Collaborates with Cremades, Calvo & Sotelo Modelo 720 Tax Regulation
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Collaborates with Cremades, Calvo & Sotelo Modelo 720 Tax Regulation
Mission "To enrich business and cultural relationships incorporating American ideals and values in Madrid." The American Club of Madrid’s objective is to engage the American population here in Madrid, the local Spanish and International community through events and activities, which help foster a strong relationship and understanding between the United States and Spain.
Club History
¨ Founded in Madrid in 1952 (over 60 years of heritage)
¨ Designed to broaden the knowledge, information and contacts of our
members by providing a program steeped in the areas of Spanish-
American business, current events, community affairs, social and
cultural activities
¨ We strive to bring prestige to the Club through the quality of its
membership, its events and offered benefits
¨ Our goal is to assume a leading role in representing the overall
American community to Spain with the collaboration and support of
the US diplomatic mission, the business sector and national
institutions.
Our Events Professional -Industry Specific Series -Educational Series -Monthly Networking Socials Culture -Rock the Vote (US Election) -Art in Embassy Family -Breakfast with Santa -Thanksgiving Philantrophic -Annual Gala -Party with a Purpose
Upcoming ACM Events
TONIGHT, Tuesday, April 9th Saturday, April 27th
(Every 2nd Tuesday of the Month) MEMBERS ONLY
Networking Drinks Dinner & A Show
Luzi Bombon (c/ Castellana 35) ASM High School Drama & Dinner following at Kira
19:00 – 21:00 19:30 Show
22:00 Dinner (Aperitivo & 3 Course Dinner)
ACM Members : FREE
ACM Members + Invited Guests: 45 Euros
Guests: 10 Euros (Includes welcome drink)
Online Registration Required
Online Registration Requested
Wednesday, May 8th
Thursday, April 18th
Party with a Purpose
ACM & Sagardoy Legal Seminar Series
Spring Fundraiser & Check Presentation
Student Workers in Spain
Ronald McDonald Foundation
19:00 – 20:30
20:00 – 22:00
Open to the Public FREE Event Ticket Price: 60 euros
Online Registration Required/ No Walk-ins 50% of Ticket Proceeds go to Casa de Madrid
Tickets go on sale to the public: April 17th
Modelo 720 Introductions ¨ Ángeles Sebastián ¨ Mabel Zapata Cirugeda ¨ Antonio Rodriguez
FORM - 720
Fraud Prevention Law 7/2012
Mabel Zapata
Ángeles Sebastián
Partners
Cremades & Calvo Sotelo SLP
Abril 2013
WHO MUST DECLARE 1. All Spanish tax residents 2. Spanish permanent establishments owned by non-residents 3. All Spanish entities such as community properties and estates
WHO IS A SPANISH TAX RESIDENT • All those physically present in Spain over 183 days per year, unless residence in another country can be certified. • Whose principal activities or economic interests are in Spain. • Spanish residence will be presumed, if the spouse and minor children reside in Spain.
“RESIDENCE” UNDER US/SPAIN TAX TREATY
• The country where the permanent home is.
• If houses in both countries:
– Where personal and economic relations are closer (center of vital
interests);
• If no houses in either country:
– The place of habitual residency
• If residence in both countries:
– The country of nationality;
• If national of both countries or neither:
– By mutual agreement of both countriesHOW TO DETERMINE YOUR RESIDENCE
• Anyone who resides in Spain over 183 days is
presumed to be Spanish tax resident.
• EXCEPTION:
• Those certified by the IRS as US Tax residents
– This certificate is needed if you have income in Spain and also if
you have no income in Spain.
• Those granted special non-resident five years tax status
(Beckham clause)IF YOU HAVE RESIDENCE IN SPAIN • You must file for all your global income, unless you are exempted to do so under the bilateral treaty.
IF YOU ARE A U.S. TAX RESIDENT • You only have to file in Spain your Spanish originated income, as established by the bilateral treaty.
ASSETS OUT OF SPAIN TO BE DECLARED
• Assets over 50,000 Euros worth
– Any value of individual assets when
– The total amount of foreign owned assets
exceeds 50,000 EurosESTIMATED VALUE
• When the assets belong to more than one
owner:
– All owners must declare the assets for the full
amount, indicating percentage of ownershipASSETS TO DECLARE
• Bank accounts and monetary deposits opened in
financial institutions.
• Account´s balance at 12/31/12 and Oct/Dec
2012’s average balance.
• All types of stock/investments, and its value at
12/31/12
– EXCEPTION: The investment is managed by a Spanish
finantial institution that presents individual reports.ASSETS TO DECLARE • All types of annuities, pensions or temporary regular income. • Date acquired. • Purchase price and value at December 31, 2012. • Sale price and date of disposition • Capitalization and rescue value at December 31, 2012. • EXCEPTION: If the Insurance company reports individually to the Spanish Tax Authorities
ASSETS TO DECLARE • Real Estate over 50,000 Euros • Includes shared property, or any rights of use over real estate. • Purchase price and taxed payed at 12/31/12 • Sale price and date of disposition • Type of real estate
EXCEPTIONS • When the assets have already been declared in Spain, individually identified, as part of a business.
TIME TO DECLARE • April 30, 2013 • Applications can be completed only on line by authorized tax consultants or those with digital signature. • Heavy sanctions for noncompliance
OTHER OBLIGATIONS • To report all transactions with non resident banks, to the Bank of Spain – Form DD1 – Form DD2 • To report transactions with non residents in relation to any other asset, including loans, insurance and real estate.
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