Tax Declaration 720 Overseas Assets Located Outside of Spain

TAX DECLARATION 720 OVERSEAS ASSETS LOCATED OUTSIDE OF SPAIN: REQUIREMENTS

If you are a Spanish Tax Resident because you have resided more than 183 days in Spanish territory during a calendar year, you are obliged to inform the Spanish Tax Bureau about your assets abroad:

Form 720 is the informative declaration of overseas assets located outside of Spain.

• Do you have accounts outside of Spain?
• Do you have a property outside of Spain?
• Do you have, shares outside of Spain?

A) Who is obliged to declare in Form 720?

• Natural and legal persons habitually resident in Spain
• Permanent establishments in Spain of non-resident persons or entities
• All those who have the status of legal owner, representative, authorized, power of disposal of accounts, or consideration of real ownership.

B) Assets to declare

This informative model must be presented by all those who have in their possession at least 50,000 euros in any of these three sections for which this informative declaration is focused:

• Accounts and deposits opened in banking entities located abroad
• Representative values ​​of the participation in any type of entity
• Real estate and the rights over them, located abroad for a value of more than 50,000 euros.

C) The Assets that we do NOT have to declare in this tax

• Those owned by companies totally exempt from Corporation Tax.
• When they do not exceed 50,000 euros in value.
• Current accounts opened in foreign entities based in Spain.

D) Deadline to file the declaration form 720

From January 1st to March 31st of the current year for the presentation of the exercise of the previous year.

“From January 1st to March 31st on 2020 we are going to declare 2019”.

Learn about the Tax Model 720 Overseas Assets requirement under Spain's Tax laws, and its relevance to both individual and corporate entities, including those covered under Tax for Freelance and Companies and implications for Non Tax Residents.