This will introduce an obligation to report certain assets located abroad and whose value exceeds € 50,000 on December 31st each year, to all natural and legal individuals resident in Spanish territory, to permanent establishments, heritages and civil communities or partnerships.
While in the future this statement shall be filed between January 1st to March 31st, the 2012 statement must be submitted between the 1st February to the 30th April 2013, in accordance with the Sole Additional Provision of Royal Decree 1715 / 2012, of the 28th December.
You are subject to this obligation if:
- You are a Spanish resident (this includes any citizen or foreign national residing in Spain, Business entities, Inheritances , Partnerships, etc.), or have a permanent establishment in Spain.
- Value of your assets abroad exceed a value of 50,000 € (individually)
- 3 different groups of assets subject to this obligation:
1. Accounts and deposits with financial institutions located abroad
Information to be provided:
- Bank name and address
- Swift code, Iban code and account number
- Name of account holders and third parties with access to the account
- Date account was opened or closed
- Date in which any third parties were given access or had their access cancelled
- Balance of the account dated 31st December of the previous year
- Average account balance of the last quarter of the previous year
2. Values, rights, insurances and annuities deposited, managed or obtained abroad.
This group has to be subdivided again into another 5 subgroups:
a. Values located abroad: Information to be provided:
- Company name or full name of the legal entity
- Confirmation of registry details of the company or entity
- Value of the shares dated 31st December of the previous year
- Vale of the share capital or equity capital dated 31st December of the previous year
- Number and class of shares you hold
b. Rights located abroad: Information to be provided:
- Company name or full name of the legal entity
- Confirmation of registry details of the company or entity
- Value at 31 December of the securities transferred to third parties for capital or securities contributed to the legal instrum ent
- Value, number and class of securities or the securities provided by such shareholder.
c. Shares in the share capital or endowment of collective investment institutions located abroad:
Information to be provided:
- Company name or full name of the legal entity
- Confirmation of registry details of the company or entity - Value at December 31 shares held, number and type
d. Life and disability insurance when the insurer is located abroad: Inform action to be provided:
- Company name or full name of the legal entity
- Confirmation of registry details of the company or entity - .Surrender value at 31 December.
- The policyholders personal details
e. On temporary or lifetime income obtained as a result of the delivery of a capital in money, or economic rights of real or personal property:
Information to be provided:
- Company name or full name and address of the insurance company - Value of income capitalization at 31 December
- Identification of the beneficiary
3. Immoovable property or rights in immovable property situated abroad: Information to be provided:
- Country or territory in which you are located. - Address
- Acquisition date
- Acquisition value
* Note: The obligation extends to any taxpayer who had been the holder or beneficial owner of securities or rights during 2012 but no longer is on December 31st, and must provide the information on the date on which such term ination occurred.
Last day for filing the information (Form 720) for 2012 will be on the 30th April 2012.
Penalties?
The penalty consists of a 5,000 Euros fine per item or set of data on the same account, asset or Real Estate property, which should have been included in the statement or had been provided incomplete, inaccurate or false, with a minimum of 10,000 Euros.
The penalty shall be 100 EUR per item or set of data on the same account, asset or liability or property with a minimum of 1,500 Euros, when the declaration was filed after the deadline without prior notification from the Tax Office. Likewise, if the filing of the annual statement is not done electronically via the internet or via written communication it would also be sanctionable.
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"The Observer", Sacromonte, Granada, South-east of Spain, by Landahlauts, at flickr.com