Submission of Form 720: declaration of assets and rights abroad

Do you have assets or rights abroad? We remind you of your obligation to declare them using Form 720 before March 31, 2026. Below, we explain the key requirements for correctly complying with this informative declaration.

Form 720 is an informative declaration that must be submitted by individuals and legal entities residing in Spain who own assets and rights located abroad, provided that they exceed certain limits established by regulations. Its purpose is to strengthen tax control and ensure that the Tax Agency is aware of these assets.

Form 720 must be filed by all individuals and legal entities residing in Spanish territory who, as of December 31, 2025, are in any of the following situations:

•    Foreign bank accounts: account holders, representatives, authorized persons, beneficiaries, or persons with power of disposal over accounts in financial institutions outside Spain.

•    Securities, rights, insurances, and income: holders of securities, rights, life or disability insurances, and annuities or temporary income managed or obtained abroad.

•    Real estate: owners of real estate or real rights over real estate located outside Spain.

•   Virtual Currencies (Form 721): It is essential to remember that, as of the 2023 tax year, virtual currencies located abroad are no longer reported on Form 720. If you hold crypto assets on custody platforms that are not resident in Spain and their combined value exceeds €50,000, you must file Form 721. The filing deadline is the same: January 1 to March 31.

The obligation to file Form 720 is triggered when the following thresholds are exceeded, taking into account the sum of the entire block:

•    Block 1: Foreign accounts with balances as of December 31, 2025, or an average balance for the last quarter exceeding €50,000.

•    Block 2: Securities, rights, insurance, and income abroad whose value as of December 31, 2025, exceeds €50,000.

•    Block 3: Real estate and rights thereto located abroad with a value exceeding €50,000.

The Form 720 return for the 2025 tax year must be filed between January 1 and March 31, 2026.

In the event of technical incidents that prevent its submission within the deadline, the Tax Agency allows it to be filed within four calendar days after the deadline.

It will be mandatory to file the return again when:

• The combined value of the assets or rights declared in the last filing has increased by more than €20,000.

• During 2025, the status of owner, authorized representative, or beneficiary of any of the previously declared assets, accounts, or real estate has been lost.

• Whenever an account has been closed, a property sold, or securities transferred that had been declared in previous years, there is an obligation to file a return to report such termination, regardless of their value at that time.

At CINC Consultancy, we have a team of tax experts who can help you comply correctly with this and any other tax obligation.

If you have any questions about Form 720 or your specific situation, please do not hesitate to contact our Tax Advisory Department.