Asset Declaration - Form 720
Spanish Tax Authorities
There has been much discussion in the media about Form 720 and its effect on expatriates resident in Spain. Any resident who has assets overseas of over €50,000 in any one of the following categories: property, bank accounts, life insurance policies, annuities, etc. must declare them.
This matter is not straightforward - and can affect expatriates who are not residents, depending on their circumstances. For example, declarations are back-dated to December 2012 and any declarations might be required to clarify the last 4 years of ownership of any such assets.
Penalties for non-declaration are severe (fines of €10,000 plus could be incurred, back-dated 4 years in some cases) - for residents who fail to declare their overseas assets - and these declarations must be made before 30th April, 2013.
Because of the high level of concern and the complexity of the issues involved, it is proposed to hold a talk and video presentation run by a team of outside experts at the Town Hall in Comares. This could be the week after Easter, to allow time for filling in forms, consulting gestors, etc. It really is worth attending, simply for peace of mind - and in view of the fact that this tax is here to stay!
Some residents in Comares have already attended one of these presentations elsewhere and found them immensely useful, non-threatening and re-assuring, especially the informal Q and A session afterwards.
If you, or any of your neighbours who do not have Internet, are interested in attending a seminar on this matter, to be held soon after Easter, please reply urgently to Dennis at [email protected], or use the Feedback Form, giving the names / numbers of attendees, to be included on a preliminary guest list.
This would be helpful to assure the presenters of a decent quorum. This does not preclude folk turning up on the day! It would be helpful if you could indicate best times for you / your group. Previous presentations have been during the day, but the presenters are flexible about the timing.
Dennis Lewis, Councillor for Foreign Residents of Comares, 24th March 2013
STOP PRESS! Seminar to be held on 3rd April at the Salon de Actos in Comares.