The Spanish Government has published last October the Law nº 7/2012 and the Royal Decree 1558/2012 for the Law development.
According to this new law every resident in Spain must report to the Spanish Tax Authorities a declaration of Assets and Obligations Overseas.
Every Tax Resident has the obligation to declare about estate, bank accounts, shares, bonds, securities, deposits… abroad.
The Assets Reporting must be completed before the 31st of March 2013 and, in theory, does not affect to your annual income tax declaration payment, if there is any that you make in Spain. It is just a declaration of Assets.
What happens if you do not declare the Assets report whilst you are obligated to do so?
The fine for not reporting is 5.000, 00 €, the penalty for wrong or false reporting is 10.000, 00 €
Please do not hesitate to contact our solicitors office if you need more information. One of our Lawyers will attend your queries.
