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Modelo 720 - Informative tax return on goods and rights held abroad

Última actualización: May 22, 2024

What is it for?

Model 720 in Spain is an informative declaration where assets and rights located abroad are declared, including bank accounts, real estate, and securities. Its main purpose is to provide information about the ownership of these assets for tax and transparency purposes.

Who has to submit this form?

Those individuals who are considered tax residents in Spain and, at the end of the fiscal year on December 31st, own assets or rights abroad whose value exceeds €50,000 in any of the specified categories: real estate, bank accounts, or financial assets.

When must it be submitted?

The filing period is from January 1st to March 31st of each fiscal year, and the value of assets is declared as of the closing date of the previous fiscal year, meaning, for example, in 2024, the values of assets from the year 2023 will be declared.

When do I have to pay and when don't I?

The Model 720 is an informative declaration, so it does not generate any amount to be paid. However, those who own assets abroad must submit it if they exceed certain limits. Nevertheless, due to the information provided in the declaration, it is possible that additional taxes may be generated to consider.

We have compiled some examples that may help you understand it better:

  • If I have 3 bank accounts outside Spain and they do not exceed €50,000, am I obliged to file the informative declaration?

You will have the obligation to file if together they exceed €50.000. You will have to report all 3.

  • Am I obliged to declare gold, art, jewelry or undeposited cash?

You don't have to report on these particular assets. However, if the assets are related to other assets or rights that need to be declared, such as temporary or life-long incomes obtained from the delivery of capital, economic rights, or assets to foreign entities, then you are obligated to report on those incomes, regardless of the assets or rights involved.

  • If I have several bank accounts abroad that exceed €50.000 during the year but at the end of the year I transfer a part of them to Spain, am I obliged to declare them?

If the valuation of the total of the bank accounts abroad does not exceed 50.000 € on 31st December you will not be obliged to declare them.

  • I have a bank account in France with €30.000  deposited and some investments in a holding company in the UK valued at €25.000. Am I obliged to declare the model 720?

No, since by blocks, they do not exceed €50.000. In the block of bank accounts there is €30,000 and in the block of investments there is €25,000.

  • If I have a bank account abroad in shared ownership with my partner, am I obliged to declare if the balance on December 31st is €55,000?

Yes, both of you will have to fill in the Form 720, indicating the total amount in the form and indicating the percentage of participation.

  • If I own an apartment in Marseille valued at €80,000, jointly owned with my partner, am I obliged to declare it?

Yes, both of you must fill in the Form 720, indicating the total amount on the form and indicating the percentage of participation.

  • Am I obliged to declare the form 720 if in the same fiscal year I have sold the property I had abroad valued at €100.000?

You are not obliged to declare it because it will not be in your wealth at the closing date of the fiscal year, that is to say, on December 31st.

  • How do I value the property abroad for the purposes of filing the Model 720? What happens if the acquisition value is in foreign currency?

It must be valued at the acquisition value and taking into consideration the exchange rate in force on December 31st of the fiscal year to which the declared information corresponds. 

  • If in the fiscal year 20XX I had filed the Model 720 declaring some bank accounts abroad and in the current year I have canceled them, am I obliged to file the Model 720?

Yes, the cancellations must be declared in Form 720.

  • If I am benefiting from the impatriate regime or Beckham Law, am I obliged to file Form 720?

No, there is no such obligation for taxpayers under this tax regime.

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