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Filing Period for Disclosure of Foreign Assets Opens

Spain
21 Feb 2013
1 February 2013 saw the opening of the filing period for the new disclosure obligation on foreign assets approved by Law 7/2012. Taxand Spain discusses the assets covered by the new disclosure obligation.

This obligation includes the following assets and rights located abroad:

  • Accounts located abroad held at institutions engaged in banking or lending transactions where the taxpayer is the account holder or beneficiary or has the power to operate the account
  • Any certificates, assets, securities or rights, representing the capital stock, equity or assets of all kinds of entities, or representing the transfer to 3rd parties of own capital owned by the taxpayer, and which are held or located abroad
  • Life or disability insurance for which the taxpayer is the policy-holder, and life or temporary annuities for which it is the beneficiary, arranged with entities established abroad
  • Real estate and rights in real estate located abroad, owned by the taxpayer

The disclosure period will end on 30 April 2013 and filing by electronic means is compulsory.


Your Taxand contact for further queries is:
Gonzalo Fernandez De Lorenzo
T. +34 91 514 5200
E. gonzalo.fernandez.de.lorenzo@garrigues.com

Taxand's Take


This new obligation follows the trend existing in other major jurisdictions, such as the US, and is completed with a heavy penalty regime for failure to comply, late or incomplete filing. All companies with executives located in Spain who may hold assets, such as bank accounts or shares abroad, should discuss seeking professional advice to promote full compliance.

Taxand's Take Author