# Assets Declaration to Spanish Government Help Needed



## ocraz (Apr 28, 2013)

Hi I am trying to understand what you are saying re the taxation method in Spain. I am an English pensioner with my pension money (basic) paid into an account in UK therefore what is defined as a Spanish Taxpayer. Also the Spanish Government want to know everyones assets in UK but does that mean they are going to tax us on the value of our houses in England plus our assets? Surely what's in England is already taxed (where necessary) by the British Government, so does this mean people will be double taxed? Also I understand that an account with more than 50,000 euros has to be declared, I have practically nothing in my account in England as my children are living in the English house and just keeping the bills up to date. However, I have been told I have to declare any bank account I have in UK to the authorities here in Spain, is this correct?


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## snikpoh (Nov 19, 2007)

ocraz said:


> Hi I am trying to understand what you are saying re the taxation method in Spain. I am an English pensioner with my pension money (basic) paid into an account in UK therefore what is defined as a Spanish Taxpayer. Also the Spanish Government want to know everyones assets in UK but does that mean they are going to tax us on the value of our houses in England plus our assets? Surely what's in England is already taxed (where necessary) by the British Government, so does this mean people will be double taxed? Also I understand that an account with more than 50,000 euros has to be declared, I have practically nothing in my account in England as my children are living in the English house and just keeping the bills up to date. However, I have been told I have to declare any bank account I have in UK to the authorities here in Spain, is this correct?


I think the first thing to do is to read the existing threads on this topic in this forum.

In summary though, this is what might affect you for assets NOT in Spain..

Any cash that you have in excess of 50k euros must be declared. So, if you have one or more accounts where the TOTAL exceeds this limit, they must all be declared.

If you have property that COST more than 50k when purchased, these must be declared.

If you have securities, pension pot etc. in excess of 50k, then again these must be declared.


In essence, if you choose to live in Spain, then you have chosen to live by their rules (tax or otherwise).

Yes, there is a double taxation agreement between the two countries but this does NOT mean that you don't need to declare it here. You still need to do a tax return in Spain but any tax already paid elsewhere can be offset against any liability in Spain.

Hoping this helps.


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## extranjero (Nov 16, 2012)

*pension pots*

According to Blevins Franks, financial advisers, only pension pots from annuities have to be declared on the assets form.
Ocraz-this assets form is a statement of assets, not for tax. You pay income tax on your yearly declaration due June 30th.There is loads of info on this site.


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## ocraz (Apr 28, 2013)

Please send me the link where all the info is.


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## Calas felices (Nov 29, 2007)

_"this assets form is a statement of assets, not for tax"_. That statement may come back and bite you in the future.


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## snikpoh (Nov 19, 2007)

Calas felices said:


> _"this assets form is a statement of assets, not for tax"_. That statement may come back and bite you in the future.


It's a perfectly valid statement 'at the moment'!

I agree that things may change in the future but as we don't have crystal balls, let's *live* for today and not *worry *about tomorrow. We can only *plan *for tomorrow if we know the rules.

There are many things that could change in the future - who knows?


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## gus-lopez (Jan 4, 2010)

snikpoh said:


> It's a perfectly valid statement 'at the moment'!
> 
> I agree that things may change in the future but as we don't have crystal balls, let's *live* for today and not *worry *about tomorrow. We can only *plan *for tomorrow if we know the rules.
> 
> There are many things that could change in the future - who knows?


We just have to make sure that we have out thought the b******s.  Which isn't hard.


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## John Adamson (Apr 29, 2013)

ocraz said:


> Hi I am trying to understand what you are saying re the taxation method in Spain. I am an English pensioner with my pension money (basic) paid into an account in UK therefore what is defined as a Spanish Taxpayer. Also the Spanish Government want to know everyones assets in UK but does that mean they are going to tax us on the value of our houses in England plus our assets? Surely what's in England is already taxed (where necessary) by the British Government, so does this mean people will be double taxed? Also I understand that an account with more than 50,000 euros has to be declared, I have practically nothing in my account in England as my children are living in the English house and just keeping the bills up to date. However, I have been told I have to declare any bank account I have in UK to the authorities here in Spain, is this correct?


What I want to know is ;
1) Why didn't the Hacienda wrote to us and explain their requirements?
2) Are Spaniards also required to provide the value of their pension pots?


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## xabiaxica (Jun 23, 2009)

John Adamson said:


> What I want to know is ;
> 1) Why didn't the Hacienda wrote to us and explain their requirements?
> 2) Are Spaniards also required to provide the value of their pension pots?


1) no idea - but my gestor did write to me

2) if they have a 'pension pot' in Spain the govt already knows all about it - if they have one outside Spain, then yes - the rules are the same for all residents, Spanish nationals or otherwise


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## ocraz (Apr 28, 2013)

xabiachica said:


> 1) no idea - but my gestor did write to me
> 
> 2) if they have a 'pension pot' in Spain the govt already knows all about it - if they have one outside Spain, then yes - the rules are the same for all residents, Spanish nationals or otherwise




Hi there, I went to the gestor again this morning and he has told me I do not need to fill in a 720 as my assets are nowhere near the said amounts. Can anyone confirm this is true please? Also I still would like to know what and who they consider as a Taxpayer in Spain. I am retired. Many thanks


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## CapnBilly (Jun 7, 2011)

ocraz said:


> Hi there, I went to the gestor again this morning and he has told me I do not need to fill in a 720 as my assets are nowhere near the said amounts. Can anyone confirm this is true please? Also I still would like to know what and who they consider as a Taxpayer in Spain. I am retired. Many thanks


Well, if your assets are below €50,000 in each if the 3 different classes, then you don't have to submit a return. The declaration has to be submitted by a fiscal recent of Spain, who hod assets overseas. A fiscal resident is someone who spends at least 183 days in Spain , ( there are other criteria, but this is the main one) whether they actually pay any tax or not


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## CapnBilly (Jun 7, 2011)

John Adamson said:


> What I want to know is ;
> 1) Why didn't the Hacienda wrote to us and explain their requirements?
> 2) Are Spaniards also required to provide the value of their pension pots?


1.The Spanish government publishes all its laws in a daily publication (www.boe.es) which is available on line. This constitutes their notice to you, and it is your responsibility to make yourself aware of the requirements. This is a fairly standard way of communication by Governments.

2. Xabiachica has already answered this. This is how most people keep themselves informed.


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## gus-lopez (Jan 4, 2010)

ocraz said:


> Hi there, I went to the gestor again this morning and he has told me I do not need to fill in a 720 as my assets are nowhere near the said amounts. Can anyone confirm this is true please? Also I still would like to know what and who they consider as a Taxpayer in Spain. I am retired. Many thanks


Ye, it would be correct if you do not have assets in excess of the minimum amounts overseas.

Legally a fiscal resident is someone who is here in excess of 183 days, cumulatively.
In addition ,Someone who's "centre of economic interests " is here in Spain.
Hacienda in some areas consider that anyone who is registered on the "EU residents" list is a tax resident. Not hard to see why, really.
The Mossos de Esquadra in Cataluña consider anyone with an NIE number the same as a Spanish National!


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## ocraz (Apr 28, 2013)

thanks gus-lopez you have made me feel fully at ease now. I was worried as the gestor had given me wrong information last week (although he did say he had to look into it more). Your reply has made it crystal clear now, once again many thanks to you and all you guys on this fórum who have helped me with my questions. xx


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