In April 2012, the Spanish government announced details of its new anti fraud plan. One of them related to assets held outside Spain and would affect residents living here. Starting in 2013 for the year ending 2012 residents of Spain now have a new olbigation to report all assets and rights held outside Spain, where they are owners and beneficaries. A new reporting model will be creatd, on which all kinds of assets may have to be reported including: bank accounts, all forms of securities, stocks, capital, life insurance, and real estate.
Failure to comply with the obligation will have costly consuquences when discovered by the tax authorities.
Does anyone have more information on how this law effects foreigners living in Spain who have assets in their "home" country.
New York City