Declaración informativa de bienes y derechos situados en el extranjero. OM AP/72/2013
1. When and How to declare?
Form 720 must be completed and submitted during the first quarter of the year. Please note that the deadline regarding the tax year 2020 will be next March 31st, 2020.
Once form 720 has been successfully submitted, it need only be resubmitted in subsequent years if changes have occurred regarding the assets (see point 2).
The form must be presented exclusively via internet.
2. What has to be declared?
There are 3 different types of assets to be declared but all three reporting obligations are fulfilled by completing the form 720. The three categories provided for by law are as follows:
- Accounts abroad in financial institutions.
- Stocks, bonds, values, financial rights, and savings in insurance companies which are deposited, managed or obtained abroad.
- All types of Real Estate and rights over Real Estate abroad.
Please note that assets are excluded from the obligation to declare when the value thereof does not exceed €50.000 for each type of asset.
The presentation in successive years, after presenting form 720 for the first time, will be mandatory when the value declared increases by more than €20.000.
3. Who is obligated to declare?
Form 720 must be completed by all Spanish fiscal residents owning or benefitting from assets outside of Spain to the value of €50.000 or more (each category of assets).
It is advisable to check with a tax consultant before assuming exemption, as the obligation can extend to parties other than just the owners of assets. For example:
- Authorized persons
- Persons with power of disposal
- Other forms of real property such as Time Share
- What information should I know in order to complete the form?
- Full name of the bank or credit card and the address of the financial entity.
- Complete identification of the account: IBAN or another different code, (“key account ID”).
- The balance of the bill at December 31, and the average balance for the last quarter.
In the case of securities:
- The company name or full name of the legal entity,
- The balances at December 31 of each values.
In case of life insurance, disability and temporary or lifetime income:
- The full name of the insurance company and address
- Surrender value at 31 December in the case of insurance, and the market capitalization at 31 December in the case of temporary or lifetime income.
- The identification of the property with concise specification of its type.
- The situation of the house: country or territory in which it is located, town, street and number.
- The date of acquisition of ownership.
- Purchase value of the property.
- In cases of “cancellation / transfer” of property, “the termination date” and “transfer value”.
- What are the consequences of not completing the form?
The following constitute tax violations:
• Not submitting on time.
- Presenting incomplete, inaccurate or false data.
- Submitting via non-electronic means.
These are classified as very serious offenses.
Default or inaccuracy:
■ € 5,000 per item or set of data with a minimum penalty of €10.000.
Declaration filing late: ■ €100 per item or set of data with a minimum penalty of at least € 1.500