25/06/2010
Spain plans massive repatriation of money stashed offshore
The Spanish government says a list of 1,500 high net worth Spaniards with EUR6bn in 3,000 accounts at HSBC in Switzerland will result in the largest regularisation of “black” money since the Transition (to democracy after the rule of Franco), Expansión reports. According to sources familiar with the matter, it is not absurd to suppose that the offshore accounts of Spanish citizens abroad represent EUR100bn. Initially, only accounts at HSBC will be legalised, but the amnesty will be on offer only if the parties in question declare all their assets in other offshore countries and other Swiss bank accounts, meaning that the undertaking could turn up EUR15bn, according to unofficial figures. The Spanish authorities have given those concerned until 5 July to come forward and avail themselves of the amnesty, which assumes that they will pay off their tax debt, plus interest and an administrative sanction.
