Form 720: Declaration of assets abroad

Residents in Spain are obligated to declare all overseas assets (including those which had been chosen to pay as a non resident). All of them must ne reported in the model 720 form. The deadline to do it is from the 1st of January to the 31st of March every year.

In the model must be declares these assets divided in three blocks:

  1. All Types of Real Estate and rights over Real Estate abroad.
  2. Accounts in finantial institutions (Its balances at the 31st of December).
  3. Shares and securities, funds (stocks, bonds, values, finantial rights, savings in insurance companies, deposited, managed or obtained abroad).

You are only liable for this obligation if your total assets held outside Spain are worth more than 50.000 Euros one block. Remember that when you have one block with a value over 50.000€, there is an obligation to declare the rest, although its value is less than the limit.

 

If you did it in previous years, you would need to report the assets again if their value has risen by over 20.000 Euros.

Not doing it have consequences, if your assets are discovered by the Tax Authorities.

Remember, this declaration is just informative, no payment is required because it is not a tax.

Entrusts the completion of this model to a professional.

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