The new Anti-Fraud Law, obliges the taxpayer to file yearly an informative return ot its offshore accounts, assets and properties (Form 720).
This measure will affect:
- Individuals with residence in Spain
- Entities with residence in Spain
- Permanent establisments of individuals or entities with no residence in Spain
The taxpayer will have to demonstrate that these offshore assets were acquired with income that was declared, otherwise the taxpayer will face hefty fines and criminal prosecution. Furthermore, undeclare goods will not prescribe.
The statement will have to be submitted by March 31st, 2017 and can only be submitted electronically.
There will be no obligation to declare if the total value of all the assets is less than 50.000 euros.