Hi,

Can anyone offer any advice on the lastest clamp down on ex pats in Spain?
Basically anyone who is living in Spain and has assests outside the country MUST declare them by law! By assets I mean property, bank accounts, savings, ISA's, shares, businesses, etc. At the moment pension plans are not included. This probabaly only apllies to people who are autonomos and 'in the system' but more and more information is been shared between counrties and the tax man is hungry!
If you choose not to declare your assets through the modelo 720 form and you are found to have assets outside of Spain then HEAVY fine may be imposed and taxes upto 150% of the value of the asset.
I have been advised by my accountant to declare everything as they will discover eberything in time.
Has anyone else heard of this recent development and what advice can you offer?