Guidance published in the Spanish official gazette on 17 November 2015, establishes the requirements: (1) to identify the tax residence of persons holding or controlling certain financial accounts; and (2) to report that information within the context of mutual assistance.
Accordingly, Royal Decree 1021/2015 transposes into Spanish domestic law the common reporting standard (CRS) rules concerning the reporting of financial accounts and the due diligence procedures to be followed by financial institutions in Spain. These rules are effective 1 January 2016.
Read a November 2015 report (English) [PDF 108 KB] and (Spanish) [PDF 113 KB] prepared by the KPMG member firm in Spain: Implementing regulations regarding the automatic exchange of tax information between states (CRS)
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