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(@flannery_k)
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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.”

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(@x-camone)
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Joined: 12 years ago

There's a bit more detail here.

http://www.advoco.es/advice/8-personal- ... guide.html

Interesting that the Telegraph article fails to mention that the tax applied until 2008 and that it was (apparently temporarily) reintroduced in 2012, though that has now been extended to 2013.

Also that their article focuses on the declaration limits and the fines and doesn't even mention the lower limits at which tax is due nor the amounts.

Headline's a bit misleading, too...........

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