DECLARING ASSETS OUTSIDE SPAIN

[parito]

I am sure this topic was covered somewhere I just couldn't find it.

Just recently by chance found out that spanish residents need to declare all of their foreign assets (property, bank accounts, etc).

I was UK resident for 2013.

In my case, If I interpret the laws correctly,  I am about to become a resident for 2014 (staying here for over 183 days) which would in turn mean I will have to:

1. Declare my foreign assets until 2015 March 31st
2. Pay income tax for the worldwide income (or pay in UK and use double tax treaties to avoid paying again)

Am I correct ? Am I missing something else? I hate having to consult with the lawyers as they are usually charging for things I should be able to figure out myself

What's your view about this asset declaration thing, and is it affecting you?

[SheilaW]

Just recently by chance found out

Is there any other way to find out anything here?

I don't know all the ins and outs of this declaration, and I'm not sure my accountant here does either. But it is only for quite large amounts. A bank account, investment, property etc only has to be declared if its total value as at 31/12 of the previous year was > 150kâ,¬ (or something like that). For us, it meant that our French house had to be declared for one year but nothing else. We didn't pay anything extra due to declaring it.

I'm pretty sure it's a Europe-wide law and it just means the EU want to stop people investing fortunes in other countries and not paying tax anywhere. Wasn't that what the fiasco in Cyprus was about? Each EU country seems to have different limits. We had a UK bank account that we left with less than £100 in when we moved to France, and the French made us fill in a form every year for 15 years - same info; new form .

[TamaraEnLaPlaya]

I don't know all the ins and outs of this declaration, and I'm not sure my accountant here does either. But it is only for quite large amounts. A bank account, investment, property etc only has to be declared if its total value as at 31/12 of the previous year was > 150kâ,¬ (or something like that).

I think you'll find the figure is 50kâ,¬, not 150kâ,¬. According to my Spanish accountant you add together all bank accounts and if the total is 50k or more then it needs declaring as one of your assets. Shares are also lumped together.  Properties are assessed individually and declared if over 50k. Insurance policies are also fair game although whether that is you as the insured or you as a potential beneficiary I'm not sure!

My understanding is that you have to submit a new declaration in any year that any one of your assets change value by 20%? (not sure if this is correct %, needs checking) or if you acquire a new asset or dispose of old one.

I've got a copy of the requirements somewhere - when I find it I'll share it on here. One of the things that was stressed to me was that ignorance is not an excuse if the authorities catch up with you and the fines are horrific, something like 10 or 15kâ,¬ per asset that hasn't been declared. This has nothing to do with income, it is purely a register of your assets.