(Updated as of March 2022)
Other causes of exoneration
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.
In accordance with the provisions of this article 37, credit institutions and other entities that, in accordance with current regulations, are dedicated to banking or credit traffic, will be required to present an annual informative declaration referring to all of the accounts opened in said entities or made available by them to 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.
Regarding the shares of foreign companies that their holder maintains in establishments of depositary entities located in Spain, there is no obligation to report on them under article 42 ter.1 of the approved General Regulations by RD 1065/2007, of July 27, provided that these depository entities are obliged to provide the Tax Administration with information on the owner of the securities deposited in them in the terms provided. in 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 General Directorate of Taxes, shares and participations in foreign collective investment institutions marketed in Spain in the aforementioned manner will not be included in the reporting obligation regulated in article 42 ter.2 of the approved General Regulation. by RD 1065/2007, of July 27, as long as the aforementioned securities remain registered by their owners with said marketers or representatives, since the information referred to in the aforementioned article 42 ter.2 is covered by the obligations of information that corresponds to the marketer or representative, in particular, those provided for in article 39.2 of the aforementioned Regulation.
Regarding life insurance that the taker has contracted with foreign insurance companies that operate in Spain under the scheme of free provision of services, there is no obligation to declare said insurance according to article 42 ter.3 of the General Regulation approved by Royal Decree 1065/2007, dated 27 July, as long as, in compliance with what has been stipulated in article 39.3.a) of the aforementioned General Regulation, the representative of these insurance companies provides the Tax Administration information about the insurance policy.
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 condition of the authorised person only has an obligation to submit an informative return for the accounts stipulated in article 42 bis of the aforementioned General Regulation.