New rules on resident foreign assets reporting

[Nova]

What would happen to a German who owned property or bank accounts in the UK but lived in Spain with their Italian spouse who had property or bank accounts in France?  Would they get four countries trying to tax their assets?  Answer:  if they're that rich, they'll pay nothing.

I make that five countries 

But yep, as always those who are best able to pay are rich enough to find ways to avoid paying.

[Janet]

Maybe they assume a nominal rental on the property and levy accordingly?  Though come to think of it our financial adviser said that would be illegal in Spain.   

That's what they do for non-residents who own property here. 25% of 1% (near enough) property value ... pay up.

[Myrtle Hogan-Lance]

Ha ha Nova!  I is do can want count!

[Janet]

Just a reminder that if you're tax resident in Spain with assets outside of Spain worth more than €50,000 then you have until the end of March to submit model 720 to the Spanish Tax Office for the new declaration. If you did this last year - the first year that the declaration was required - then you only need to submit a new declaration if your assets have increased by €20,000 or more. JA

[Janet]

I'm updating this old thread because although it's still a requirement for tax residents to complete the modelo 720 and make their worldwide foreign assets declaration, the European Commission is taking action against Spain for its "disproportionate penalties".

I'll just link to THIS on my website where it's all explained.