Tax information exchange between Spain & UK

Spain, together with Germany, France, Italy, and the UK, has signed a G5 pilot, a multilateral and automatic information exchange agreement, to crack down on tax evasion. The scheme will involve the exchange of a wide range of financial information between the countries, and is based on the model agreements negotiated by the five countries with the United States government to comply with the US Foreign Account Tax Compliance Act (FACTA).

The type of information exchanged includes names, addresses and account numbers of foreigners, and account balances, as well as other more detailed information for particular types of accounts. From 2014, it is likely that further implementations will also see information being exchanged about life insurance products, pensions, and ownership of and income from property. I’m grateful to Blevins Franks for providing THIS factsheet for fuller detail.

1 Comment

  1. we have a apartment in tenerife we do not let in out and pay the tax .as we stil live in the uk for now

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.