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Bank of Spain’s new reporting rules for residents

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26 Dec. 2013

There is a new reporting rule on foreign economic transactions and balances of assets and liabilities in force since January 1, 2013. Circular 4/2012 supersedes three previous circulars about accounts, deposits, loans, credits and securities, setting up new time frames and thresholds.

Under the new ruling, individuals and entities resident in Spain, engaging in transactions with non residents or holding assets or liabilities in countries other than Spain, must report to the Bank of Spain of any transactions they perform with non residents, and the balances of assets and liabilities, and any changes in those foreign positions. If the above referred amounts (the higher of the two, transactions or balances) are lower than €1 million, there is no obligation to report.

Subject transactions may include or relate to supplier and trade receivable balances, shares, debt issues, marketable securities, fixed-income securities, loans, credit facilities, deposits, current accounts, land and properties, derivatives, and any related returns obtained.

Spanish companies or individuals holding balances or conducting transactions with foreign companies or financial institutions that exceed EUR1 million during 2013 must report not later than next January 20, 2014.

ETE (Encuesta de Transacciones con el Exterior) must be reported electronically and persons must have a digital certificate to access to the web template.

Please find below a link to our last newsletter JC&A Update Report 04.2013:

http://www.jca-abogados.com/newsletter/JC&A_UPDATE_REPORT_04_13.pdf

You can read the full and extended version in Spanish at the link below:

http://www.jca-abogados.com/newsletter/Circular_4_2012_Banco_de_Espana.pdf

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