Modelo 720 – Declaration of assets and ownership overseas

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MODELO 720

Modelo 720 – Declaration of assets and ownership overseas

Price range: 200,00 € through 460,00 € (VAT Included)

If you have acquired tax residence in Spain, you must inform the Spanish tax authorities of your assets and rights located abroad. Required for all tax residents in Spain, except those who benefit from the “Beckham Law”. This obligation applies to any resident in Spain who owns assets or rights valued at over €50,000 in any of the specified categories, including cases where the resident only holds a participation share in such assets or rights (e.g., holding 25% of a property valued at over €50,000)

The submission period is during the months of January, February and March, to report information regarding the previous fiscal year.

SKU: modelo-720 Categories: ,

Description

Modelo 720 – Summary

What to Include:

  • The three main categories for reporting are:

    1. Bank accounts and deposits in foreign financial institutions:
      • Information on bank accounts and deposits held abroad.
    2. Securities, rights, insurance, and income abroad:
      • Includes securities (stocks, shares, investment funds, etc.) deposited, managed, or obtained outside Spain.
    3. Real estate and rights over real estate abroad:
      • Information on properties and rights over properties located outside Spain.
  • Reporting obligations:
    • Declaration of Ownership: Report the total value of assets held abroad, including any assets shared with others (e.g., marital property or co-owned real estate). The total value must be declared even if only a percentage of ownership is held. It is necessary to declare each individual asset’s value, regardless of the amount, if the total for that category exceeds €50,000 in valuation.
    • Updates: Report any changes in the value of the assets if the variation exceeds 20,000 euros.

When to Submit:

  • Deadline: The model must be filed annually by March 31 of the year following the tax year being reported.

 

 

Additional information

Number of assets to declare

1, 2, 3, 4, 5

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