We help you to fill in and submit this form.
What is the 720 model?
The model 720 is the declaration of assets and rights located abroad, is an obligation of our Treasury, of an informative nature, created with the aim of having a declaration with the information of assets and rights of economic content located or managed abroad of our property.
There is a single model for three different reporting obligations.
It is a informative declaration on assets and rights located abroad that you are aiming for:
- To inform about the accounts in financial institutions located abroad.
- To report on securities, rights, insurance and annuities deposited, managed or obtained abroad
- To report on immovable property and rights to immovable property located abroad.
Who is obliged to file Form 720?
They are obliged to file form 720 all individuals and legal entities resident in Spanish territory, permanent establishments in Spanish territory of non-resident individuals or entities and the entities referred to in Article 35.4 of Law 58/2003.
The holder, representative, authorised person, beneficiary, person or entity with powers of disposal or beneficial owner, shall have the obligation to report on accounts with financial institutions abroad, securities, rights, insurance and income deposited, managed or obtained abroad, and immovable property and rights to immovable property located abroad.
There shall be no obligation to report no asset of those groups in which the sum of the assets comprising the group does not exceed 50,000 euros. In the groups in which the sum exceeds this amount, there is an obligation to report all the assets that comprise it. With regard to the group of accounts in financial institutions, it is sufficient if it exceeds either the sum of the balances at 31 December of the corresponding financial year or the sum of the average balances.
In subsequent years, taxpayers will only be required to submit the 720 model to report on groups in which there has been a increase of more than 20,000 euros with respect to the last declaration submitted.
How and when to file Form 720?
The filing of the 720 tax return electronically via the Internet may be carried out either by the taxpayer or by a third party acting on their behalf, and this is where we come in, because we can take care of this procedure.
The information return on assets and rights located abroad will be presented between 1 January and 31 March of the financial year following the financial year to which the information in form 720 refers. Therefore, the filing of the Form 720 for the financial year 2022 will take place during the January, February and March 2023.
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