Residents with overseas assets: Informative Declarations to be completed

All residents in Spain (Spanish citizens, foreigners, individuals or companies) who have foreign assets need to answer the following questions to determine if they are obliged to declare their assets in the following declarations:

• Do I have more than € 1,000,000 in assets and liabilities (combined) abroad? Did I make international transactions (incoming and outgoing) that together exceed € 1,000,000?

In this million both assets and liabilities (e.g. a mortgage) are accountable.

All international transactions (incoming and outgoing)  made during the year have to be summed up.

If the answer to any of these questions is affirmative, you have to submit “Banco of España” informative declaration “ETE”.

• Did I make more than € 600,000 of foreign transactions (outgoing and incoming) in 2013?

If the answer to this question is affirmative, you have to file the “Banco of España” informative declaration “DD2”.

• Do I have € 50,000 or more in foreign assets in each of the following categories for which I have not previously submitted “modelo 720”?

• Real estate
• All kind of bank or building society  accounts
• Other securities and incomes ​​(shares, investment funds, insurance, any kind of income such as rent  …)

If the answer to both questions is affirmative, you have to declare your foreign assets in the 720 declaration.

Only the assets in the category that equal or exceed € 50,000 have to be declared.

• Did I submit the 720 on the previous year and if so, has there been variation of € 20,000 (the overall balance (total) in the last quarter and the whole balance of (total) December 31) compared to the last 720 filed in the “accounts”, «real estate” and «others» category?

Have I sold any assets or closed any accounts or have there been any changes in ownership ?:

It is only necessary to submit a new 720 in the category where the variation has occurred.

• Did I open or close a bank/building society account this year? Did I change the ownership of one of my accounts?

• Real estate
• All kind of bank or building society  accounts
• Other securities and incomes ​​(shares, investment funds, insurance, any kind of income such as rent  …)

If the answer is affirmative, you have to submit the DD1.

The 720 declaration deadline is 31th  March.

The ETE and DD1 and DD2 deadline is 20th January.