What did you do about the asset declaration requirement earlier this year? Did you ignore it or believe that in some way it didn’t affect you? Unfortunately the reality is that if you have undisclosed assets outside of Spain, even if these are within a trust or an offshore company then moving forward you will need to declare them and be prepared to suffer tax penalties if you haven’t been disclosing income or gains you have receiving.
All across Europe and beyond tax authorities are closing in on expatriates holding investments in another jurisdiction or within an offshore company or trust and who are not declaring income and gains. Whether, for example, you have money invested in Jersey, assets within a Maltese trust, or have set up an offshore company in the hope of avoiding paying tax you are now facing the reality of having to disclose those assets and settle any past tax liability and pay taxes due moving forward.
You might think that your existing certified financial planners will sort this out for you but let me ask you the question? Who advised you to take this action in the first place and invest within an offshore trust? What advice are your existing advisers giving you now? Are they now saying you should close the trust or are they keeping quiet? We have been telling clients for some time now that it would only be a matter of time before loopholes were closed and that a change in the EU Savings Directive would give authorities the power to look through companies and trusts. Need financial advice?
Perhaps you think that all this will blow over and so you can just bury your head in the sand? Well think again because this is the new reality and the penalties for non -reporting or mis-reporting are severe. Maybe you consider it to be too much hassle to do anything but why take so much risk when there are completely legitimate tax efficient solutions for expatriates resident in Spain. Why pay unnecessary tax on savings and investments when if structured properly they can be held in a way that minimises your tax liability moving forward. Why didn’t your existing certified financial planners tell you that?
Finally you may think that you can escape the net by not being Spanish tax resident. You live year round in Spain but are not fiscal resident and rightly think that this new law does not apply to you. How long do you think you will be able to get away with this? Have you not heard that the Spanish authorities are getting their act together and checking electricity and phone records to establish patterns of residency? Wouldn’t it make sense to avert any future risk by recognizing that you cannot spend more than 183 days here without declaring residency? Do you really think that anyone will care if expatriates are targeted for unpaid taxes? Isn’t it obvious that you require tax planning and financial planning advice? Your investments and pensions are at risk ensure you have sorted out your tax planning needs.
Why not let us help you straighten out your financial affairs and make sure that you do not suffer financial loss? Tel: 956 796 911 or email to get proper wealth management advice. Visit

If this is a course of action you would like to take please contact a certified financial planner on Tel: 956796911 or email for financial advice on your tax planning and financial planning needs. Visit