As I understand it, residents of Spain who have total assets abroad of 50,000 euros or more as at 31st December 2012 have to declare such assets to Spanish Tax Authorities by March 2013 or risk fines even going to prison, and their bank accounts in Spain frozen.
There is no Statute of Limitation either.
That total amount seems fairly small and I imagine many Brits and others resident in Spain will have nest eggs including bolt holes back in their own countries of at least that amount. So let’s say one those assets is a property back home, how will that be taxed to Spain’s benefit if it remains unsold?
Will Spain assume every resident will non-declare, and have a team of worldwide investigators looking into everyone, what are the practicalities of enforcing things if people say nothing? Presumably all bank accounts will be looked at to see what amounts are topped up on a regular basis from overseas accounts as many do in Spain? 🙄
Big Brotherish ❓