(Updated as of March 2022)
Other grounds for exemption
The taxpayer does not have the obligation to provide said information as long as the entity residing in Spain had to submit an informative return on the account, according to the provisions of article 37 of the aforementioned General Regulation approved by RD 1065/2007, dated 27 July, and as long as it was also declared according to the regulation of the country where it is situated.
According to the provisions of article 37, financial institutions and other entities that, according to current regulations, are devoted to bank or credit trading will be obligated to submit an annual information return stating all the accounts open in these entities or which they put at the disposal of third parties in establishments located within or outside Spanish territory.
When they are accounts open in establishments outside of Spanish territory, there is no obligation to supply information on people or non-resident organisations that are not permanently established in Spanish territory.
Regulations:The regulation of this exception to the obligation to declare accounts in financial organisations located abroad is in letter d of section 4 of article 42 bis of the General Regulation approved by RD 1065/2007, dated 27 July, on accounts in financial organisations located abroad.
Yes, there is an obligation to submit an informative return, unless sufficient accreditation is provided by the entity that informed on this account.
Unless the taxpayer had registered as a "tax resident" or an "income tax payer" in Spain, the entity domiciled in Spain will not have supplied the information related to his or her account.
They will only remain exempt from the obligation to submit form 720, under the circumstance that the holder or holding organisation were in the subjective area of the duties to information comprised in the mentioned form, and that as the "holder" of said account, he or she remained exempt from the obligation to inform.
With regard to shares in foreign companies held by their holders in the establishments of depositary entities located in Spain, there is no obligation to report on them by virtue of article 42 ter.1 of the General Regulations approved by RD 1065/2007, of 27 July, provided that these depositary entities are obliged to provide the tax authorities with information on the holder of the securities deposited in them under the terms of article 39.1.a) of the aforementioned General Regulations.
The same applies to any securities deposited in resident organisations which in turn form part of the shares and stocks in the capital or equity of foreign legal entities negotiated in organised markets, and to the securities representative of the transfer of equity to third parties negotiated in organised markets, as long as in both cases they are deposited in an entity constituted or established in Spain which submits informative returns on said securities according to article 39.1 of the General Regulation approved by RD 1065/2007, dated 27 July.
No. In accordance with the Binding Consultation of the Directorate General for Taxation, shares and holdings in foreign collective investment institutions marketed in Spain in the aforementioned manner will not be included in the obligation to report regulated in article 42 ter.2 of the General Regulations approved by RD 1065/2007, of 27 July, as long as the aforementioned securities are kept registered by their holders with said marketers or representatives, as the information referred to in article 42 ter.2 is covered by the reporting obligations corresponding to the marketer or representative, in particular, by those provided for in article 39.2 of the aforementioned Regulations.
With regard to life insurance that the policyholder has taken out with foreign insurance companies that operate in Spain under the free presentation of services, there is no obligation to report on them by virtue of article 42 ter.3 of the General Regulations approved by Royal Decree 1065/2007, of 27 July, provided that, in compliance with the provisions of article 39.3.a) of the aforementioned General Regulations, the representative of said insurance companies provides the tax authorities with the information stipulated therein.
He or she does not need to declare that account as long as the parent company resident in Spain has it registered according to the terms of article 42 bis.4.b) in its consolidated accounting, or in the report.
In any case the entry into accounts should be understood broadly; it is valid to register said goods and rights in the accessory accounting documents as long as they are congruent with the annual accounts and give consistency to them.In all cases relating to the same, any information on the existence of the asset or right abroad must be able to be extracted adequately and unambiguously.
No. The figure or status of authorised person is only established as being obliged to file information returns in respect of the accounts covered by Article 42 bis of the aforementioned General Regulation.