Form 720 Spain in 2025: Keys to declaring assets outside Spain

You must submit Form 720 Spain if you are:

• A natural or legal person resident in Spain.
• Owner of a permanent establishment in Spain of a non-resident entity.
• Part of an entity without legal personality, such as a vacant estate or a community of property.
• Actual owner of assets and rights abroad, according to article 4.2 of Law 10/2010 on preventing money laundering.
• Representative, authorised person, beneficiary or person with power of disposal over those assets.

Form 720 Spain contains information on three types of assets located abroad.

If you have accounts in foreign entities and are the owner, beneficiary, authorised or have the power of disposal, you must include them in the declaration.

You must report on accounts located abroad opened in entities that are dedicated to banking or credit transactions of which you are the owner or beneficiary or in which you appear as authorised or in some other way have the power of disposal.

You must report:

• Securities or rights representing participation in the capital or equity of any type of legal entity.
• Securities representing the transfer of equity to third parties.
• Securities contributed for management or administration to any legal instrument, including:
  • Trusts.
  • Assets that, although they lack legal personality, can act in economic transactions.
• Shares and interests in the share capital or equity fund of collective investment institutions, of which they are the holders and which are deposited or located abroad.
• Life or disability insurance of which they are the policyholders.
• Life or temporary annuities of which they are beneficiaries as a result of the delivery of:
  • A capital in money.
  • Personal property.
  • Real estate, contracted with entities established abroad.

If you have property outside Spain or rights to it, you must also declare it.

You are not required to file a tax return if the combined value of the assets in each group (accounts, securities or real estate) does not exceed €50,000 on 31 December and if the same condition is met with the average balance for the last quarter.

If you have already filed Form 720 Spain in previous years, you only need to do so again if:

• Any combined balances on 31 December, or the average balance, have increased by more than €20,000 compared to the last tax return.
• You have transferred or cancelled any of the assets previously declared.

You do not have to declare assets transferred to Spain if you still maintain ownership or control over them.

Failure to comply with this obligation can cost you dearly. Fines can reach €20,000, depending on the severity of the infringement.

To avoid penalties, check whether you comply with the requirements and seek tax advice if you have any doubts.