Declaration of assets in another country.

In  October 2012 a law was passed in Madrid stating that all residents in Spain had to declare to the Spanish Tax Authorities, Assets valued at more than €50,000 . This included property, bonds , pensions and savings. This came into effect in April of this year. Failure to do so, could result in heavy fines and sequestration of assets. As a result of this law, which was designed to catch out individuals who have been defrauding the Spanish Authorities for years, it also caught out many foreign residents who have legitimate savings and properties in their country of birth. This has already caused several residents to give up their home in Spain and return to the UK.
As the President of PIPN, I was extremely concerned about this new legislation. I was contacted by several action groups throughout the Costa Blanca and the Balearics and asked to support a motion to force the Spanish Government to have a moratorium on this Law.  I presented this motion at the last Plenary meeting of the Town Council . It was passed by a majority, with Trinidad Martinez and the rest of PSOE voting against the motion and Mariano Marti Sanchez, Mark Lewis and the rest of his party abstaining.
  Despite the fact that this Law was passed by the Partido Popular government in Madrid , the local Partido Popular, supported the motion.
The representative from the Town Hall in Palma , Mallorca , has also lodged a motion against this Law, with the European Parliament .
As a result of our actions, the Spanish government in Madrid, have agreed to meet a delegation from the action group, this coming month.
I hope that we will be successful in having this Law amended so as not to cause unnecessary financial  hardship to the resident extranjeros in San Fulgencio and the rest of Spain.