Declare your assets or rights abroad on model 720.
- 31 January 2023
- Business Consultancy
31 March 2023 is the deadline for submitting the annual information return on assets and rights located outside Spanish territory to the Tax Agency using form 720.
Who is obliged to file the tax return?
All individuals and legal entities resident in Spanish territory who on 31 December 2022 (or at any time during the same year) have been in any of these situations:
- Who have been holders, representatives, authorised persons, beneficiaries or have had the power of disposal over current accounts in financial institutions located abroad.
- Who have been holders of securities, rights, insurance and life or temporary annuities deposited, managed or obtained abroad.
- Who have been holders of immovable property or rights in rem over such property located abroad.
Who is obliged to file this return?
Bloc 1.
Block 1: Current accounts or deposits in financial institutions located outside Spanish territory, when the balances on 31/12/2022 or the average balances in the last quarter of 2022 together exceed 50,000 euros.
Block 2: Securities (bonds, shares and holdings in entities or investment funds), rights, life or disability insurance and annuities (life or temporary) deposited, managed or obtained abroad, when their value at 31/12/2022 is, jointly, greater than 50,000 euros.
Block 3: Immovable property and rights in rem situated abroad, with a value of more than 50,000 euros.
When do I have to file the tax return?
.
The deadline for filing the tax return is 31 March 2023.
h2>If I filed the return in previous years, do I have to file Form 720 again?
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It will be obligatory to re-file the return for the year 2022 when the balances or values of the assets and rights declared in the last return have experienced an increase in value of more than 20,000 euros.
Likewise, the return will have to be made when during 2022 the status of the holder, authorised person, representative or beneficiary of the accounts, securities or real estate declared in the previous return has been lost.
What other obligations are there concerning assets abroad?
In addition to Form 720, taxpayers with assets abroad may be obliged to file information obligations with the Bank of Spain, through form ETE, and with the Ministry of Economy, through form D-6, the deadlines for filing being 20 and 31 January respectively. These are informative declarations for statistical purposes and only affect the holding of certain types of assets abroad.
For any questions or clarification, please contact Asesoría CINC (cinc@cinc.es).
