Nobody thought the number of reported assets would be that high: Spanish president Mariano Rajoy has announced that more than 130,000 Spanish tax payers have declared assets held in foreign countries with an estimated total value of 87.7 billion euros, more than the double of Spanish Treasury estimates. The penalty in the new Spain antifraud law is 150% of the tax due.
Last 30 April was the last day for Spaniards to report overseas assets. The new law does not mean paying additional taxes but to avoid fiscal fraud. Should the tax agency discover that a taxpayer has not informed of an account abroad, that property will count as a capital gain in income tax, which will be taxed at the marginal rate, up to 52%. In addition, although this account had been opened in the year 2000 and, therefore, tax fraud had been committed in a fiscal year already prescribed, it shall not be considered that way and will be due to a sanction.
According to the new tax liability, those who have any type of assets outside of Spain must submit the 720-form ‘Disclosure statement on goods and rights abroad’, with the limitation that the value of the assets exceeds 50,000 euros. All banking accounts, housing properties, stocks, options, insurance and income managed or obtained abroad.