Modelo 720 Spain: Declaring Assets Abroad (Deadline 31 March)

Venetia House
Feb 8, 2024
3 min read

Updated: Jan 24

AEAT Modelo 720

If you are resident in Spain for tax purposes and you hold money or assets outside Spain, you may need to file Modelo 720.

Modelo 720 is an informative declaration (not a tax payment), but it must be submitted correctly and on time.

The filing period runs every year from 1 January to 31 March.

What is Modelo 720?

Modelo 720 is a declaration used to report certain assets and rights held outside Spain. It allows the Spanish Tax Agency (Agencia Tributaria) to see what overseas assets a Spanish tax resident holds.

It does not create a tax bill by itself, but it is still important to file correctly if you are required to submit.

Who needs to file Modelo 720?

You may need to file Modelo 720 if you are a Spanish tax resident and the value of your overseas assets is over €50,000 in any one of these groups:

Overseas bank accountsThis includes current accounts, savings accounts and any accounts held outside Spain (including joint accounts).
Overseas investments, shares and financial productsThis includes things like shares, funds, bonds, investment portfolios, and savings products held outside Spain.

It also includes certain insurance products, such as life insurance / life assurance policies held abroad (where there is a value to declare).

Overseas propertyAny property held outside Spain (including second homes or rental property).

Important: the €50,000 limit applies per group, not as one total figure across everything.

What year does Modelo 720 cover?

Modelo 720 is based on what you held as of 31 December of the previous year.So the return you file between January and March covers your overseas assets held at the end of the year before.

Do I have to file Modelo 720 every year?

Not always.

Many people file it once, and then only need to file again if something changes enough to trigger a new reporting requirement (for example buying or selling a property abroad, opening a new overseas account, or significant changes in values).

If you’re unsure whether you need to file again, we can check your situation quickly.

Does Modelo 720 include crypto?

No — crypto held abroad is not declared on Modelo 720.

There is a separate form for this (Modelo 721).

Modelo 720 is submitted online through the Agencia Tributaria platform.

This means you normally need a Spanish digital certificate (or another accepted digital ID method).

Digital certificate required (we can help)If you do not have a digital certificate, no problem — we can help you obtain one and then submit the Modelo 720 for you.

Our fee, Modelo 720 preparation and submission starts at : €60 + IVA

Digital certificate help available if needed.

What we need from youTo prepare the filing, we will request:

• Your NIE/NIF details

• The country where the assets are held

• Bank account details and balances (if applicable)

• Investment / pension / insurance statements (if applicable)

• Property details and value (if applicable)• Any changes since your last Modelo 720 filing (if you’ve filed before)

Need help with Modelo 720?

If you think you may need to declare overseas assets, message us and we’ll confirm what is required and tell you exactly what documents to send.

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