Pursuant to Circular 4/2012 on the regulations for the communication of financial transactions and balances of assets and financial liabilities abroad on the part of Spanish residents, the Bank of Spain establishes the obligation for individuals and corporate bodies (either public or private) which carry out transactions with non-residents or maintain financial assets or liabilities abroad to provide it with information thereupon.
Said communication must be made during different periods determined according to the value of the transactions carried out during the previous year or the balance of assets or liabilities at 31st December of the previous year:
• Each month if the amounts are equal to or greater than 300 million Euro.
• Each quarter if the amounts are equal to or greater to 100 million Euro and less than 300 million Euro.
• Annually if the amounts are less than 100 million Euro.
• If the amount were less than 50 million Euro, the declaration may be made in a summarised form.
• If the amount were less than 1 million Euro, there is no obligation to notify the Bank of Spain, unless the information is specifically requested by the Bank of Spain.
Said information must be sent by electronic data transmission in accordance with the technical requirements established by the Bank of Spain.
This circular shall enter into force on 1st January 2013, which means that those individuals or corporate bodies which fulfil the requirements set forth above must make the corresponding declaration in the coming year, before 20th January 2013.
Likewise, those individuals or corporate bodies which do not fulfil the requirements set forth above during the previous year, but they do so during the current year, they shall also be obliged to send said information, according to the above schedule, from the moment that the amounts become greater than the established limits.
For more information, please contact:
Ismael PERALTA: ipv@vila.es/en
