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Banks will report about client’s tax residence

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16 Jul. 2015

The Spanish Government has prepared a Draft of a Royal Decree that will oblige Banks to identify the tax residence of their clients, further to the automatic exchange of information system proposed by the OECD in October 2014, signed by 50 countries and jurisdictions, and previously the EU FACTA and subsequent agreement signed by Germany, Spain, France, Italy and UK).

Information will start to be exchanged as of 2017 referring to bank accounts held in 2016. Banks will have to identify the tax residence of each holder and, when required, which holder has got the real control of the accounts.

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