Spain imposes new requirements to the declaring of foreign assets.

Spanish citizens as well as people who stayed in Spain more than 283 days of whose wife or children lives here, are obliged to declare their foreign assets before 30^th of April if the value of the assets is more than 50 thousands Euro. The assets are understood as bank accounts, real estate, shares, life insurance and so on.

Spanish tax authorities recognize as owners of the income not only beneficial owners but also people who are authorized to sign documents or have right of disposal of assets.

The minimal penalty for non-declaring is 10 thousand Euro, and fine for non-payment is set at the rate of 150%, and in case the sum of unpaid tax exceeds 120 thousands Euro it will lead to the criminal responsibility.

On the basis of http://www.agenciatributaria.es