Model 289 FAQ
Skip information indexIssues relating to financial account holders
Yes.
Section 7 of Additional Provision 22 of Law 58/2003, of December 17, General Tax, establishes an obligation of communication between parties (declarants and declared parties), providing the following:
“ Any financial institution obliged to communicate information in accordance with the provisions of this provision must inform each natural person subject to communication of information that the information about them that is the subject of said communication obligation will be communicated to the Tax Administration and transferred to the relevant Member State in accordance with Directive 2011/16/EU and the international agreements indicated in this provision. Such reporting must be made no later than January 31 of the calendar year following the first year in which the account is a reportable account. Likewise, the financial institution will provide the natural person with sufficient advance notice of all the information that they have the right to receive so that they can exercise their right to the protection of their personal data and, in any case, before the information collected by it is provided to the Tax Administration ”.
Spain has assumed the obligation to automatically exchange information on certain financial accounts with other jurisdictions, provided that the requirements established for this by international regulations are met.
This has meant that financial institutions have the obligation to identify the residence of the people who hold ownership of these financial accounts or the control of the entities that own them, so that, when the residence is not located in Spain, they have to provide certain information to the AEAT so that, subsequently, Spain transmits it to the Tax Administration of the jurisdiction of residence of the owner or person who exercises control in relation to said accounts (Additional Provision 22 of Law 58/2003, General Tax December 17).
Financial institutions must be understood as depository, custodian, investment institutions and certain insurance entities (Section VIII of the Annex to Royal Decree 1021/2015, of November 13, which establishes the obligation to identify tax residence of persons who have ownership or control of certain financial accounts and to report on them in the field of mutual assistance).
To comply with this obligation, and thus guarantee that the information transmitted within the framework of the automatic exchange of information between Spain and these other jurisdictions is correct, financial institutions must obtain information from their clients about their residence, requesting the presentation of a declaration (self-certification).
Financial institutions must send this request to the holders of any account opened after 01/01/2016, both at the time of opening and when there has been a change in circumstances since the presentation of the declaration (self-certification). initial. In this sense, the failure to provide the declaration (self-certification) within a period of 90 days from when the opening of the account was requested will determine that the financial institution will not make charges, credits, or any other operations in the same. until the moment of your contribution. Likewise, institutions can request these self-certifications for accounts opened before 01/01/2016, in order to be able to define the residence of the owner, especially in cases of changes in circumstances.
Once the request for declaration (self-certification) is received from your financial institution, the owner of a specific account or person who exercises control of an entity that owns an account, has the obligation to provide the necessary data to be able to identify his or her residence. fiscal. You may be sanctioned if you communicate false, incomplete or inaccurate data to the financial institution, when this results in incorrect identification of the tax residence of the aforementioned persons (Additional Provision 22 of Law 58/2003, General Tax of December 17). .