From 2013 onwards, all Spanish residents are required to report any foreign assets amounting to over €50,000 to the Spanish Tax Agency. Assets to declare can be split into three main separate groups: Bank accounts based abroad. Securities, rights, insurance and annuities deposited, managed or obtained abroad. Immovable property and rights over immovable property based abroad. Information must be produced only once in the year such an obligation is acquired. However, should the overall value of any of the three separate groups differ by more than €20,000, this will exceptionally need to be declared again.
- Form 720 is for information purposes only and not for tax collection.
- Failing to comply with this obligation timely and duly may result in a minimum penalty that, depending on the number of obligations to report, could range from €10,000 to €30,000.