What is the ETE form? Obligation to declare to the Bank of Spain if you have certain capital movements abroad
By Jesús Ruíz Ballesteros, Ruiz Ballesteros Lawyers and Tax Advisors
The statement of foreign economic transactions and asset and financial liability balances is an informative declaration for statistical purposes filed with the Banco de España that serves to declare transactions carried out with non-residents and assets and liabilities held abroad.
Who must file the ETE form and what exactly must be declared?
Any individual or legal entity resident in Spain that holds assets and liabilities abroad and/or has carried out economic transactions with non-residents must file the ETE form, provided that the sum of these assets and liabilities or the sum of the transactions carried out exceeds EUR 1 million in the previous year.
The frequency of filing depends on the volume of transactions carried out in the previous calendar year, or the balance of assets and liabilities held abroad as of 31 December of the previous year, and may be annual, quarterly or monthly.
If the amount of transactions or balance of assets and liabilities in the previous year is less than EUR 1 million, there is no obligation to file Form ETE, unless the Banco de España expressly requires it.
In any case, if there is an obligation to file this declaration, all transactions carried out in the relevant period must be included, regardless of the individual amount of each transaction.
Jesús Ruíz BallesterosGGI member firm
Ruiz Ballesteros Lawyers and Tax Advisors
Law Firm Services, Tax
T: +34 952 77 98 74
Ruiz Ballesteros Lawyers and Tax Advisors is a firm of lawyers, economists and tax advisors established more than 15 years ago. Highly qualified professionals cover all areas of legal, tax, accounting and commercial requirements for clients. Continuous training, excellence, taking care of every detail, and upholding high ethical standards are the guiding principles of the firm.
Jesús Ruíz Ballesteros is the Founder and Director of Ruiz Ballesteros. Holding an undergraduate degree in business and finance, a master’s in taxation, as well as a degree in law, Jesús is an innovative entrepreneur and an expert in the Spanish taxation system, international taxation, and corporate commercial law. He is also the developer of Paxtum, the first legal app in Spain. In 2018, Jesús Ruíz Ballesteros was awarded the Cruz Blanca for Civilian Merit by the Ministry of the Interior of Spain.
Published: Trust & Estate Planning Newsletter, No. 09, Spring 2022 l Photo: efired - stock.adobe.com