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Sun sets on undeclared assets

Foreign nationals may want to leave their El Dorado with the dawn of Spain’s new reporting regime, says Jonathan Eshkeri

25 February 2013

It may come as no surprise that a significant aspect of the property boom in Spain, which ended abruptly in 2008, was that many transactions had a cash element undeclared to the Spanish tax agency. In many cases, those funds were banked outside Spain, invested in foreign ventures, or used to buy real estate and assets in other countries. Not all such investments were the result of shady property deals, but it is widely accepted that they made a significant contribution to the movement of funds abroad.

Spanish residents, including ?foreign nationals, were able to take advantage of a tax amnesty until 30 November 2012. It allowed them to declare any assets held in their name, paying 10 per cent of the amount declared to the Spanish tax agency. A total of €1.2bn was accounted for, less than half of the pre-30 November estimate of €2.5bn.

On 31 October 2012, new primary legislation came into effect ...

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