BackThe so-called Form 720 is a form in which the person obliged to file it must declare to the Treasury all assets and rights located abroad.
It is used both for investments made and for fixed-term bank deposits in another country, stock market investments or properties in foreign countries.
All persons whose tax residence is in Spain and who have assets in other countries exceeding more than 50,000 euros, if it is the first time they are obliged to report it, or when the value of what has already been reported in previous periods has increased by more than 20,000 euros, must present the 720 model.
The types of assets referred to in model 720 are divided into 3 blocks including bank accounts, securities, including shares, insurance and acquisition rights, and real estate.
The deadline for filing the form 720 is from January 1st to March 31st of the following year and it can be filed either from the AEAT website or in person at the corresponding tax offices.
The model 720 is a mandatory model and can carry penalties from 1,500 euros for untimeliness and can reach up to 30,000 euros for not filing it.
To know if the limit of 50,000 euros of the Form 720has been reached, it is necessary to calculate if on December 31 the 50,000 euros were exceeded or if the balance of the account in the last months has had an average of 50,000 euros. If this is not the case, it will not be necessary to file this form.
If you have any doubts or questions about the Form 720, please do not hesitate to contact us.
B Law & Tax International Tax & Legal Advisors.
“En B LAW&TAX somos especialistas en asesoramiento fiscal internacional tanto a empresas como para particulares. Si desea ampliar la presente información, estaremos encantados de poder atenderle en el 917817194 o en [email protected]”
