I’m hearing that the Spanish tax office is using the declarations as the basis for retrospective tax inspections, which was not what it was supposed to be used for.
Also, I read it was a miserable failure, with 95pc of those who should have declared failing to do so.
As a result, the Government is now going to focus more on foreign residents.
To counteract that so few of those believed to have overseas assets declared them, the government, according to Mr Mollinedo, will now focus its efforts more specifically on certain nationalities.
He says: “It’s forecast that the government will seek to focus more on foreign residents in Spain, especially those from the US and those from EU member states.”
Very bad news indeed. It reinforced the suspicion that they are going after the savings of expats to fund Spain’s deficit.