Do you need advice for the Model 720? You do not know if you have to file Model 720, concerning the declaration of goods, rights and values abroad? Here are some tips to help you determine whether you are liable for this tax.

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Who are the subjects of this tax?

  • Individuals and legal entities that are residents in Spanish territory.
  • Permanent establishments in Spanish territory of non-resident individuals or entities.
  • Entities under the income allocation system (civil companies, joint property entities, recumbent inheritances).

When do I have to submit the model?

It is important to note that the deadline for filing form 720, which refers to assets and rights located abroad that exceed EUR50,000, ends during the month of March.

What assets and rights must be listed on the model?

  • Accounts in financial institutions located abroad.
  • Securities, rights, insurance and income deposited, managed or obtained abroad.
  • Real estate and real estate rights located abroad.

However, legal entities and other entities residing in Spanish territory that have assets and rights abroad registered in their accounts are not obliged to report them.

Furthermore, if you have previously submitted this model, it is necessary to reassess whether you should submit the model again in accordance with the regulations in force.

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    Sanctions related to model 720

    • Without previous requirement from the Public Authorities

    The penalty for late declaration without prior requirement from the Public Authorities will be EUR100 for each data or set of data omitted, with a minimum penalty of EUR1,500.

    • With previous requirement from the Administration

    The penalty for failing to submit the information within the time limit having received a prior request from the Public Authorities and for submitting incomplete or inaccurate information will be EUR5,000 for each piece of information or set of information omitted, with a minimum of EUR10,000.

    If you still have questions or need help to carry out this procedure, do not hesitate to contact Anteo, a firm with more than 30 years of experience in providing tax advice to companies and individuals. We have a team of lawyers and tax advisors who will study your case and advise you on the next steps to be taken to avoid any tax contingency. Do not hesitate to contact us, we will be delighted to help you.