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Modelo 720, Modelo ETE and Modelo D-6: Statements of foreign assets or transactions.

Dec 15, 2019 | AEAT, Modelo 720 | 4 comments

Modelo 720

Report of asset abroad when exceeding of value €50,000. Please refer to complete information in this website https://www.ustaxconsultants.net/services/modelo-720/

Modelo ETE

The economic transactions and the balances of financial assets and liabilities abroad of residents in Spain are subject to an obligation of reporting through the “modelo ETE” of the Bank of Spain, when the value exceeds of 1 million Euros.

The information must be sent to the Statistical Department of the Bank of Spain, by telematic means, through the virtual office Bank of Spain, where you can download the form and start the reporting process:

Frequency

Time Frame

Value of transactions during the previous year, or the statement of assets and liabilities on December 31st of the previous year.

Monthly

Within 20 days following the end of each calendar month.

Equal to or greater than 300 million euros.

Quarterly

Within 20 days following the end of each quarter.

More than 100 million euros and less than 300 million euros.

Annual

January 20th of each following year.

Less than 100 million euros.

Modelo D-6

Another bank of Spain form. Its purpose is to report marketable securities deposited abroad even if the issuers are Spanish, for both fixed income and variable income securities, provided that they are regarded as marketable securities, and holdings in collective investment undertakings (investment funds, SICAVs etc.). The deadline is January 301st for the positions of the preceding year. There is no minimum exempt threshold.

The D-6 must be filed when an operation (investment or settlement) takes place in which any of the following circumstances are applicable:

  1. a) The resident’s interest in share capital before or after the operation reaches 10%.
  2. b) The resident investor belongs to its governing body.
  3. c) The amount of the transaction exceeds €1,502,530.26.

 

Please, do not hesitate to contact us, if you have further doubts. We will make sure that you and your company comply with all the legally established requirements and obligations.

4 Comments

  1. Cory

    Does HSA (Health Saving Account) need to be included on modelo 720?

    Reply
    • Antonio Rodriguez

      Yes, correct!

      Reply
  2. Stephen Cohen

    I don’t understand the requirements for the D6 filing, i know about the Modelo 720, but it seems like they are the same thing. Please tell me what the difference is. The wording is confusing.

    Reply
  3. Antonio Rodriguez

    The reporting is very similar, but the three reports go to three different entities, so they can use the information for several different porpoises depending on their needs or their desires. The 720 goes to the tax administration mainly for tax porpoises an to transfer the info to other countries (FATCA), the other two go to Ministerio de Economia and the Bank of Spain, for statistical porpoises and fraud control.

    Reply

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