With Spain remaining one of the top destinations for British expats the news that the Southern European country is bringing in new draconian regulations ostensibly designed to combat tax evasion will bring fear and worry to the large and growing expatriate community in Spain.
If expats living in spain do not declare all relevant assets outside of the country worth over €50 000 by the end of April they will be liable to be hit with large fines.
Relevant assets include, annuities, stocks and shares, property and cash held in bank accounts.
David Truman, a partner at accountancy firm Menzies told The Telegraph, “My understanding is that clients are considering or are leaving Spain as a result of the introduction of the new rules.
“It does appear to be concerning people, and it does appear to be driving people out of the country.
“They are asking people to declare their assets, which will give them the ability to cross-check that information with what you have put on your tax return.
“If someone is already compliant, they will have forms to fill in that they didn’t have to before. But if you have been living in Spain without declaring your overseas income, you could be in trouble.”