According to the Spanish Tax Office, more than 1,5 million accounts with balances exceeding 457 million euros have been detected.
After the submission of this year's Form 720, the Spanish Tax Office is sending taxpayers an alarming amount of requirements
due to the international exchange of bank accounts (CRS). The Spanish Tax Office has received information about 1.5 million accounts with balances exceeding 457 billion euros, information that the Spanish Tax Office claims to not have been reported by the owners.
The Common Report Standard system (CRS) is responsible for automating the exchange of tax information between more than 100 countries that have already registered. Thanks to this collaboration , the Spanish Tax Office is able to collect information from people or entities that have financial accounts abroad.
At this point, we must remember that, generally, any Spanish Tax Resident who has assets abroad (accounts, securities o real estate), with a value at December 31st higher than 50,000 euros, is obliged to submit Form 720, reporting this information to the Spanish Tax Office.
Considering the above, in the case of receiving a request it is important to act quickly and effectively. since the Spanish Tax Office usually gives a deadline to answer the request of 10 business days.