Form 720 in SpainForm 720 in Spain – Informative Return on Assets and Rights Held Abroad – is a fiscal obligation of an informative nature that requires figures and data on financial assets and rights held or managed abroad to be declared. Natural persons and entities domiciled in the Spanish state are obliged to submit this information return.

 

 

Regularity – Form 720 in Spain

The regularity of the information return is yearly and the voluntary deadline established for submitting Form 720 in Spain is, in general, during the first three months (January to March) after the end of the fiscal year to which the return corresponds. Specifically, in terms of the return for 2018, the voluntary return deadline runs from 1 January to 31 March 2019.

Submission of the return must be carried out online.

Obligation – Form 720 in Spain

Taxpayers (natural and legal persons/permanent establishments/jointly owned assets) who reside in Spain, as regards the following groups of shares/assets, must submit the return when the total value of each group of assets, considered individually, amounts to over €50,000 as of 31/12/2018:

  1. Accounts (current, savings, deposit, etc.) held abroad of which the taxpayer is the titleholder, representative, authorised person or beneficiary or over which rights of disposal are held.
  2. Securities (shares, CII shares, etc.) deposited or held abroad of which the taxpayer is titleholder, as well as insurance policies and income for which said person is the holder or beneficiary, formalised with foreign companies.
  3. Property and property rights held abroad of which the taxpayer is the titleholder.

As regards taxpayers who submitted Form 720 in Spain “Informative Return on Assets and Rights Held Abroad” in previous financial years, they will only be obliged to submit the form for 2018 if one of the following circumstances is applicable:

  • The amount of any of the aforementioned groups of receivables, declared in previous financial years, has increased by over €20,000 with respect to the amount previously declared.
  • Mandatory submission corresponding to assets previously declared of which the taxpayer has lost the capacity of titleholder (owner, representative, authorised person, beneficiary or right of disposal) which at the time established such obligation to declare.
  • When one of the three groups of assets previously mentioned in points 1, 2 and 3 were not previously declared due to being under the established limit of €50,000, now exceed said limit.

Please contact us if you have any doubt on whether or not you are obliged to submit Form 720 in Spain for the year 2018.

Form 720 in Spain
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