# reporting assets outside Spain



## extranjero (Nov 16, 2012)

I have read on this forum about pension pots being included in the assets to be reported. This has not been mentioned in any articles by the tax firms in the expat press. How can you report what they are worth if you have had them several years. I pay my taxes in Spain, but this is an intrusive onerous law. There is confusion about the categories, what is included and what not. They've rushed it in in indecent haste-how will accountants get all this information and report it by March 31st?. If you have savings accumulated over many years how can you account for every single thing? those who pay taxes will live in fear of being picked up and punished for an error made innocently, while those who have never registered on the Spanish tax system in the first place will walk away scott free!


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## xabiaxica (Jun 23, 2009)

extranjero said:


> I have read on this forum about pension pots being included in the assets to be reported. This has not been mentioned in any articles by the tax firms in the expat press. How can you report what they are worth if you have had them several years. I pay my taxes in Spain, but this is an intrusive onerous law. There is confusion about the categories, what is included and what not. They've rushed it in in indecent haste-how will accountants get all this information and report it by March 31st?. If you have savings accumulated over many years how can you account for every single thing? those who pay taxes will live in fear of being picked up and punished for an error made innocently, while those who have never registered on the Spanish tax system in the first place will walk away scott free!


you might find this thread from earlier this month useful

http://www.expatforum.com/expats/spain-expat-forum-expats-living-spain/137138-asset-declaration.html


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## extranjero (Nov 16, 2012)

xabiachica said:


> you might find this thread from earlier this month useful ....



Yes, I have already seen these comments, but we need up to date information and clarification


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## xabiaxica (Jun 23, 2009)

extranjero said:


> Yes, I have already seen these comments, but we need up to date information and clarification


since the last comment on that thread was only a few days ago, we don't have anything more up to date

Stravinsky & the others will no doubt post when they have any other info - in the meantime, have you spoken to your gestor/asesor?


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## extranjero (Nov 16, 2012)

xabiachica said:


> since the last comment on that thread was only a few days ago, we don't have anything more up to date
> 
> Stravinsky & the others will no doubt post when they have any other info - in the meantime, have you spoken to your gestor/asesor?


 I think they are as confused as we are!


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## CapnBilly (Jun 7, 2011)

extranjero said:


> I have read on this forum about pension pots being included in the assets to be reported. This has not been mentioned in any articles by the tax firms in the expat press. How can you report what they are worth if you have had them several years. I pay my taxes in Spain, but this is an intrusive onerous law. There is confusion about the categories, what is included and what not. They've rushed it in in indecent haste-how will accountants get all this information and report it by March 31st?. If you have savings accumulated over many years how can you account for every single thing? those who pay taxes will live in fear of being picked up and punished for an error made innocently, while those who have never registered on the Spanish tax system in the first place will walk away scott free!


This is the reference from the Blevins website

_*Temporary or lifetime income generated from the lending of money, rights or other assets (including immovables) to foreign entities.
You need to declare these assets if you are the owner, the beneficiary, or an authorised signatory. This includes assets held by a trust or fiduciary.*_

which is based upon the actual law (translated by google)

_*b) Las rentas temporales o vitalicias de las que sean beneficiarios a 31 de diciembre, como consecuencia de la entrega de un capital en dinero, de derechos de contenido económico o de bienes muebles o inmuebles, a entidades situadas en el extranjero, con indicación de su valor de capitalización a dicha fecha. En los casos señalados en los párrafos a) yb) anteriores, se deberá identificar a la entidad aseguradora indicando la razón social o denominación completa y su domicilio.
*_
_*
b) Income from temporary or annuities for their benefit at December 31, following the delivery of a money capital, of economic rights or property or real estate, to entities located abroad, indicating its market capitalization at that date.
In the cases mentioned in paragraphs a) and b) above, it shall identify the insurer stating the name or full name and address.*_

So this will include annuities where you are drawing an income, or other pension pots where you are drawing the GAD figure.


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## GallineraGirl (Aug 13, 2011)

Sorry if I have missed this, but can you provide a link to the actual Spanish website page (Agencia de Tributaria?) which gives the detail of this new law? Thank you very much.


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## CapnBilly (Jun 7, 2011)

GallineraGirl said:


> Sorry if I have missed this, but can you provide a link to the actual Spanish website page (Agencia de Tributaria?) which gives the detail of this new law? Thank you very much.


All new laws are published in the Boletín Oficial del Estado (Official Gazette)

Although this page is in english, the pdf is Spanish


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## snikpoh (Nov 19, 2007)

CapnBilly said:


> All new laws are published in the Boletín Oficial del Estado (Official Gazette)
> 
> Although this page is in english, the pdf is Spanish


... it's not currently available in English!


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## GallineraGirl (Aug 13, 2011)

CapnBilly said:


> All new laws are published in the Boletín Oficial del Estado (Official Gazette)
> 
> Although this page is in english, the pdf is Spanish


Thank you very much for your helpful reply.


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## Editor (Aug 20, 2009)

*Expats in Spain face new tax reporting requirements*

A new reporting regime in Spain means that expats with assets outside the country worth over €50,000 who are taxpayers will need to declare them in 2013. Failure to do so would have very costly consequences, according to wealth management group Blevin Franks which specialises in tax and estate planning for expats. Under a recently [...]

Click to read the full news article: Expats in Spain face new tax reporting requirements...
Please come back to discuss the story here in this thread.


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## CapnBilly (Jun 7, 2011)

snikpoh said:


> ... it's not currently available in English!


Sorry, I pressed welcome and the summary at the top changed to english - must have been my translator. however, if you google ley 1558/2012 and press 2translate this page", it takes you to the same place with a reasonable translation.


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