{"id":9460,"date":"2021-01-11T00:00:00","date_gmt":"2021-01-11T00:00:00","guid":{"rendered":"https:\/\/www.cinc.com\/model-720-obligation-to-declare-assets-and-rights-located-abroad\/"},"modified":"2021-01-11T00:00:00","modified_gmt":"2021-01-11T00:00:00","slug":"model-720-obligation-to-declare-assets-and-rights-located-abroad","status":"publish","type":"post","link":"https:\/\/www.cinc.com\/en\/model-720-obligation-to-declare-assets-and-rights-located-abroad\/","title":{"rendered":"Model 720: Obligation to declare assets and rights located abroad"},"content":{"rendered":"<p style=\"text-align: justify;\">\n\tOn March 31, 2021, the deadline for submitting to the Tax Agency the annual informative return on assets and rights located outside of Spanish territory ends through form 720.<\/p>\n<div style=\"text-align: center;\">\n<h2 class=\"h2Noticia\">\n\t\tWho is obliged to file the declaration?<\/h2>\n<hr \/>\n<\/div>\n<div style=\"text-align: justify;\">\n\tAll natural and legal persons residing in Spanish territory who as of December 31, 2020 (or at any time in 2020) have found themselves in any of these situations:<\/div>\n<ul>\n<li style=\"text-align: justify;\">\n\t\tThat they have been owners, representatives, authorized, beneficiaries or have had power of disposal over current accounts in financial entities located abroad.<\/li>\n<li style=\"text-align: justify;\">\n\t\tThey have been holders of securities, rights, life or disability insurance and life or temporary income deposited, managed or obtained abroad.<\/li>\n<li style=\"text-align: justify;\">\n\t\tThat they have been owners of real estate or real rights over real estate located abroad.<\/li>\n<\/ul>\n<div style=\"text-align: center;\">\n<h2 class=\"h2Noticia\">\n\t\tWhat goods and rights should be reported?<\/h2>\n<hr \/>\n<\/div>\n<ul>\n<li style=\"text-align: justify;\">\n\t\t<strong>Block 1<\/strong>: Current accounts and deposits in financial entities located outside of Spanish territory, when the balances at 12\/31\/2020 or the average balances for the last quarter of 2020 together exceed 50,000 euros.<\/li>\n<li style=\"text-align: justify;\">\n\t\t<strong>Block 2:<\/strong> Shares, obligations, participations in entities and investment funds, rights, life or disability insurance and income, life or temporary, deposited, managed or obtained abroad, when their value at 12\/31\/2020 is, jointly , greater than 50,000 euros.<\/li>\n<li style=\"text-align: justify;\">\n\t\t<strong>Block 3:<\/strong> Real estate and rights thereon located abroad, provided that their combined value is greater than 50,000 euros.<\/li>\n<\/ul>\n<div style=\"text-align: center;\">\n<h2 class=\"h2Noticia\">\n\t\tWhen must the declaration be filed?<\/h2>\n<hr \/>\n<\/div>\n<div style=\"text-align: justify;\">\n\tThe deadline to present ends on March 31, 2021.<\/div>\n<div>\n\t&nbsp;<\/div>\n<div style=\"text-align: center;\">\n<h2 class=\"h2Noticia\">\n\t\tIf I made the declaration in previous years, should I re-file Form 720?<\/h2>\n<hr \/>\n<\/div>\n<div style=\"text-align: justify;\">\n\tIt will be mandatory to make the declaration again with respect to the year 2020 when the balances or values of the goods and rights declared in the last declaration have experienced an increase in value of more than 20,000 euros.<\/div>\n<div style=\"text-align: justify;\">\n\t&nbsp;<\/div>\n<div style=\"text-align: justify;\">\n\tLikewise, it will be mandatory to make the declaration again when during 2020 the condition of owner, authorized, representative or beneficiary of the accounts, securities or real estate declared in the previous declaration has been lost.<\/div>\n<div style=\"text-align: justify;\">\n\t&nbsp;<\/div>\n<div style=\"text-align: justify;\">\n<div style=\"text-align: center;\">\n<h2 class=\"h2Noticia\">\n\t\t\tWhat other obligations related to assets abroad exist?<\/h2>\n<hr \/><\/div>\n<div>\n\t\tIn addition to Form 720, taxpayers with assets abroad may be obliged to complete their reporting obligations with the Bank of Spain, through the ETE form, and with the Ministry of the Economy, through Form D-6, whose deadlines The submission period ends on January 20 and 31 respectively. These are informative returns for statistical purposes and that only affect the holding of certain types of assets abroad.<\/div>\n<div>\n\t\t&nbsp;<\/div>\n<div>\n\t\tFor any questions or clarification, you can contact <strong>Virginia Cirera<\/strong> (virginia.cirera@cinc.es).<\/div>\n<div>\n\t\t&nbsp;<\/div>\n<div>\n\t\tVery cordially,<\/div>\n<div>\n\t\t<strong>CINC Business Consulting<\/strong><\/div>\n<\/div>\n<p>\n\t&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p style=\"text-align: justify;\">\n\tOn March 31, 2021, the deadline for submitting to the Tax Agency the annual informative return on assets and rights located outside of Spanish territory ends through form 720.<\/p>\n","protected":false},"author":2,"featured_media":9461,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_uag_custom_page_level_css":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[],"class_list":["post-9460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-consultancy"],"acf":[],"jetpack_featured_media_url":"https:\/\/www.cinc.com\/wp-content\/uploads\/2023\/03\/256-1.jpg","uagb_featured_image_src":{"full":["https:\/\/www.cinc.com\/wp-content\/uploads\/2023\/03\/256-1.jpg",730,410,false],"thumbnail":["https:\/\/www.cinc.com\/wp-content\/uploads\/2023\/03\/256-1.jpg",150,84,false],"medium":["https:\/\/www.cinc.com\/wp-content\/uploads\/2023\/03\/256-1.jpg",300,168,false],"medium_large":["https:\/\/www.cinc.com\/wp-content\/uploads\/2023\/03\/256-1.jpg",730,410,false],"large":["https:\/\/www.cinc.com\/wp-content\/uploads\/2023\/03\/256-1.jpg",730,410,false],"1536x1536":["https:\/\/www.cinc.com\/wp-content\/uploads\/2023\/03\/256-1.jpg",730,410,false],"2048x2048":["https:\/\/www.cinc.com\/wp-content\/uploads\/2023\/03\/256-1.jpg",730,410,false],"gform-image-choice-sm":["https:\/\/www.cinc.com\/wp-content\/uploads\/2023\/03\/256-1.jpg",300,168,false],"gform-image-choice-md":["https:\/\/www.cinc.com\/wp-content\/uploads\/2023\/03\/256-1.jpg",400,225,false],"gform-image-choice-lg":["https:\/\/www.cinc.com\/wp-content\/uploads\/2023\/03\/256-1.jpg",600,337,false]},"uagb_author_info":{"display_name":"Utrans","author_link":"https:\/\/www.cinc.com\/en\/author\/utrans\/"},"uagb_comment_info":0,"uagb_excerpt":"On March 31, 2021, the deadline for submitting to the Tax Agency the annual informative return on assets and rights located outside of Spanish territory ends through form 720.","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.cinc.com\/en\/wp-json\/wp\/v2\/posts\/9460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cinc.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cinc.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cinc.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cinc.com\/en\/wp-json\/wp\/v2\/comments?post=9460"}],"version-history":[{"count":0,"href":"https:\/\/www.cinc.com\/en\/wp-json\/wp\/v2\/posts\/9460\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cinc.com\/en\/wp-json\/wp\/v2\/media\/9461"}],"wp:attachment":[{"href":"https:\/\/www.cinc.com\/en\/wp-json\/wp\/v2\/media?parent=9460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cinc.com\/en\/wp-json\/wp\/v2\/categories?post=9460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cinc.com\/en\/wp-json\/wp\/v2\/tags?post=9460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}