ASSETS DECLARATION 2015
The tax form 720 must be completed, the same as last year, by all tax residents in Spain with a deadline of 31st March 2015, reporting assets held as of the 31.12.2014 with a value of more than 50,000 Euros.
- Accounts in foreign banks: Balance at 31st December 2014 and average balance in the last quarter.
- Properties and property rights owned in any other country.
- Shares, rights, life insurances and incomes deposited, handled or obtained abroad.
Tax evaders will incur a penalty of 5K for every asset not declared after the deadline with a minimum penalty of 10,000. In addition, non-declared assets might be considered by the Tax Office as capital gains and could incur an additional penalty up to 150% over the total taxable amount.
For more information please feel free to contact Corral&Alcaraz Law Firm. Please seek expert advice as it is not worth the risk.
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