De Cotta Law works with a number of class-leading business partners to provide the best possible service to its clients.
One of the firm's financial services partners is the company, BlevinsFranks
This autumn they published an important report on Reporting Overseas Assets. Click to
Download Spain Tax Update – Asset Reporting – Reporting of Overseas Assets -BlevinsFranks .
The new anti-fraud law was published in the Official State Bulletin on 30th October 2012. This
law establishes a new obligation on individuals resident in Spain to declare their assets situated
overseas.
On 15th November 2012 the Council of Ministers approved a Royal Decree which brings the
General Tax Law in line with EC and international law on mutual assistance, and sets out the
reporting obligations in relation to assets situated overseas.
Reporting must be done by the end of the first trimester each year,
although the deadline has been extended for reporting assets held as at
31st December 2012, so that your first deadline is 30th April 2013. For future years, the deadline will be 31st March for the previous 31st December.
The following needs to be declared:
■
Accounts held with financial institutions
■
All types of immovable property, 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 immovable) to foreign entities
For more information contact your local De Cotta Law or BlevinsFranks office.
(De Cotta Law is an independent law firm and is not tied to any financial planning or wealth management firm. A full list of our partners can be found on our website here. De Cotta Law works with some of the best businesses in their sectors, allowing clients to make informed choices. De Cotta Law also works with ASEC and Fiduciary Group amongst offers).