# declaring overseas bank accounts



## JaneyO (Sep 24, 2012)

Have read in local magazine that we must now declare any bank account held in the Uk by March. Does this just mean investments or does it apply to current accounts as well? And is the deadline the end of February or the end of March?


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## xabiaxica (Jun 23, 2009)

JaneyO said:


> Have read in local magazine that we must now declare any bank account held in the Uk by March. Does this just mean investments or does it apply to current accounts as well? And is the deadline the end of February or the end of March?


from what I've read it's ALL ASSETS - so all bank accounts, property, etc etc - EVERYTHING WORLDWIDE 

and I believe you have until the end of February

personally, I'd speak to my gestor/assesor


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## CapnBilly (Jun 7, 2011)

Just to be clear, the reporting date is the 31st March, and the assets are split into 3 types, bank/deposit accounts including non-interest bearing I.e current accounts, investments and securities including annuities, insurance etc, and property. The reporting requirement initially is where the assets in each type exceed €50,000, and thereafter if they increase by €20,000. There is no requirement to report if values are below €50,000, the reporting form has not yet been released.

The details are set out in Royal Decree 1558/2012


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## xabiaxica (Jun 23, 2009)

CapnBilly said:


> Just to be clear, the reporting date is the 31st March, and the assets are split into 3 types, bank/deposit accounts including non-interest bearing I.e current accounts, investments and securities including annuities, insurance etc, and property. The reporting requirement initially is where the assets in each type exceed €50,000, and thereafter if they increase by €20,000. There is no requirement to report if values are below €50,000, the reporting form has not yet been released.
> 
> The details are set out in Royal Decree 1558/2012


thanks - that's much clearer


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## JaneyO (Sep 24, 2012)

CapnBilly said:


> Just to be clear, the reporting date is the 31st March, and the assets are split into 3 types, bank/deposit accounts including non-interest bearing I.e current accounts, investments and securities including annuities, insurance etc, and property. The reporting requirement initially is where the assets in each type exceed €50,000, and thereafter if they increase by €20,000. There is no requirement to report if values are below €50,000, the reporting form has not yet been released.
> 
> The details are set out in Royal Decree 1558/2012


That is really helpful thank you sounds like they might not be interested in my meagre current account hopefully!


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## 90199 (Mar 21, 2010)

And of course everyone in Spain will declare


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## JaneyO (Sep 24, 2012)

Hepa said:


> And of course everyone in Spain will declare


You can bet on it! I think expats are a soft target. What made me cross was the same magazine had a 2 page spread about political corruption and fraud at all levels. I think they need to look closer to home.


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## CapnBilly (Jun 7, 2011)

JaneyO said:


> You can bet on it! I think expats are a soft target. What made me cross was the same magazine had a 2 page spread about political corruption and fraud at all levels. I think they need to look closer to home.


It applies to ALL Spanish tax residents, not just expats. Having said that I agree with the sentiments of your post.


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## Goldeneye (Nov 12, 2011)

Declaring ALL ASSETS and income generated from such including bank accounts, property, etc on anything you have 'worldwide' is something we here in Canada have to do on our yearly tax returns.

So Spain is just catching up with all the other countries that are looking at ways to bring in more money.. Sad thing is it's the middle class that suffer ~ the Rich can afford and know how to create tax shelters to protect their assets.

...


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## VFR (Dec 23, 2009)

Goldeneye said:


> Declaring ALL ASSETS and income generated from such including bank accounts, property, etc on anything you have 'worldwide' is something we here in Canada have to do on our yearly tax returns.
> 
> So Spain is just catching up with all the other countries that are looking at ways to bring in more money.. Sad thing is it's the middle class that suffer ~ the Rich can afford and know how to create tax shelters to protect their assets.
> 
> ...


Not forgetting that they also frame the rules to protect those assets (or ill gotten gains)


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## Overandout (Nov 10, 2012)

Remember that there is quite a difference between having to declare overseas incomes on investments and having to pay tax on them.

Most accounts, current accounts in the UK at least, are taxed at source, so if you were to pay tax in your declaración de la renta on the net interest gained in your UK account, you would be paying double taxation. There is a convention between UK and Spain to avoid this.

I looked into this issue a few years ago and opened a gross interest account is the UK (on which no UK tax is deducted) and have been declaring that gross interest in my declaración for years.


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## NickZ (Jun 26, 2009)

Remember Spain has increased taxes on investments in the last few years. 

IIRC the current rate is higher then the standard double taxation treaty preferred rate . The UK also tends to have lower rates for non UK residents. All this means is yes you pay the foreign rate first. But you may have more to pay in Spain.


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