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Modelo 720 (Overseas Asset Declaration) It’s that time of year again

Some of you are saying they will never find out if I don’t declare, again you are very, very wrong. From 31st May 2017, all EU countries plus the UK and its Crown Dependencies and Overseas Territories, have automatically shared all financial information on all financial assets held in their countries by tax residents of another country with the country they are known as being resident in. Please note, if your bank, building society , investment company, pension company etc etc, has a Spanish address for you on their file then whether you like it or not they are obliged by law to report any assets you hold to the HMRC and in turn HMRC will report this to the Spanish tax authorities.

They will report the value of all bank accounts, insurance policies, shareholdings, investments, Trusts etc. (no matter what the balance) as at 31st December each year. Plus they will notify them of what withdrawals have been made during that year and also if an account has been closed during that year.

From May 2018 over 130 countries worldwide will automatically be sharing all financial information on an annual basis. The goal is to allow tax authorities to obtain a clearer understanding of financial assets held abroad by their residents, for tax purposes, and is primarily aimed at preventing tax evasion.

There are ways to ease this reporting burden and to ensure you stay on the right side of the taxman, whilst minimising your tax liabilities, one such way is to use a tax compliant investment bond – for more information contact us today.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Finding quality healthcare as an expat

Doctor's white coatIt’s currently winter, which means it’s also cold and flu season. Sometimes, despite trying to avoid the germs as best you can, you just can’t help falling ill. And when that happens, you realise the value of quality healthcare.

For expats who have moved overseas, but can’t yet speak the language of their host country, finding a doctor can be difficult and may be something that requires assistance.

At Blacktower we would always suggest that finding a suitable doctor is a priority and should be high on your list of priorities when working out your expat retirement planning.

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Five Key Retirement Questions for Expats in Spain

Woman sitting on a benchIf you live in Spain, or are thinking of moving to Spain for your retirement, it is essential that you seek expat financial advice in order to give you the best possible chance of successfully protecting and growing your wealth.

Blacktower Financial Management has offices in Barcelona as well as Costa Del Sol, Costa Blanca, Costa Calida and on the Balearic Island of Mallorca. From these branches, our team members can help expat retirees throughout Spain take care of their wealth management and retirement investment needs.

In this guide we take a look at some key questions for expats in Spain.

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