Expats in Spain must report overseas assets by end April

Published:  3 Apr at 6 PM
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Expats living in Spain are being reminded that the end of April is the deadline for the declaration of any overseas assets, property or pensions to the tax authorities.

The new rules were introduced as part of a wider anti-fraud scheme aimed at reducing tax evasion.All expats are required to report overseas assets totalling more than €50,000, including trusts, shares, annuities, rental income from property, overseas bank deposits, trusts, capital and equities.

The reportage is for the year 2012, and new assets or an increase in valuation of already held assets will need to be reported at the end of March 2014. Stiff fines will be levied if reportage is not done correnctly or at all.

Fines include €10,000 for each undeclared asset and €1,500 for incorrect or late filing.If tax is found to be due, a minimum fine of 150 per cent of the undeclared amount plus four per cent annual interest will be levied on top of the tax owed.

Seminars are being held across the country, with revenue officials keen that expats understand their duty to declare overseas assets. Tax experts and advisers, however, are concerned that pensioners in particular may not appreciate how stiff the fines are, or may not understand the exact requirements of the new law.
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