Presentation of form 720: declaration of assets and rights abroad

Presentació del model 720

On April 1, 2024, the deadline to submit to the Tax Agency the annual informative declaration on assets and rights located outside Spanish territory through form 720 ends.

Who is required to file the declaration?

All natural and legal persons residing in Spanish territory who, as of December 31, 2023 (or at any time of the same year) have been in any of these situations:

  • Who have been owners, representatives, authorized, beneficiaries or have had the power to dispose of current accounts in financial entities located abroad.
  • Who have been holders of securities, rights, insurance and life or temporary annuities deposited, managed or obtained abroad.
  • Who have been owners of real estate or real rights over them located abroad.

Who is required to submit this declaration?

Block 1: Current accounts or deposits in financial institutions located outside Spanish territory, when the balances as of 12/31/2023 or average balances for the last quarter of 2023 jointly exceed 50,000 euros.

Block 2: Securities (obligations, shares and participations in entities or investment funds), rights, life or disability insurance and annuities (life or temporary), deposited, managed or obtained abroad, when their value as of 12/31/ 2023 is, jointly, greater than 50,000 euros.

Block 3: Real estate and real rights over them located abroad, with a value greater than 50,000 euros.

When should the declaration be submitted?

The deadline to submit the declaration ends on April 1, 2024.

If I made the declaration in previous years, do I have to resubmit Form 720?

It will be mandatory to make the declaration again with respect to the year 2023 when the balances or values of the assets and rights declared in the last declaration have experienced an increase in value of more than 20,000 euros.

Likewise, the declaration must be made when during 2023 the status of owner, authorized, representative or beneficiary of the accounts, securities or properties declared in the previous declaration has been lost.

For any questions or clarifications, you can contact the Tax Department of CINC Advisory.

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