Implications of being Spanish tax resident.

If you are tax resident in Spain you will have to pay tax on your worldwide income in Spain (Income tax) and your worldwide assets (wealth tax), i.e.  not only for the income and assets located in Spain as applicable to non – residents. Also the   periods for the presentation of the tax assessments vary; residents must present declarations in June and May each year for the past fiscal exercise.

Also since 2012 any resident has to present an informative tax declaration (Modelo 720)  with detailed information about assets located abroad.  This information will be compared by the tax office with that declared in the annual wealth and income tax declarations to check that no information    has been omitted   and the tax paid has been worked out correctly.

For more information or an appointment please contact us on (0034) 952 822 321 or admin@nonresidenttaxesinspain.com. 
Web: www.nonresidenttaxesinspain.com