The economic transactions and the balances of financial assets and liabilities with the exterior of residents in Spain are subject to an obligation of an informative nature that is revealed through the ETE Form of the Bank of Spain, to which we will dedicate this article trying to resolve the main issues that may arise with respect to it.
Obliged to declare
Any natural or legal person (public or private) resident in Spanish territory registered in the official records of the Bank of Spain (except for credit institutions and payment institutions), whose amount of the balances (initial and final) and the total amount of transactions made (total sum of collection operations and payment of the period) exceeds one million Euros, are required to submit the Form.
Content of the statement
The statement includes operations on one’s own account with non-residents, whatever their nature and regardless of how they are settled, that is, they are settled through external transfers through instalments or debits in bank or inter-company accounts, by compensation or by delivery of cash and balance and changes of assets or liabilities front the exterior, whatever the form in which they materialize: accounts in banking or financial entities, inter-company accounts, deposits of cash or securities, equity holdings, instruments of debt, financial derivatives, real estate, etc.
Periodicity of the presentation
The deadline to submit the Form is January 20 of the following year to which it corresponds, when the sum, one by one and without compensation, of the transactions with non-residents during the previous year or, the sum of the assets and liabilities external, as of December 31 of that year, exceed 1 million Euros.
However, if this amount is between 100 and 300 million Euros or is more than 300 Euros, the declarations are required to be filed on a quarterly or monthly basis, respectively.
ETE form: Modalities
There are two modalities:
- Summary statement. When neither the transactions (total sum of the collection and payment operations) nor balances of the year to be declared exceed 50 million Euros. Only the initial and final balances of assets and external liabilities, the total sum of the collection operations and the total sum of the payment operations of the period are declared.
- Declaration without summarizing. If the mount of the transactions or the balances of assets and liabilities on December 31 of the previous year, they are less than 100 million Euros. If it exceeds this amount there are other deadlines for declarations.
For any other doubt, we encourage you to contact us. We will make sure that you and your company comply with all the legally established requirements and obligations.
