Updated: Jan 23
Although the new ruling states the Draconian fines are no longer legal, it still remains at least for now a Form that needs to be submitted by the
The Modelo 720 is an informative Return only, no money is due on this.
It is only required if a person has over €50,000 in any one of the 3 categories below.
Every person including couples with the same money will need to do their own.
Who needs to file the Return?
Anyone who has become a fiscal resident in 2022 before the 3rd July, thus making them liable for the return this year, or has had a change in previous returns over €20,000.
It is only required once and only again if they have had a change in the previous returns.
The owner, representative, authorized person, beneficiary, person or entity with disposition powers or real owner will have the obligation to inform about the accounts in financial entities located abroad, securities, rights, insurance and income deposited, managed or obtained in the abroad and real estate and rights to real estate located abroad.
There is no obligation to report any assets of those groups in which the sum of the assets does not exceed €50,000. In the groups in which it is exceeded, they will be obliged to report all the assets that comprise it. In relation to the group of accounts of financial entities, it would be enough to exceed it or the sum of the balances as of December 31 of the corresponding year or that of the average balances. As you can see, it is possible to present the declaration for one, two, all three, or none of them.
What are the categories?
Inform about the accounts in financial institutions located abroad.
Inform about real estate and rights over real estate located abroad.
Report on securities, rights, insurance and income deposited, managed or obtained abroad.
What are foreign assets?
Now that we have entered the matter, let's clarify what foreign goods are:
Bank or credit institution accounts located abroad that have Spanish owners, representatives, authorized persons or beneficiaries. Also those over which Spanish owners, representatives, authorized persons or beneficiaries have disposition powers.
Titles, assets, securities or capital rights abroad of all types of Spanish entities. Also life or disability insurance, in addition to life and temporary annuities.
Real estate and rights to real estate.
The dates are from the 1st January until the 31st March.
If you require that i assist in this form filling for you then i do require a digital certificate
Please get in touch, to discuss if you need to file one, or not.
Prices start at €30+IVA and will increase the more sections added.