Your Legal Magazine
Page 10 Big Brother is watching you!
January this year saw the introduction of what is known as the ‘Common Reporting Standards’ to the financial world, whereby countries around the world can now automatically exchange financial information on individuals just like you and me. The work has been carried out by the OECD* and will trace every single transaction when you move money.
“SO WHAT?” you say. “It won’t affect me, my savings and earnings are only small fry”.
Well it will! All movements of accounts including
interest, dividends, account balances, income
generated from sale of assets etc. become automatically reportable to international tax authorities, and what’s more, this information is automatically shared and exchanged!
What information are we talking about? The list is extensive but includes: name, address, country of residence, tax ID, date and place of birth, account holder, name of financial institution, account number, account balances and proceeds in current and previous calendar years.
In simple terms any monies moved from anywhere are traceable and will be picked up by the tax authorities. The difference now is they have the Systems in place from legal, tax, administration and information technology to conduct these actions on a world wide basis, and at very little cost. So the small fry everyday person is just as likely to be picked upon for NON declaration of financial movements, just the same as large corporations. There really is no place to hide!
An example could be income in a UK bank moved to Spain. This would create a ‘flag’ to ask the question, is this
additional income, interest not declared, or a receipt from a source on a regular basis, is this earning or payment? And then the checks on whether you have correctly declared such income begins. For the tax authorities, it is easy and quick.
This a very short summary of what is happening right now! At deVere, the advice we offer is to establish how you stand on your situation and understand what you can do to avoid fines, penalties and late payment charges. NON declared assets for people living in Spain can damage your wealth and health!
Please contact me, Steve Iball and take advice. It’ll cost you nothing but could save you thousands! You’d be daft not to call!
*OECD is the Organisation of Economic Co-operation and Development which comprises 34 countries and extends its influence to over 100 countries worldwide.
To book your free financial health check, just pick up the phone and call Steve Iball at deVere on 610 822 484 or email
steve.iball@devere-spain.es.
Female Focus
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