Model 151 Guide: Foreign Asset Declaration for Beckham Law Users

Description

What is it?

Model 151 is a procedure related to tax regulations in Spain. It is intended for individuals under the Beckham Law, a special tax regime for foreigners who move to Spain because of employment contracts. This form is part of the reporting requirements for people who need to declare foreign assets.

Who needs it?

The ideal customer for Model 151 would be high-net-worth individuals, expatriates, and professionals who are benefiting from the Beckham Law regime and have foreign assets that need to be disclosed to Spanish authorities.

Procedure

1. Determine Eligibility: Ensure that you are eligible under the Beckham Law. Typically, this applies to expatriates and foreign employees who moved to Spain for work.

2. Gather Required Information: Prepare detailed information about your foreign assets, including bank accounts, securities, insurance policies, and properties.

3. Obtain Form: Download Model 151 from the official website of the Spanish Tax Agency (Agencia Tributaria ).

4. Fill in the Form: Complete the form with the necessary information. Ensure all details are accurate to avoid penalties.

5. Submission: Submit the filled form electronically through the Agencia Tributaria’s electronic office. You’ll need a digital ID or certificate to complete this step.

6. Confirmation: After submission, you should receive a confirmation receipt. Keep this as proof of submission.

Required Documents

• Passport: Ensure your passport is valid.

• Residency Card: A copy of your residency card in Spain.

• Employment Contract: Documentation from your employer showing your contract in Spain.

• Foreign Asset Details: Information on your foreign bank accounts, securities, insurance policies, and properties.

Providers that can do it for you

(We are currently curating the best providers. If you are or know a provider, please contact us or edit the page directly)

Additional details

• Penalties: Failure to submit Model 151 correctly can result in hefty fines. Make sure to double-check your information before submission.

• Deadline: The submission deadline is usually aligned with annual tax returns. Consult the latest guidelines on the Agencia Tributaria website for current deadlines.

• Digital Certificate: Obtaining a digital certificate from the Spanish National Mint and Stamp Factory (FNMT) is essential for the electronic submission of Model 151.

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