Deadline – Modelo 720 for Spanish tax residents with assets outside Spain

Filed under : Tax, Tax Planning - Inheritance, Uncategorized

For tax residents in Spain the end of this month, 31st March, is the deadline to complete the 720  tax form. As a tax resident you are obliged to provide information to the Spanish tax authority about assets you hold outside Spain if those assets are worth more than 50.000€. This includes real estate you own outside of Spain, offshore accounts and offshore investments. *Covid 19 update – These returns are made digitally and this system is unaffected by the lockdown in Spain. If you are concerned do please call by phone or email – details below.

This tax model only needs to be completed once. However, it is important to note that if your situation changes and the value of your assets outside of Spain has increased by 20.000€ during the tax year you do need to submit this new information.

If this is your first year declaring as a Spanish tax resident you need to complete the model 720 by the end of this month. Fines can be imposed for failing to do this. If you need advice and assistance please contact our Tax Department on [email protected] or call on 952 931781.