Re: Declaring worldwide assets to Hacienda
 

Yes I'm sure HMRC are missing a trick with this one watch this space. I mentioned EU tax in relation to Scampicats comment.

Re: Declaring worldwide assets to Hacienda
 

Actually Fred, I don't think I would have paid any, as at the time it was my ONLY income in either country. My husband had other income, a Teachers' Pension, on which he has to pay tax in the UK, but no income apart from that. So I don't think either of us would have had to have paid tax in Spain on our rental income. I'm just glad we didn't know we had to declare it in Spain, as it would only have caused me even greater anxiety and hassle! :rofl:

By the time I received my State Pension (and declared it in Spain in 2011), we had already sold our house and were preparing to leave, so that was the only time I would have maybe been liable for tax in Spain, but our accountant said there was none to pay :)

Re: Declaring worldwide assets to Hacienda
 

Don't want to trawl back through the thread;I know I'm not as "clued up" as the likes of Fred,but I've just been doing a bit of "surfing"and came up with an interesting article:Daily Mail on line,May 1st.Type in Google box "Spanish Asset Declaration" There's a piece by D.M states Portugal giving 5YEARS TAX FREE STATUS to expats who care to move over there;I'm sure a poster on this thread said it was only 3? 5 years sounds a bit good!! what does the forum think? Comments?

Re: Declaring worldwide assets to Hacienda
 

Sounds like Portugal may actually be thinking "out of the box"

Re: Declaring worldwide assets to Hacienda
 

If there are any expats renting in CE they could up sticks and move over the border, it would at least put their mind at ease when thinking about inheritance tax and other ways that hacienda have got up their sleeve to part them from their money.

Being only a stones throw away they could still have the same friends, do the same activities, shop in the same shops, whatever.........

By the time the grace period is up, Spain might even be offering a few years tax breather to residents, to gain back some of the residents that are being lost due to the 720.

It sounds like a good solution for those who are in a position to take advantage of it.

Re: Declaring worldwide assets to Hacienda
 

Yes this crisis has a lot to answer for Governments bartering to attract EU citizens to take up residency, you really couldn't make it up, lets hope it gets itself back on track sooner or later. Before someone mentions no doubt the UK has also used inducements.

Re: Declaring worldwide assets to Hacienda
 

They probably have the sense to want to encourage people from abroad to actually retire there, and see that such retirees will spend their pensions, disposable income and savings there thus bringing benefit to their economy and Country. Rather than making people confused, frustrated, feeling ripped off & a soft target for lazy tax collectors who cant be bothered to go after a huge populace that work on the black all the time.

Re: Declaring worldwide assets to Hacienda
 

Further to my previous post-Portugal etc..-I suppose there's no such thing as something for nothing,there has to be a catch (no?) Like a commitment to stay in the country for a further 5 years after tax free period to stop people p*ssing off.I wonder have any of the posters gone into it?

Re: Declaring worldwide assets to Hacienda
 

I don´t see how they can stop anyone leaving the country after the first 5 years, that would be against all that the free movement in the EU is all about.

How could they stop a widow/widower going home to be with loved ones to spend their final year.

Portugal may be a bit fairer to the expats and be happy to benefit from only their pensions being spent on Portugese and not try to squeeze them for tax till the pips squeak.

They may be content to have less revenue coming in from each expat, as class themsleves winners at Spains expense.

Re: Declaring worldwide assets to Hacienda
 

I know for a fact that some are thinking of doing just that and from much further afield than Costa Esuri (assuming that's what you meant).

Re: Declaring worldwide assets to Hacienda
 

That is what I meant, and I mentioned that part of Spain as they can still lead the same life that they had in Spain, but just move a few miles over the border.

Of course there will be people who will move from other parts of Spain, I know of a few people myself, and we are considering doing the same, ie looking at Portugal.

In our case it is a lot more complicated that the usual expat cases, but given a year or 2 it will be sorted out, how, I am not sure, that is the OHs department.

We will be doing the best for our children and of course our own pockets, and spending 6 months out of Spain a year will not be the end of the world.

I feel that there may be more of an exodus from Spain once the full impact has been felt, people who want to put family finances first.

Re: Declaring worldwide assets to Hacienda
 

My thoughts exactly

Re: Declaring worldwide assets to Hacienda
 

Hi all,

Long time lurker, first time poster....so take it easy on me ;)

I have read through some, but certainly not all, of this thread so I will cut straight to the chase...

I have lived and worked in Spain for the last two years. I don't own a property here as I rent. However, I do have a half share in a house back in Ireland with a brother - the house is worth more than €50,000 but there is no rental income as my brother actually lives in it.

So, where does that leave me re this infamous 720 declaration? I'm guessing that I should have filled in the form/declared the house etc? Too late for this year now though as I only became aware of it recently....

Thanks.

Re: Declaring worldwide assets to Hacienda
 

I'm sure Fred will fully update you but from what I am aware you will have to declare the value of the house and pay non residents (imputed rental tax) on 50% of the value of the property! Plus not sure how you will stand but you are late declaring unfortunately.

Re: Declaring worldwide assets to Hacienda
 

Welcome to BE.

I don´t know what to advise you to do about missing the deadline, maybe you should talk to a gestor.

But be prepared to be called everything from a tax evader, alien, undesirable, and downright criminal from the more zealous posters on the forum, sadly, it always happens when a post like yours appears.

I hope you get everything sorted.......