{"id":572,"date":"2013-04-03T14:08:57","date_gmt":"2013-04-03T12:08:57","guid":{"rendered":"http:\/\/www.iurisonline.co.uk\/?p=572"},"modified":"2014-11-03T18:18:38","modified_gmt":"2014-11-03T17:18:38","slug":"residents-in-spain-will-have-to-declare-assets-overseas","status":"publish","type":"post","link":"http:\/\/www.iurisonline.com\/en\/2013\/04\/03\/residents-in-spain-will-have-to-declare-assets-overseas\/","title":{"rendered":"Residents in Spain will have to declare assets overseas"},"content":{"rendered":"

\"taxes\"<\/a><\/p>\n

Last year a new Law<\/a>\u00a0came into force in order to avoid tax evasion in Spain, mainly with those residents who may have non declared assets overseas.<\/p>\n

Therefore, this month of April, Hacienda should be informed, through a new form (modelo 720)<\/a> about assets that any resident in Spain may have abroad.<\/p>\n

How much do I have to pay?<\/h1>\n

The obligation to declare is merely in terms of information. That is to say, non extra taxes will need to be paid as far as it is clear that these assets have been acquired with declared incomes.<\/p>\n

If there is no justification of how or when an assets has been acquired, it will be considered the first possible year within the non prescribed period.<\/p>\n

It is important to remind that tax evasion may be considered a criminal charge<\/strong> when the amount is over \u20ac120,000 and therefore, prison could be applied in these situations.<\/p>\n

Who should pay these taxes?<\/h1>\n

The Law is logically to be applied to Spanish residents<\/strong>, whatever their nationality. The law considers a resident he who lives in Spain for more than 6 months in a year.<\/p>\n

What kind of assets are to be declared?<\/h1>\n

Bank accounts, shares and real estate properties over \u20ac50,000 value.<\/p>\n

Spanish Government, following the new anti\u00a0tax evasion<\/strong>\u00a0Law, which is in force since October 31st 2012, has recently approved a Decree establishing that assets held overseas under\u00a0\u20ac50,000<\/strong>\u00a0will not have to be declared.<\/p>\n

This limit is determined to avoid obligations in cases such as students who may open an account during the period they are abroad.<\/p>\n

What if I do nothing?<\/h1>\n

Non declared assets could be charged with a 150% fine over their value, appart from the tax itself.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Last year a new Law\u00a0came into force in order to avoid tax evasion in Spain, mainly with those residents who may have non declared assets overseas. Therefore, this month of April, Hacienda should be informed, through a new form (modelo 720) about assets that any resident in Spain may have abroad. How much do I…<\/p>\n","protected":false},"author":1,"featured_media":573,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[31],"tags":[127,204,112,177,190,23,37],"_links":{"self":[{"href":"http:\/\/www.iurisonline.com\/en\/wp-json\/wp\/v2\/posts\/572"}],"collection":[{"href":"http:\/\/www.iurisonline.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.iurisonline.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.iurisonline.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.iurisonline.com\/en\/wp-json\/wp\/v2\/comments?post=572"}],"version-history":[{"count":2,"href":"http:\/\/www.iurisonline.com\/en\/wp-json\/wp\/v2\/posts\/572\/revisions"}],"predecessor-version":[{"id":853,"href":"http:\/\/www.iurisonline.com\/en\/wp-json\/wp\/v2\/posts\/572\/revisions\/853"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.iurisonline.com\/en\/wp-json\/wp\/v2\/media\/573"}],"wp:attachment":[{"href":"http:\/\/www.iurisonline.com\/en\/wp-json\/wp\/v2\/media?parent=572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.iurisonline.com\/en\/wp-json\/wp\/v2\/categories?post=572"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.iurisonline.com\/en\/wp-json\/wp\/v2\/tags?post=572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}