner has to report his percantage even if its amount does not exceed  50.000€. You are also obliged to report assets if you are the owner, beneficiary or authorised to dispose of the asset – also the ones held by a company or trust.

All assets are valued by the reporting date of 31st December 2015 for the declaration for 2016. In case of bank accounts you should report the average balance over the last three month.

Today we can recommend urgently to declare income and wealth in Spain as the penalties are considerably high and  severe. The global exchange  of information makes it very easy for the tax authorities to discover omisions.

In respect of  Modelo 720 fines are from 100 to 1.500€  for late submission; 5000€ to 10.000€ for failing to submit Form 720; and  in addition  150% of unpaid income tax is also levied.

Provide youself security and peaceful sleep and don` t miss tax advantages within a legal structure by taking professional advice.

info@asesoriafiscalponte.com

These information is a summary and cannot replace personal advice. The information is based on our understanding, rates and  current taxation rules and could be subject to change.
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