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Posts: 183
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Topic starter
(@flannery_k)
Estimable Member
Joined: 13 years ago

http://www.telegraph.co.uk/finance/pers ... eas-assets.

hopefully this will not become the norm, from countries, where the EU says here is the money you need, and we want x in return......

Spain tells British expats to declare overseas assets
'Prohibitive' penalties await those who fail to declare overseas assets to the Spanish tax authorities.

British people living in Spain must declare all their assets held outside the country to the Spanish authorities under new rules designed to target tax evasion.

Residents have until April 30 to declare all relevant overseas assets worth more than €50,000 (£44,000) and could face huge fines for not complying.

Assets include bank accounts, property and other movable assets such as shares, life insurance policies and annuity income.

David Truman, a partner at accountancy firm Menzies, said: “My understanding is that clients are considering or are leaving Spain as a result of the introduction of the new rules.

“It does appear to be concerning people, and it does appear to be driving people out of the country.”

5 Replies




Posts: 6880
VIP Member
(@ali-gator)
Illustrious Member
Joined: 15 years ago

F.Y,
The link you posted re the Telegraph article has been removed or whatever.

Now if I have understood correctly, it is nothing knew with regard to the declaration of world assets. I mean those that had or have offshore bank accounts, received letters many moons ago, that the banks were obliged to declare on clients’ accounts. We personally have always instructed our banks to deduct interest at source and we declare individually any world assets we may or may not have. In so far as PT and Spain they already have double taxation agreements. Therefore, as stated above I cannot find the article that you refer to, to be able to form a more accurate opinion with regard your post. Do you think the situation perhaps is that it is referring to those who choose to "duck and dive" and therefore, Spain is sending out a warning and frankly I fail to see any difference in being in Spain or the UK on this issue? Ali

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Posts: 364
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(@big-nora)
Reputable Member
Joined: 14 years ago

It was always my understanding that Spain (and France) has had a (worldwide) wealth tax for a long time, unlike Portugal which taxes worldwide income. I never understood how it worked as I'd have thought you'd have to have your property valued every year. There was a news story a long time ago about some idyllic spot in France where property values had rocketed but the local people were just ordinary folks with huge tax bills just because the value of their houses had gone up.

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Posts: 7054
VIP Member
(@chas-linda)
Illustrious Member
Joined: 16 years ago

Everyone forgotten when Germany targeted their nationals with Foreign Assets, it's each country tightening up and plugging some of the loopholes or areas that are there but people and authorities have ignored up to now like PT lowering the max pension before filing a return

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Posts: 502
VIP Member
(@madeira)
Honorable Member
Joined: 11 years ago

At the same time, Portugal is bringing in habitual residencia, which certainly implies the gov is aware of not wanting to loose the expat community.

I am not quite sure why there is such a supposed uproar in Spain if this has been the law all along and there is a reciprocal agreement. Or is this a new law? And are taxes in Spain so much higher than countries of origin that it would upset people enough to make them sell?

You can find the original article by using the link and then using the search function.

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