In the Foreign Transactions Turvey (ETE Form) the Bank of Spain must be informed of economic transactions and balances of financial assets and liabilities abroad and which at the end of the year exceed the value of 1 million Euros.
The obligation to file the ETE form is for individual or corporations residing in Spain whose value of financial balances (initial and final) and the amount total transactions carried out (revenues and payments) in the period exceed one million euros. This form is not applicable to certain financial entities which are registered in the official records of the Bank of Spain,
The filing deadlines of the ETE form will be of different frequency (monthly, quarterly or annually) depending on the amount of the total transactions with non-residents carried out during the previous year, or the final amount of financial balances as of December 31st. In general terms, if the amount of the transactions does not exceed 1,000,000 Euros in the corresponding tax year, the statement will be filed before January 20 of the year following the end in which the investments are made.
The information must be sent to the Statistics Department of the Bank of Spain, by electronic means so a “personal digital certificate” will be needed.