Modelo 720 – Assets outside Spain
Form 720 of the Spanish Tax Authorities: Report of all assets abroad. This form must be filed by all Spanish Residents owning assets abroad, only if they are over the limits described below. It is required to file this form every year before March 31.
The Form has three different blocks:
1. Accounts in financial institutions abroad, which include current accounts, savings accounts, term deposits, credit accounts, etc. Information on each account should include the balance of these accounts on December 31st.
2. Stocks, bonds, values, financial rights, and savings in insurance companies, deposited, managed or obtained abroad.
3. All types of Real Estate and rights over Real Estate abroad, which include ownership of the property, actual use or enjoyment and bare ownership rights over real estate, timeshares, timeshare shifts, part-time property or similar formulas on real estate, other rights in rem over real estate.
Form 720 must be filed if any of these blocks exceeds the amount of 50,000€ and only the block in which the amount is exceeded. Penalty for not filing, incomplete filing, or filing with non-accurate data, will be punished with 100€ per inaccuracy with a minimum of 10.000€.
After filing for the first time, in the following years you should file Modelo 720 if you have an increase of 20.000€ in any of the three blocks.
There is no obligation to include pension plans, as long as it does not happen the event that implies the distribution of the pension either for life or for a period of time.