May we remind you that Spain’s reporting obligations requires all Spanish residents to declare all assets they have outside of Spain that exceed €50,000. This includes property, bank accounts, stocks and shares etc. The off shore reporting form to complete is known as a `Modelo 720´ and the due date for reporting is 30th April 2013.

We understand that penalties for failing to declare assets will result in fines of €5,000 upwards. For further information please have a look at the link below.

We strongly recommend you see a fiscal advisor for specific advice.