Translated from Mallorca Zeitung
In the future, any person who is resident in Spain, to disclose their property abroad: bank accounts, life insurance policies, stocks, mutual fund shares, real estate. Those who do not fulfill this obligation must expect hefty fines, should the Spanish tax authorities get wind of it.
The new rule applies only to residents, ie persons who are fully taxable in Spain. The main criterion is the length of stay: Those who spend more than 183 days a year, is staying here, is considered resident. Must expose the affected their assets abroad, which are divided into three categories:
1) Cash at bank
2) life insurance policies, stocks, fund holdings (and so on)
3) property. Than € 50,000 limit applies to each of the three categories.
The declaration must be made this year to the end of April. This is only possible via the Internet on the side of the tax authority, which can be reached at
Agencia Tributaria - Inicio. There is the "declaraciones informativas 2012" all the information and the form to be completed.
Requirement for the submission of the declaration via the Internet, however, is to install a so-called "security certificate", which again is a bit cumbersome. Also experience with Spanish authorities required forms (in this case, "Modelo 720").
Before informing the IRS about his assets abroad, you should ensure that these are properly taxed. Those who failed to report the income tax return data, this can take as self-display in order. Who in the disclosure of his assets abroad does not give correct information, you can expect a fine, which may exceed the actual asset. (jm)
