What has happened to the " Reporting assets outside of Spain" thread?

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04 Jan 2013 15:03 by camposol Star rating in Camposol. 1408 posts Send private message

 I was reding posts on this very important topic, received notification that I had a private message, that  I was unable to read, as the moderator had withdrawn the thread in order to look at it That was some time ago, since then -nothing;what has happened?





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04 Jan 2013 16:42 by Team GB Star rating. 1245 posts Send private message

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 Still being witheld as so to is the thread re free speech that has been pulled today.

If you search for and find the threads re the seach facility you get this

 

Thread Under Review

The thread you are trying to read has currently been hidden from public view whilst the moderators review the content within it.



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04 Jan 2013 17:23 by Cove Robert Star rating. 214 posts Send private message

 Is Justin still around? Was there a change of the guard I have missed?





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04 Jan 2013 18:00 by mac75 Star rating in Valencia. 409 posts Send private message

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 Camposol, the last I saw was that the thread had gone completely "off thread", so I'm not surprised its gone. If it is important to you start a new thread on the subject....



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07 Jan 2013 15:40 by camposol Star rating in Camposol. 1408 posts Send private message

I imagine it's important to everybody.





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07 Jan 2013 22:38 by tamaraessex Star rating in Colmenar, Malaga. 508 posts Send private message

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Only to people with a property elsewhere, and/or a €50,000 portfolio or (presumably) pension pot. That's a point, I guess pension pots count, and though I don't think there's anything like that in mine, that is quite low for a pension pot.

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08 Jan 2013 07:21 by johnzx Star rating in Spain. 5247 posts Send private message

 

 
 
This may be of interest:-
 
(FROM:- :-   http://www.abc-mallorca.com/new-asset-reporting-requirement-spanish-residents/)
 
December 4, 2012
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Under a new law, all Spanish residents are now obliged to report all bank accounts and assets situated outside Spain, where the value is €50,000 or more.

This requirement is being introduced as part of Spain’s new anti-fraud law, which came into force on 29th October 2012, with more detail provided in a Royal Decree approved on 15th November. The aims of this law are to increase penalties for tax fraud; to increase and improve tax collection, and to eliminate the application of the statute of limitations regarding undeclared assets.

Reporting procedure
If you are tax resident in Spain, you now have to declare all the assets you own outside the country. A new official form will be released shortly for this purpose.

Reporting must be done by the end of the first trimester each year, so your first deadline is 31st March 2013.
Assets to be declared

If you own any of the following assets outside Spain, valued at €50,000 or more, you need to declare them. This applies if you are the owner, the beneficiary, or an authorised signatory, and includes assets held by a trust or fiduciary.

•Accounts held with financial institutions
•All types of immovable property (real estate) and rights over such property
•Shares and securities
•Life insurance policies
•Temporary or lifetime income generated from the lending of money, rights or other assets (including immovables) to foreign entities.

If the total value of your assets in each class is less than €50,000, you are not obliged to report.

Once you have reported the assets the first time, you do not need to report them again each year provided the value of all your reportable assets has not increased by €20,000 or more. Where their value has increased by more than €20,000, you will need to report them again by the next annual deadline.

Information to be reported
The value to be reported for accounts with financial institutions, shares, securities, life insurance policies and other assets is that at 31st December.

In the case of accounts with financial institutions, you also need to report the average balance over the last three months of the year. This category includes all types of bank accounts and deposits, including credit accounts, in all currencies, regardless of whether you have the right to withdraw the funds or not.

For immovable property, the value is the cost of acquisition. You also need to provide information on the type of property, its location and date of acquisition.

Consequences of not reporting
If you fail to report any assets as required by the new law, the costs will be very high once discovered.
The undeclared income arising from the asset will be deemed to arise in the last tax year which is not statute barred – four years in most cases. This effectively abolishes the statute of limitations.

You would have to pay all of the following:
•Income tax at the income tax scale rates where the top rate is over 50% (even if the income would normally be taxed under the savings income regime).
•Late payment interest for the last four years.
•Penalties, which can be as high as 150% of the total tax due on the asset.
•A fine of €5,000 per each piece of unreported data, with a minimum fine of €10,000.

If the tax defrauded exceeds €120,000, it would be considered a criminal offence.

This new reporting obligation is an additional requirement for Spanish taxpayers. You remain obliged, as always, to also fully declare your annual worldwide income for income tax purposes, and your taxable worldwide assets for wealth tax purposes.
 

 

 


This message was last edited by johnzx on 08/01/2013.



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08 Jan 2013 09:31 by scubamike Star rating in Murcia province . 220 posts Send private message

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Thanks Johnx this is probably the clearest explanation I have seen so far and clears up the 50,000€ ceiling per category and not total assets which can make a considerable difference if  your money is spread about a bit rather than "all your eggs in one basket"





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08 Jan 2013 13:26 by tamaraessex Star rating in Colmenar, Malaga. 508 posts Send private message

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It also seems NOT to include pension pots. I'm no expert, but anyone who has a pension pot into which an employer is paying as well (not local government or civil service) can quite quickly build up a pot of a quarter of a million or more. Sadly mine, as a self-employed person paying far too little into my pension, is probably below that limit. But it seems that in any case, it's not something that has to be declared under this - perhaps because it's not an asset that can be taken, it has to be converted into an annuity on retirement, and maybe at that stage has to be declared? Anybody got any clarity on this?

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08 Jan 2013 15:46 by johnzx Star rating in Spain. 5247 posts Send private message

Tamara,

I would have thought that if you declare it when you do not need to, you do not create any problems, However, if you do not report and ought to then you would have a problem.

 

(this is just an opinion / guess)





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08 Jan 2013 15:51 by tamaraessex Star rating in Colmenar, Malaga. 508 posts Send private message

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Good way of looking at it. My lawyer's office is going to do my tax return and she's very good on tax so as long as I tell her everything she should know what to include.

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08 Jan 2013 16:10 by johnzx Star rating in Spain. 5247 posts Send private message

Tamara

True, but I believe (that is do not know for sure) that the person making the return, i.e. the tax payer, is the one responsible for ensuring that the return is correct and that if it not, then that person, not the professional, is the one responsible.





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