New asset reporting law affecting all residents!

There is a new asset reporting law now in force in Spain which appears, on the face of it, to be quite unfair to those 'Resident' Expats who have worked and paid taxes over the years in their home countries.


The new law means that all Residents in Spain have to declare any assets outside Spain worth over €50,000 and the declaration has to be made by April 30th 2013. There are heavy fines for those who have declared them inaccurately or not at all. This new requirement appears to be part of the anti-fraud law introduced by the Spanish government last year.

Read about this new law and the possible implications in the following links to articles from the Coastrider newspaper below:

http://www.coastrider.net/news/national-news/item/20880-petition-against-the-new-asset-declaration-law-spanish-residents.html

http://www.coastrider.net/lifestyle/money/item/20893-declare-assets-or-face-huge-fines.html

To be fair to the Spanish government this is actually a requirement under European law and such legislation has been in force in France and other countries for years. Under EU regulations all EU residents must declare in their country of residence all of their assets wherever they are held within the EU.
The big question is what, if anything, the Spanish government decides to do with this information in the future.

JeremyB wrote:To be fair to the Spanish government this is actually a requirement under European law and such legislation has been in force in France and other countries for years. Under EU regulations all EU residents must declare in their country of residence all of their assets wherever they are held within the EU.
The big question is what, if anything, the Spanish government decides to do with this information in the future.

Yes, from what I have read, it seems that is the 'big question' that many residents are concerned about!

If you haven't made the declaration by now you're in trouble!!