Assets Reporting – modelo 720

Those who are newly arrived and fiscally resident in Spain  must present a modelo 720 which reports to the Spanish tax authority their assets exceeding 50,000 euros in any one of various categories which are held abroad. This could be Property owned or bank accounts held in the Uk for example Taxpayers who presented the modelo 720 in previous years before, you must resubmit again in the following cases: When any assets and rights that the taxpayer holds exceeding € 50,000 per category were never declared previously either in error or omission. When there has been an increase in on …

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What to do if you are living permanently in Tenerife and are retired or coming up to retirement age.

There will be no change to the rights and status of EU nationals living in the UK, nor UK nationals living in the EU, while the UK remains in the EU.   If you have previously worked in Tenerife, you will find it has an effect on the way you claim your UK pension entitlement when you come to retirement age. How do I claim my UK pension?  You should be sent a EC rules claim form 4 months before you reach your State Pension age. Contact the International Pension Centre (IPC) if you haven’t received a letter 3 months before …

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Residents and Fiscal Residency

Moving to Tenerife : Fiscal Residence and Keeping things straight Having a residencia certificate (a green wallet sized piece of paper) or a TIE plastic card with your NIE printed on it is often confused with being fiscally resident. Theoretically you could be staying for longer that 90 days in a Spanish tax year – and so required to comply with immigration regulations and get a residencia certificate – but then you could revoke the certificate or TIE after 170 days and go to another country outside of Spain. In that example you would not be fiscally resident in Spain. However …

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