Modelo 720: Who Qualifies and What You Get
Learn if you need to declare your foreign assets in Spain and understand the risks of missing the annual deadline.
Modelo 720 is an information declaration used by residents in Spain to report their assets held in other countries.
Who it's for
This is for individuals living in Spain who hold assets located abroad that are worth more than 50,000€ in total.
What you get
By completing this declaration, you fulfill your legal obligation to inform the tax authorities about your international holdings.
What it costs you
There is no direct fee for filing, but you will need to invest time to gather your international financial records. You may also want to hire an accountant to ensure everything is reported correctly.
The catch to know
Missing the annual deadline can lead to severe penalties. It is vital to ensure your filing is completed by the specified date each year to avoid these consequences.
How to apply
- Gather details on all your foreign assets worth over 50,000€.
- Prepare the necessary documentation to prove the value of these assets.
- Submit the declaration through the official tax authority portal.