Costa Azul Consulting Tenerife
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    NEW OBLIGATION (FOR RESIDENTS IN SPAIN) ASSETS INFORMATION ABROAD


    Law 7/2012 has established a new reguirement for all persons residents in Spain, report on the assets held abroad. The failure to report on assets located abroad will be considered very serious offense, punishable by a fine of 5.000€ fixed per item or set of data which should have been included in the statement or had been provided incomplete, inaccurate or false, with a minimum of 10.000€ The deadline for submission, which must necessarily be sent by electronic means (not exists in paper form) will be during the first guarter following the calendar year. Exceptionally, this year will end on April 30, 2013 (for 2012 data) The information to be provided is as follows: ---- Accounts data located abroad open in entities engaged in the trafficbank or credit they own or beneficiaries or those listed as authorized or otherwise to dispose bearing. ---- Information on securities, assets, securities or rights representing the capital, funds own heritage of all types of entities, or transfer to third parties of own capital, of which they hold and which have been deposited or located abroad, as well as life insurance or invalidity of htose who are makers and temporary annuities or for their benefit following the delivery of a capital in money, movable or immovable property, contracted with entities established abroad. ----Information on real estate and real property rights of ownership located abroad. There vill be no obligation to file the return if the total value of all assets of each of three blocks above does not exceed 50.000€ That law also provides that in case of failure to declare income asset acquired with no declared that income will not prescribe ever, so the value of such assets shall be considered capital gain injustified, whatever their date of acquisition. If that was not enough, also increases the penalty of the share left to enter that instead of being the 50% normal establishing a fixed penalty of 150%

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