The Treasury will require you to declare insurance and income.
The regulatory development of the anti-fraud law will require an annual information statement of life and disability policies in other countries. It will also require reporting of real estate or capital income. The Treasury is preparing this new regulation that will increase control over taxpayers’ overseas assets. This anti-fraud law includes the obligation to report on insurance taken out by a citizen in third countries or on income abroad.
Likewise, the Bill is in the period of hearing and public information. It shall lay down the obligation to make an annual declaration on the life and disability insurance of policy holders at 31 December each year when the insurer is abroad. Its redemption value should be indicated at that date. If the taxpayer does not have the power to exercise the right of total redemption at 31 December, he shall indicate in his declaration the value of the mathematical provision at that date.
Furthermore, if the holder is different from the beneficiary, as long as the right of redemption is retained, it is the holder who is obliged to declare all information on this financial product.
On the other hand, the regulation will increase the surveillance of income obtained in other countries. It establishes the obligation to declare the temporary or lifetime income of which they are beneficiaries at 31 December. The regulations will require reporting on these assets as long as their value exceeds 50,000 euros.
Therefore, the future regulation will therefore maintain the same limit as the law so far. In addition, it maintains the obligation to report current accounts, savings accounts, term taxes, credit accounts and other accounts or deposits, whether they are held or authorized.
B Law & Tax International Tax & Legal Advisors.
“En B LAW&TAX somos especialistas en asesoramiento fiscal internacional tanto a empresas como para particulares. Si desea ampliar la presente información, estaremos encantados de poder atenderle en el 917817194 o en [email protected]”