Many people are unaware of when they need to declare assets in Spain. Keep reading to know more about tax form 720.
What is the 720 model and what is it for?
The Tax Form 720 is an informative declaration on assets and rights located abroad, commonly known as declare assets in Spain. In other words, if you have shares, securities, accounts, or real estate abroad, you must file form 720. It is important to note that this form was created with the aim of preventing and combating tax fraud.
The 720 model serves several objectives:
1. Informing about accounts in financial institutions located abroad.
2. Reporting on real estate properties and rights over real estate located abroad.
3. Disclosing information on securities, rights, insurance, and income deposited, managed, or obtained abroad.
It is worth mentioning that the value of 50,000 euros is considered in total for each category. For example, if you have two properties valued at 30,000 euros each, individually they may not reach the 50,000 euro limit, but they should be considered together. In such a case, the obligation to make the Tax Declaration applies. Additionally, regardless of the number of owners, each individual should submit the Tax Declaration separately, specifying the percentage of ownership later.
When is the 720 model deadlines? | Deadlines to declare assets.
If you want to declare assets in Spain, the deadlines to file «Form 720» are between January 1st and March 31st, 2022, for the fiscal year following the one to which the information in the form refers.
If you are interested, please do not hesitate to contact us by e-mail should you have any question or doubt.
MALAGA SOLICITORS
Jose M. Lopez-Avalos – Advocaat
Tel. 952 901 225 - mail@malagasolicitors.com
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