While in Brussels they continue analyzing and labeling the measure as "illegal", for violating freedom of movement for people and goods, in Spain, all those tax residents must comply, one more year, with the obligation to inform through of the model 720 on goods and rights located abroad during 2015.

No relevant news regarding the previous statements and they are already 4 years. The deadline to submit the informative statement, do not forget, is next Thursday, March 31 and this presentation must be done online.

Nor has the sanctions regime foreseen in the Law changed, either because it was presented late or because it was presented with errors or incomplete, the latter two being difficult to avoid due to the quantity and quality of the information requested by the models and that in the case of securities deposited in foreign entities requires information that even the foreign financial institution itself sometimes has difficulties in supplying.

As a reminder, the reporting obligation is for the following blocks:

  • Accounts with financial institutions located abroad
  • Values, rights, insurance and incomes deposited, managed or obtained abroad
  • Real estate and rights to real estate located abroad

As for the need to declare, stop those who have already done in previous periods, only those who are required to present increased balance of 20.000 euros, in one of the blocks with respect to the last proxy statement filed.

Regarding the sanctions, remember that the lack of information of one of the blocks carries a penalty of 10.000 euros. There is also a whole battery of sanctions for cases of omission, inaccuracy, falsehood or incomplete contribution of what the regulations call data or data sets.

Finally, one more year with the "pressure" not to forget anything and that the model information 720, mostly technical and unpronounceable, is true and complete, almost nothing.

About the Author:

Lawyers Francisco Vinaches partner DiG Barcelona

Francisco J. Vinaches

DiG Lawyers