{"id":5254,"date":"2013-03-05T10:38:46","date_gmt":"2013-03-05T10:38:46","guid":{"rendered":"http:\/\/taylorwimpeyspain.com\/blog\/?p=5254"},"modified":"2013-03-05T10:38:46","modified_gmt":"2013-03-05T10:38:46","slug":"spain-tells-british-expats-to-declare-overseas-assets","status":"publish","type":"post","link":"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/","title":{"rendered":"Spain tells British expats to declare overseas assets"},"content":{"rendered":"

Residents of Spain with assets outside it worth over \u20ac50,000\u00a0 are being reminded they are to declare everything by 30 April 2013 \u2013 with hefty penalties in store for those who don\u2019t.<\/strong><\/p>\n

\"Spanish<\/p>\n

The new decree is designed to allow those sitting \u2018under the radar\u2019 to declare funds worth over \u20ac50,000 held overseas in all bank accounts, shares, life assurance policies and real estate assets as of 31 December 2012.<\/p>\n

It is part of a range of measures to allow Spain to become better at collecting tax, and address the fiscal deficit that is the partial cause of the country\u2019s current economic crisis.<\/p>\n

\u201cThis is part of legislation aimed at rounding everybody up so that all residents are aware of their obligation to declare any income-yielding assets,\u201d said financial advisor Richard Alexander, from LJ Financial Planning in Malaga.<\/p>\n

\u201cThey are throwing out a net in order to gather information about investments overseas to ensure everything is being declared.\u201d<\/p>\n

\u201cLots of people are currently sitting under the radar, and this is all part of the increased vigilance of the tax authorities, and the information sharing which will allow them to look at every angle where there might be tax to collect.\u201d<\/p>\n

The deadline for declaring is usually 31 March but this year it has been extended to the end of April. Those who choose not to declare could face big fines which could potentially wipe out their overseas bank account completely \u2013 and leave them indebted to the Spanish government.<\/p>\n

For example, a resident discovered to have more than \u20ac50,000 in an undeclared overseas account would be taxed at the top rate \u2013 52% (54% in Andaluc\u00eda). But the fine for failing to declare the account would be 150% of the 52%, on top of the tax itself.<\/p>\n

In addition, a minimum \u20ac10,000 fee will be payable if the tax authorities discover data has been omitted from a resident\u2019s declaration.<\/p>\n

The new regulations follow a tax amnesty which finished in November 2012, which allowed tax residents declaring previously undeclared overseas assets to pay no more than a flat rate of 10% tax on them and offered immunity against criminal or civil investigations into them. The Spanish government warned the penalties for those who missed it would be stiff \u2013 and they are.<\/p>\n

Tax residents of Spain include anybody spending over 183 days a year in Spain, as well as anyone with their main professional activity in Spain, and anyone with dependants or a spouse resident in Spain.<\/p>\n

Expats who think they may be affected are advised to contact their financial advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"

Residents of Spain with assets outside it worth over \u20ac50,000\u00a0 are being reminded they are to declare everything by 30 April 2013 \u2013 with hefty penalties in store for those who don\u2019t. The new decree is designed to allow those sitting \u2018under the radar\u2019 to declare funds worth over \u20ac50,000 held overseas in all bank […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[4],"tags":[1033,1034,1032],"class_list":["post-5254","post","type-post","status-publish","format-standard","hentry","category-spain","tag-overseas-assets","tag-residents-of-spain","tag-tax"],"yoast_head":"\nSpain tells British expats to declare overseas assets -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"taylorwimpeyespana\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/\"},\"author\":{\"name\":\"taylorwimpeyespana\",\"@id\":\"https:\/\/taylorwimpeyspain.com\/blog\/#\/schema\/person\/d4a2f737d47bc77a017e797f933e4a0b\"},\"headline\":\"Spain tells British expats to declare overseas assets\",\"datePublished\":\"2013-03-05T10:38:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/\"},\"wordCount\":421,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/taylorwimpeyspain.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.terrameridiana.com\/blog\/wp-content\/uploads\/2013\/02\/spanish-taxes-450x301.jpg\",\"keywords\":[\"Overseas assets\",\"Residents of Spain\",\"Tax\"],\"articleSection\":[\"Spain\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/\",\"url\":\"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/\",\"name\":\"Spain tells British expats to declare overseas assets -\",\"isPartOf\":{\"@id\":\"https:\/\/taylorwimpeyspain.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.terrameridiana.com\/blog\/wp-content\/uploads\/2013\/02\/spanish-taxes-450x301.jpg\",\"datePublished\":\"2013-03-05T10:38:46+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/#primaryimage\",\"url\":\"http:\/\/www.terrameridiana.com\/blog\/wp-content\/uploads\/2013\/02\/spanish-taxes-450x301.jpg\",\"contentUrl\":\"http:\/\/www.terrameridiana.com\/blog\/wp-content\/uploads\/2013\/02\/spanish-taxes-450x301.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/taylorwimpeyspain.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Spain tells British expats to declare overseas assets\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/taylorwimpeyspain.com\/blog\/#website\",\"url\":\"https:\/\/taylorwimpeyspain.com\/blog\/\",\"name\":\"Taylor Wimpey de Espa\u00f1a\",\"description\":\"Building new homes on Mallorca, the Costa Blanca and the Costa del Sol since 1958.\",\"publisher\":{\"@id\":\"https:\/\/taylorwimpeyspain.com\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/taylorwimpeyspain.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/taylorwimpeyspain.com\/blog\/#organization\",\"name\":\"Taylor Wimpey de Espa\u00f1a\",\"url\":\"https:\/\/taylorwimpeyspain.com\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/taylorwimpeyspain.com\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/taylorwimpeyspain.com\/blog\/wp-content\/uploads\/2018\/06\/logo-taylor-wimpey-espa\u00f1a.png\",\"contentUrl\":\"https:\/\/taylorwimpeyspain.com\/blog\/wp-content\/uploads\/2018\/06\/logo-taylor-wimpey-espa\u00f1a.png\",\"width\":139,\"height\":92,\"caption\":\"Taylor Wimpey de Espa\u00f1a\"},\"image\":{\"@id\":\"https:\/\/taylorwimpeyspain.com\/blog\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/taylorwimpeyspain.com\/blog\/#\/schema\/person\/d4a2f737d47bc77a017e797f933e4a0b\",\"name\":\"taylorwimpeyespana\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/63b02a35ebd48558152bb85bee2d34154987285b82e0b6a9897a3cd823dd15e7?s=96&d=mm&r=g\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/63b02a35ebd48558152bb85bee2d34154987285b82e0b6a9897a3cd823dd15e7?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/63b02a35ebd48558152bb85bee2d34154987285b82e0b6a9897a3cd823dd15e7?s=96&d=mm&r=g\",\"caption\":\"taylorwimpeyespana\"},\"url\":\"https:\/\/taylorwimpeyspain.com\/blog\/author\/taylorwimpeyespana\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Spain tells British expats to declare overseas assets -","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/","twitter_misc":{"Written by":"taylorwimpeyespana","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/#article","isPartOf":{"@id":"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/"},"author":{"name":"taylorwimpeyespana","@id":"https:\/\/taylorwimpeyspain.com\/blog\/#\/schema\/person\/d4a2f737d47bc77a017e797f933e4a0b"},"headline":"Spain tells British expats to declare overseas assets","datePublished":"2013-03-05T10:38:46+00:00","mainEntityOfPage":{"@id":"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/"},"wordCount":421,"commentCount":0,"publisher":{"@id":"https:\/\/taylorwimpeyspain.com\/blog\/#organization"},"image":{"@id":"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/#primaryimage"},"thumbnailUrl":"http:\/\/www.terrameridiana.com\/blog\/wp-content\/uploads\/2013\/02\/spanish-taxes-450x301.jpg","keywords":["Overseas assets","Residents of Spain","Tax"],"articleSection":["Spain"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/","url":"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/","name":"Spain tells British expats to declare overseas assets -","isPartOf":{"@id":"https:\/\/taylorwimpeyspain.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/#primaryimage"},"image":{"@id":"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/#primaryimage"},"thumbnailUrl":"http:\/\/www.terrameridiana.com\/blog\/wp-content\/uploads\/2013\/02\/spanish-taxes-450x301.jpg","datePublished":"2013-03-05T10:38:46+00:00","breadcrumb":{"@id":"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/#primaryimage","url":"http:\/\/www.terrameridiana.com\/blog\/wp-content\/uploads\/2013\/02\/spanish-taxes-450x301.jpg","contentUrl":"http:\/\/www.terrameridiana.com\/blog\/wp-content\/uploads\/2013\/02\/spanish-taxes-450x301.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/taylorwimpeyspain.com\/blog\/spain-tells-british-expats-to-declare-overseas-assets\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/taylorwimpeyspain.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Spain tells British expats to declare overseas assets"}]},{"@type":"WebSite","@id":"https:\/\/taylorwimpeyspain.com\/blog\/#website","url":"https:\/\/taylorwimpeyspain.com\/blog\/","name":"Taylor Wimpey de Espa\u00f1a","description":"Building new homes on Mallorca, the Costa Blanca and the Costa del Sol since 1958.","publisher":{"@id":"https:\/\/taylorwimpeyspain.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/taylorwimpeyspain.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/taylorwimpeyspain.com\/blog\/#organization","name":"Taylor Wimpey de Espa\u00f1a","url":"https:\/\/taylorwimpeyspain.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/taylorwimpeyspain.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/taylorwimpeyspain.com\/blog\/wp-content\/uploads\/2018\/06\/logo-taylor-wimpey-espa\u00f1a.png","contentUrl":"https:\/\/taylorwimpeyspain.com\/blog\/wp-content\/uploads\/2018\/06\/logo-taylor-wimpey-espa\u00f1a.png","width":139,"height":92,"caption":"Taylor Wimpey de Espa\u00f1a"},"image":{"@id":"https:\/\/taylorwimpeyspain.com\/blog\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/taylorwimpeyspain.com\/blog\/#\/schema\/person\/d4a2f737d47bc77a017e797f933e4a0b","name":"taylorwimpeyespana","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/63b02a35ebd48558152bb85bee2d34154987285b82e0b6a9897a3cd823dd15e7?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/63b02a35ebd48558152bb85bee2d34154987285b82e0b6a9897a3cd823dd15e7?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/63b02a35ebd48558152bb85bee2d34154987285b82e0b6a9897a3cd823dd15e7?s=96&d=mm&r=g","caption":"taylorwimpeyespana"},"url":"https:\/\/taylorwimpeyspain.com\/blog\/author\/taylorwimpeyespana\/"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p2hOmn-1mK","_links":{"self":[{"href":"https:\/\/taylorwimpeyspain.com\/blog\/wp-json\/wp\/v2\/posts\/5254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taylorwimpeyspain.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taylorwimpeyspain.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taylorwimpeyspain.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/taylorwimpeyspain.com\/blog\/wp-json\/wp\/v2\/comments?post=5254"}],"version-history":[{"count":1,"href":"https:\/\/taylorwimpeyspain.com\/blog\/wp-json\/wp\/v2\/posts\/5254\/revisions"}],"predecessor-version":[{"id":5255,"href":"https:\/\/taylorwimpeyspain.com\/blog\/wp-json\/wp\/v2\/posts\/5254\/revisions\/5255"}],"wp:attachment":[{"href":"https:\/\/taylorwimpeyspain.com\/blog\/wp-json\/wp\/v2\/media?parent=5254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taylorwimpeyspain.com\/blog\/wp-json\/wp\/v2\/categories?post=5254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taylorwimpeyspain.com\/blog\/wp-json\/wp\/v2\/tags?post=5254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}