Reminder model 720 - disclosure statement on assets abroad

17-01-2018

On March 31 the deadline for the presentation of the model 720 ends "Reporting Declaration on goods abroad" for the year 2017.

In the aforementioned model there is an obligation to inform the tax agency, the following investments abroad at 31 December:

  • Accounts (current, savings, term deposits...), where is holder, representative, authorized, beneficiary or will have powers.
  • Values (stocks, shares, investment funds,...) placed or deposited abroad on which is is also the owner of. Also included, in this block; insurance and income which is is a beneficiary or taker.
  • Real estate and rights over properties located abroad, provided it has the status of holder.

Correct presentation is very important in time due to its rigorous penalties.

Required to present the 720.

They are obliged to the presentation of the model 720, taxpayers (individuals or legal entities) resident in Spain in the following cases:

  • When the total value of one or several of the previous blocks, considered individually, exceeds the €50,000 to date 31 December.
  • Taxpayers last year not stated part of investments abroad, there is no obligation to not exceed the €50,000, and this year if they exceed this limit, will have to present the Declaration by undeclared investments.
  • Taxpayers who last year presented the model 720, shall only be required to present it when they suffered an increase of value equal to or higher than €20,000, in any of the three blocks, individually numbered.

In any case they will be required to declare those taxpayers who during the year 2017 lose ownership of an asset, as a result of a sale, cancellation of account or general loss of condition which in turn determined the obligation to declare.

That information is mandatory.

The information that must be supplied to the Treasury is as follows:

  • Offshore accounts:
    • Name and address of the Bank.
    • Complete identification of the accounts.
    • The date of opening or cancellation of accounts or, where appropriate, dates of grant and revocation of the authorization.
    • The balances of the accounts at 31 December and the balance between the last quarter of the year.
  • Values abroad:
    • Name and address of the Bank.
    • Complete identification of the value.
    • Value at December 31.
    • Number of values.
  • In the case of real estate you must identify the property and report its location, date, and purchase price.

Mode of presentation.

The presentation of the model 720 is made exclusively via telematics, via the website of the tax agency.

If you need more information about the subject of the present note please feel free to contact us through Administration n@interasesores.com or by contacting José Antonio Fons or Miquel Valls.

Interasesores lawyers and economists

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