Article by PEREZ LEGAL GROUP
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PLEASE NOTE THE FOLLOWING: You should now that until now, if a debt were contracted with the Treasury in Spain by a Spanish foreigner, the Spanish Tax Authorities had to meet many issues before they could act against foreigners residing outside of Spain. However, a ministerial order of July 31, 2010 has set out within European territory that any foreign debt will allow the Ministry of Finance, electronically, to make reports of foreclosures and repossessions of property situated in other states of the European Union in order to meet debts incurred in Spain.
The European Union tax system agreed that the Tax Authorities will facilitate information and will report about the state of any debtor and guarantors of a debt in order to make feasible the placement of an embargo on Spanish properties or properties located in England and other European Union country, taking the necessary legal measures to enable these debts are paid against the property, Bank accounts will also be considered.
This procedure will not be used to satisfy all different types of debts but those contracted with the IRS for non-payment of Value Added Tax (VAT), Income Tax of Individuals (income tax), Wealth Tax and other excise duties. To facilitate this process, the Ministry of Finance will have the cooperation of other agencies such as the Labor Inspectorate and the General Treasury of Social Security (TGSS), guaranteeing the confidentiality and security of citizen data information.
IF YOUR PROPERTY IS OWNED BY A SPANISH COMPANY, THIS INFORMATION IS NOT APPLICABLE.
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