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On January 27, 2022, the Court of Justice of the European Union (CJEU) has confirmed that some of the essential elements of the treatment given by Spanish law to assets located abroad and the obligation to report them in Form 720 violate European Union law. Specifically, the CJEU concluded that said legal regime infringes the principle of free movement of capital due to its specific penalty regime and due to the fact that there would be no limitation period for prosecuting a mere infringement of a formal obligation.
In the following link you will find the summary of the CJEU ruling.
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