03/2013 - New reporting obligations in front of the Spanish Tax Office and the Spanish Central Bank about assets and liabilities outside Spain

March 2013


I. New reporting obligation in front of the Spanish tax office regarding foreign assets

The law “Ley 7/2012“ already introduced new regulations for the prevention and the abatement of tax fraud. On 1st January 2013 the “Real Decreto 1558/2012“ came into force and concretes the so far existing regulations. With this law the government introduces an expansive obligation to report to the Spanish tax office about foreign assets.

1. Who is concerned?
Concerned is every natural and juridical person with tax residence in Spain.

2. What has to be declared?
All property holdings which residents in Spain had in the previous year in a foreign country have to be declared. Three different property holdings have to be distinguished:
1)    Bank accounts
2)    Real estates
3)    Financial assets in the broadest sense

A declaration has to be made if the sum in one of these categories is 50.000 € or more. It has to be taken into account that the declaration also has to be made if the concerned person is not any more the owner of this property holding at the moment of the declaration. Crucial is that the person has had a property holding whose sum was more than 50.000 € at any moment of the previous year. This consideration is independent of the fact that the ownership was still present on 31st December of the declared year.

After the first declaration another case has to be considered:

Furthermore the declaration has to be made in the following years when in the concerned year the values in one of the categories have increased more than 20.000€ after the last declaration.

3. Deadline to hand in the declaration to the Spanish tax office
The concerned persons have to hand in the declaration until 31st March of the following year.

Because of the new introduction there is an exception for the first declaration in the year 2013. The deadline is extended for one month, so that the deadline for the current year ends on 30th April 2013.

4. Form
In force is the “Modelo 720”, which has to be presented electronically.




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