Your Legal Magazine


Page 10


Have you had THE letter yet??


By Tracy Storer, Senior Partner, Chorus Financial.


Over the last couple of weeks, I’ve been inundated by concerned


calls here in Spain from people who have received letters and emails from their banks, pension and investment providers. The subject of these letters and emails has been along the lines of ‘Certificate of Status for Automatic Exchange of Information’, ‘Common Reporting Standards’ or ‘Individual Tax Residency Self Certification’.


These letters will be asking you to confirm a few simple details including your address, Taxpayer Identification Number (NIE here in Spain) and other information.


So why do these financial institutions suddenly want all this information?


On January 1st, 2017, the UK and Spain, along with all other EU countries, and many others Worldwide, agreed to a system of financial information sharing in an unprecedented global crack-down on tax evasion. This means that your financial information, including the movement and balance of money in any financial product you hold, will now be automatically shared with your local tax authority here in Spain.


Female Focus


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