Spain Welcomes Foreign Asset Declarations
Foreign asset declarations by Spanish taxpayers have totaled EUR126.3bn (USD145bn) since 2013, when such declarations became compulsory, Spain’s Ministry of Finance has said.
The Ministry said that in the past three months 1,813 taxpayers declared EUR1.9bn in foreign assets under Modelo 720, which requires tax resident individuals to report assets held abroad on an annual basis for tax purposes.
In 2013, foreign assets amounting to nearly EUR90.9bn were declared. Foreign asset declarations totaled EUR20.8bn in 2014 and EUR14.7bn in 2015.
The Finance Ministry said that, of the total foreign assets declared so far, foreign bank account holdings amount to EUR21.9bn, real estate accounts for EUR11bn, and investments in funds, insurance, and shares account for EUR93.4bn.
