BackThe Model 720 is an informative form of the Spanish Tax Agency and serves to report on the different types of financial assets, whether investments, properties or bank accounts held outside Spain.
With this Model 720 the objective is to prevent tax evasion and to have assured for companies and individuals the information of all their activity, both income and assets.
The Model 720 is prepared and filed through the Spanish Tax Agency. In order to file it, information on assets and income outside Spain must be available.
In order to prepare the Model 720, information such as the name, NIF or address of the declarant must be included. Also details such as income, assets and what type of asset it is, the country where it is located or the date of acquisition, as well as the value of these. In addition, among others, information on real estate and the rights over these that are established abroad.
Form 720 must be filed between January 1 and March 31 of the year following the one referred to in the fiscal year.
Said Form 720 must be filed by any natural person with Spanish residence who has abroad a patrimony of more than 50,000 euros, in any of its assets, or who, having filed it in previous years, any of the blocks already reported has increased in value by more than 20,000 euros.
For Model 720, several penalties are established for non-compliance with the provisions regulating the filing of the model. Until January 27, 2022 these penalties could even exceed the undeclared amount. However, now several articles have been annulled and the penalties imposed whose resolution was not final can be claimed from the Tax Administration.
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