Talk Quesada forum

FATCA-CRS regulatio 2019 just received email from La Caxia regarding new regulations can anyone advise on these..are they same as before. Thanks

FATCA regulations aren't new - they're anti-tax evasion measures, originally created in the USA and adopted by the EU in 2015. Most EU countries made their banking industry responsible for compliance and there was a deadline of September 2017 for all EU states to provide accurate reporting of client accounts and tax references.

So, anyone with a Spanish bank account (or bank account in any other EU country, currently including the UK), is mandated to provide each of their banks with details of their tax references. If a customer fails to do this in the UK, they are reported to HMRC. However, in Spain, the banks can go as far as freezing the accounts of customers who don't provide the required information.

Is the email you received simply for your information, or is it asking you to provide your tax references? If the latter, you need to provide your Spanish bank with your UK National Insurance number and also ensure that they have your current passport details.

(CRS is the abbreviation for an accounting term, Common Reporting Standards).

Paulr wrote:FATCA regulations aren't new - they're anti-tax evasion measures, originally created in the USA and adopted by the EU in 2015. Most EU countries made their banking industry responsible for compliance and there was a deadline of September 2017 for all EU states to provide accurate reporting of client accounts and tax references.

So, anyone with a Spanish bank account (or bank account in any other EU country, currently including the UK), is mandated to provide each of their banks with details of their tax references. If a customer fails to do this in the UK, they are reported to HMRC. However, in Spain, the banks can go as far as freezing the accounts of customers who don't provide the required information.

Is the email you received simply for your information, or is it asking you to provide your tax references? If the latter, you need to provide your Spanish bank with your UK National Insurance number and also ensure that they have your current passport details.

(CRS is the abbreviation for an accounting term, Common Reporting Standards).

Thanks for that, still don't fully understand as we always have filled in before but normally only every 2 years, and we filled in last year... never mind just another form.. thanks again