Model 720 – Informative declaration of assets and rights located abroad – includes the assets and rights located abroad of a Spanish taxpayer.

It is an annual tax obligation of an informative nature.

The filing of the declaration must be carried out electronically between January 1 and March 31 of the year following the one to which the information to be supplied refers.

The normative establishes the obligation to report on the following assets and rights located abroad as long as, for the set of each of the following blocks, they exceed 50,000 euros:

  1. Accounts in financial institutions located abroad
  2. Securities, rights, insurance and income deposited, obtained or managed abroad
  3. Real estate and rights to real estate located abroad.
    Regarding those taxpayers who presented Form 720 in previous years, they should only submit it again when any of the following circumstances concur:
  • In the event that the value of all the assets and rights previously declared has increased by 20,000 euros
  • For the set of assets and rights mentioned that were not previously declared because they did not reach the value of 50,000 euros but now is reached
  • That the condition of holder that originated the obligation to declare is lost.

As it usually happens in case of not filing Form 720 or filing it incompletely or incorrectly is considered a tax offense. This fine can be of two types:

  • If there is a clear obligation to file Form 720, but it is not done, the fine is fixed at 5,000 euros for each data of data or data set that should have been declared but not provided. The minimum in this fine will be 10,000 euros for each of the three sets of assets and rights established in this form
  • If Form 720 has been submitted after the deadline, we are faced with an infraction of a different nature. The penalty, in this case, will be 100 euros for each piece of information or data set that is presented, with a minimum of 1,500 euros.

If you have questions about the submission of Form 720 for the 2020 financial year, do not hesitate to contact the specialists of Arintass.

Roberto Cerrato

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