This duty to inform refers to the fiscal year of 2017 and ends on the 02/04/2018
This duty concerns all owners of goods in foreign countries, originating from inheritances, to residents´ associations, either if you own 100% or only a part together with third-parties.
The information that must be supplied is:
- Bank accounts, holders and authorized persons to manage and operate the account.
- Capital in form of shares, funds, bonds or any stock value, life or disability insurances and temporary or annuity.
- Real estate
- There’s no duty to inform about a bank account when its balance is less than 50.000€ on Dec 31st and when the average balance of the year’s last quarter is less than 50.000€. This quantitative limit is also applied to the values of the sections b) and c)
- During the following years, it will only be obligatory to inform if the bank account’s balance has increased with more than 20.000€ on Dec 31º, or if the average balance has increased with more than 20.000€, in comparison to the last declaration. This quantitative limit is also applied to the values of the sections b) and c)
- In case one doesn’t fulfill this duty to inform, one could be sanctioned with penalties of minimum 10.000€
Louise Malmberg y Alejandro Espada Gerlach (in colaboration)
a.espada@espadagerlach.com & louisemalmberg@espadagerlach.com