What is Modelo 720
Modelo 720 is an informative declaration that must be submited to the Agencia Tributaria by any physical or legal person who own assets outside Spain.
WHO MUST SUBMIT IT?
All physical or legal persons resident in Spain who own assets outside of the country with a total value of more than 50,00 euros.
WHEN MUST IT BE SUBMITED?
From January 1st to March 31st 2022.
HOW OFTEN SHOULD BE SUBMITED?
Modelo 720 must be submited only once. Exceptionally it should be declared again when the overall value of any of the three separate groups has increased by more than 20,000 or when any of the assets has been sold.
WHAT TYPE OF ASSETS MUST BE DECLARED?
There are three type of assets whose details must be declared in Modelo 720.
- Bank accounts in finantial entities abroad.
- Balances, incomes, insurance and taxes deposited, managed or obtained abroad.
- Real estate outside of Spain.
Note, if you are liable to file Modelo 720 and you do not do it or miss the deadline, heavy penalties may apply.