I read with interest today how the Spanish government is introducing new draconian asset reporting rules.
Basically, if you have assets overseas you need to report anything in value over 50,000 Euros.
Failure to report results in 5000 Euro fines *per asset class* with fines ranging up to 100%+ value of the asset itself for failure to declare. If you failed to declare a rental property overseas you could be facing very large fines. Plus, Spain can issue an arrest warrant internationally for outstanding dues of 120,000Euros or more.
Semi-bankrupt Euro governments will be watching with interest to see how much money Spain manages to squeeze out of the expat community.
Do you think expats will shift their bank accounts to jurisdictions where there are no TIEAs with Spain?
(I don't know if these exist but imagine there must be a few).
Basically, if you have assets overseas you need to report anything in value over 50,000 Euros.
Failure to report results in 5000 Euro fines *per asset class* with fines ranging up to 100%+ value of the asset itself for failure to declare. If you failed to declare a rental property overseas you could be facing very large fines. Plus, Spain can issue an arrest warrant internationally for outstanding dues of 120,000Euros or more.
Semi-bankrupt Euro governments will be watching with interest to see how much money Spain manages to squeeze out of the expat community.
Do you think expats will shift their bank accounts to jurisdictions where there are no TIEAs with Spain?
(I don't know if these exist but imagine there must be a few).
