The Court of Justice of the European Union (CJEU) ruled on Thursday 27 January (C-788/19) that legislation requiring Spanish residents to declare their assets or rights abroad was contrary to EU law.
In detail, the CJEU considers that Spain has failed to fulfil its obligations under the principle of free movement of capital by using “disproportionate” provisions for non-declaration - or incomplete or late declaration - of assets and rights located abroad.
These provide for a flat-rate...