{"id":19911,"date":"2025-02-14T11:17:28","date_gmt":"2025-02-14T10:17:28","guid":{"rendered":"https:\/\/etl-ilia.es\/general\/modelo-720-2025-declarar-bienes-fuera-espana\/"},"modified":"2025-02-14T13:26:24","modified_gmt":"2025-02-14T12:26:24","slug":"form-720-2025-declaring-assets-outside-spain","status":"publish","type":"post","link":"https:\/\/etl-ilia.es\/en\/legal-advice-blog\/form-720-2025-declaring-assets-outside-spain\/","title":{"rendered":"Form 720 Spain in 2025: Keys to declaring assets outside Spain"},"content":{"rendered":"

The deadline for filing Form 720 Spain<\/strong>, corresponding to the 2024 fiscal year, ends <\/span>on March 31, 2025<\/span><\/strong>.<\/span><\/p>\n

If you have assets or rights abroad<\/strong>, it is important to know whether you are required to file a declaration and what the consequences are if you do not.<\/span><\/p>\n

Below, we explain who must file this declaration, what information to include, and the penalties for non-compliance.<\/span><\/p><\/div><\/div>

<\/div>

Are you required to submit Form 720 Spain?<\/h2><\/h2><\/div>

You must submit <\/span>Form 720 Spain<\/span><\/strong> if you are:<\/span><\/p>\n

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

    What assets and rights should you declare?<\/strong><\/h2><\/h2><\/div>

    Form 720 Spain<\/span><\/strong> contains information on three types of assets located abroad.<\/span><\/p>\n<\/div>

    <\/div>

    1. Bank accounts abroad<\/h3><\/h2><\/div>

    If you have accounts in foreign entities and are the owner, beneficiary, authorised or have the power of disposal<\/strong>, you must include them in the declaration.<\/p>\n

    You must report on accounts located abroad<\/strong> 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.<\/p>\n<\/div>

    <\/div>

    2. Securities, rights, insurance and income<\/h3><\/h2><\/div>

    You must report:<\/span><\/p>\n

      \n
    • Securities or rights representing participation in the capital or equity of any <\/span>type of<\/span> legal entity.<\/span><\/li>\n
    • Securities <\/span>representing<\/span> the transfer of equity to third parties.<\/span><\/li>\n
    • Securities contributed for management or administration to any legal instrument, including:<\/span>\n
        \n
      • Trusts.<\/span><\/li>\n
      • Assets that, although they lack legal personality, can act in economic transactions.<\/span><\/li>\n<\/ul>\n<\/li>\n
      • 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.<\/span><\/li>\n
      • Life or disability insurance of which they are the policyholders.<\/span><\/li>\n
      • Life or temporary annuities of which they are beneficiaries as a result of the delivery of:<\/span>\n
          \n
        • A capital in money.<\/span><\/li>\n
        • Personal property.<\/span><\/li>\n
        • Real estate<\/span>, <\/span>contracted with entities established abroad.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/div>
          <\/div>

          3. Real estate and rights to real estate abroad<\/h3><\/h2><\/div>

          If you have property outside Spain or rights to it<\/strong>, you must also declare it.<\/p>\n<\/div>

          <\/div>

          When do you not have to submit Form 720 Spain?<\/h2><\/h2><\/div>

          You are not required to file a tax return if the <\/span>combined value<\/span><\/strong> of the assets in each group (accounts, securities or real estate) does not exceed <\/span>\u20ac50,000 on 31 December<\/span><\/strong> and if the same condition is met with the average balance for the last quarter.<\/span><\/p>\n

          If you have already filed <\/span>Form 720 Spain<\/span><\/strong> in previous years, you only need to do so again if:<\/span><\/p>\n

            \n
          • Any combined balances <\/span>on 31 December<\/span><\/strong>, or the average balance, have increased by more than <\/span>\u20ac20,000<\/span><\/strong> compared to the last tax return.<\/span><\/li>\n
          • You have transferred or cancelled any of the assets previously declared.<\/span><\/li>\n<\/ul>\n

            You do not have to declare assets transferred to Spain if you still maintain ownership or control over them.<\/span><\/strong><\/p>\n<\/div>

            <\/div>

            What happens if you do not submit Form 720 Spain?<\/h2><\/h2><\/div>

            Failure to comply with this obligation can cost you dearly. <\/span>Fines<\/span><\/strong> can reach <\/span>\u20ac20,000<\/span><\/strong>, depending on the severity of the infringement.<\/span><\/p>\n

            To avoid penalties, check whether you comply with the requirements and seek <\/span>tax advice<\/span><\/strong> if you have any doubts.<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div>