Expat in Spain? We would like to inform you that if you have any assets or rights abroad which amount to more than 50.000€ you will probably have to submit Form 720 before March 31st.
In the text that you will find below, we explain the most important information that you need to know about this tax declaration and that it will be useful for checking if you have the obligation to submit it.
What is Form 720?
The Form 720 is an informative tax declaration that reports to the Spanish Tax Agency about all those assets and fees that you have or you manage abroad. If all of them add up to more than 50.000 €, you will have to submit this document before March 31st.
Who has to declare their assets abroad?
Spanish Tax Agency informs that every single physic person or legal person living in Spain and who is a legal owner of some assets or fees abroad has the obligation to submit Form 720.
Also, people who are representative or beneficiary of these same assets or fees has to submit this statement.
What kind of assets do you have to declare?
- Accounts and deposits hired in banks located abroad that haven´t a branch office in Spain or that aren’t below supervision of the Bank of Spain.
- Values, fees, shares, life insurances, disability insurances, variable incomes or life annuities. The last ones only if they were hired abroad.
- Real estate located abroad and responsibilities that you have over them.
When don’t you have to submit Form 720?
- If you submitted Form 720 the last year and declared assets or fees haven’t changed more than 20.000 € in relation to the last declaration, you won’t have the obligation to submit this document this year.
- Total benefits that you aquired from contracting assets and fees abroad that don’t add up to more than 50.000 €.