Responsability to declare properties and duties from abroad
- 07 January 2020
- Business Consultancy
On March 31st 2020 ends the deadline to submit the annual information on the rights and the right of the country through the Form 720 to the Tax Agency.
Who needs to present the declaration?
All natural and legal persons resident in Spanish territory who as of December 31st 2019 (or any time of the year) have been in this situation:
– That they have been holders, representatives, authorized beneficiaries or power of decision over current accounts in financial institutions located abroad.
– That they have been holders of securities, rights, life or disability insurance and annuities or temporary deposits, managed abroad.
– That they have been the owners of real estate or real rights over which they are located abroad.
What assets and rights should be reported?
– Block 1: current accounts and deposits in financial institutions located outside Spanish territory, when the balances as of 31st of December 2019 or the average balances of the last quarter of 2019 exceed, jointly, the 50,000 Euros.
– Block 2: Shares, obligations, participations and investment funds, rights, life or disability insurance and annuities, for life or temporary, deposited, managed abroad, when their value at 31st of December 2017 Mar, sets, higher than 50,000 Euros.
– Block 3: Real estate and rights over them located abroad, provided that their joint value is greater than 50,000 Euros.
When should the declaration be filed?
The deadline to submit ends on April 2, 2018.
If I made the statement in the previous exercises, should I resubmit the Form 720?
It will be mandatory to make a return with respect to 2017 when the balances or values of the assets and rights declared in the last declaration would have experienced an increase in value of more than 20,000 Euros.
Likewise, it will be mandatory to return to make the declaration during 2017. The status of holder, authorized, representative or beneficiary of the accounts, values declared in the previous declaration has been lost.
For more information or clarification, you can contact with Virginia Cirera (Virginia.cirera@cinc.es)
CINC Consultancy
