“Advisers with expatriate clients who are tax-resident in Spain say they are urgently reaching out to their clients to warn them that they must begin reporting to the Spanish tax authorities about any overseas assets they hold worth more than €50,000, following a recent change in the country’s tax regime. The new rules took effect yesterday, with Spanish residents with offshore holdings being expected to provide their first accounting of their non-Spanish assets between that date and 31 March 2013.”
