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Tax Return report on assets and
rights located out of Spain
Models 720 and 721 fiscal year 2025: due date 31st of March 2026
Preparation and electronic submitting of Models 720 and 721
Regarding the tax situation in 2025 for individuals and legal entities resident for tax purposes in Spain (in general > 183 days of stay in Spain), please note that in March a Tax declaration of assets and rights located abroad, known as Model 720 [Model 721 (*)], must be filed.
The distinction of assets made by the Tax Office (Hacienda) is as follows:
a) Bank accounts
b) Real estate properties
c) Other financial assets (e.g. equities, bonds. etc.)
d) Virtual currencies (e.g. cryptocurrencies, etc.). NEW OBLIGATION IN FORCE: Model 721 (*)
In summary, balances / valuations of foreign assets below €50,000 are exempt from declaration.
Until the ruling of the Court of Justice of the European Union C-788/19, 27 January 2022, the penalties were very aggressive, as the mere fact of not filing Model 720 was punishable by 5,000 €, with a minimum of 10,000€ for each of the 3 existing obligations (bank accounts, real estate and other financia! assets); the CJEU has meant that both the prescription and the penalty regime for non-compliance become the general one, provided for in the General Tax Law.
lf you are interested in finding out whether Models 720 and 721 apply to you, we can help you, for which we would need to know detailed information of any asset(s) you may have owned abroad as at 31 December 2025 as soon as possible. Taking into account the distinction of assets made by the Tax Office (Hacienda), what we will need to start working is the following:
Residente en España desde 2025
Si usted empezó a residir en España en 2025, además de tener que presentar la declaración del IRPF y del Impuesto del Patrimonio (en su caso), también puede estar obligado a presentar la Declaración de Bienes en el Extranjero (Modelos 720 y 721), cuyo plazo de presentación finaliza el 1 de abril de 2025.
Apunte. Esto ocurrirá si a 31 de diciembre de 2025 Ud. era titular de cuentas, valores o inmuebles en el extranjero con un valor total (por cada tipo de activo) de más de 50.000 euros.
Residente desde antes
Fuera de plazo. Puede ocurrir que Ud. ya sea residente en España desde antes de 2025 y que, por desconocimiento, no haya presentado el modelo (esta situación se está dando con muchos extranjeros que han empezado a vivir en España en los últimos años y que desconocían la obligación).
Apunte. En estos casos, lo mejor es presentar ahora los Modelos 720 y 721 correspondiente al año en que empezó a residir en España, antes de que Hacienda se lo reclame. Así la sanción por presentación fuera de plazo es más reducida.
En el caso de extranjeros que empiezan a residir en España, la presentación de este modelo supone una extraordinaria novedad y una gran dificultad técnica e interpretativa.
Si considera que los Modelos 720 y 721 pudieran serle de aplicación (residentes fiscales en España en 2025, con patrimonio en el extranjero) y se quiere asegurar, le ofrecemos estudiar su situación particular.
What we would need to start working
Scanned copy, and contact info in Spain and abroad.
- BIC Code(s)
- Account number(s) (IBAN)
- Name of Bank(s)
- Tax ldentification Number (tax registration number) of the Bank(s)
- Address of the Bank office(s)
- Date of opening / cancellation of the bank account(s)
- Balance(s) as at 31 December 2025, in home currency
- Average balance(s) 4th Quarter 2025, in home currency
- Number of holders and percentage shareholding of each
NOTICE: With respect to Models 720 and 721. It is mandatory that the return is filed not only by the holder / owner of the asset(s) abroad, but also by any Representative. Authorised, Beneficiary, or any tax resident in Spain with power of signature / disposition over the asset(s) located abroad.
- Full address
- Date of acquisition(s) / sale(s)
- Amount of acquisition(s) / purchase(s), in home currency
- Amount of transmission(s) / sale(s), in home currency
- Number of owners, and percentage shareholding of each owner
NOTICE: With respect to Models 720 and 721. It is mandatory that the return is filed not only by the holder / owner of the asset(s) abroad, but also by any Representative. Authorised, Beneficiary, or any tax resident in Spain with power of signature / disposition over the asset(s) located abroad.
Private Pension Plan refund upon retiring, or Life insurance savings plan refund (Temporary or life annuities) are also to be reported into Model 720, since are considered as financial assets, for their redemption value at Dec 31 st.
- BIC Code(s)
- Investment account number(s)
- Name of investment Bank(s)
- Tax Identification Number of the Investment Bank(s)
- Address(es) of the Investment Bank's office(s)
- Date of opening / cancellation date of investment account(s)
- ISIN number of the financial asset
- Date of acquisition(s) / purchase(s) and number of securities (purchase-sale history in 2025)
- Valuation as at 31 December 2025 in home currency
- Average valuation(s) 4th Quarter 2025 in home country currency
- Number of owners, and percentage shareholding of each owner
NOTICE: With respect to Models 720 and 721. It is mandatory that the return is filed not only by the holder / owner of the asset(s) abroad, but also by any Representative. Authorised, Beneficiary, or any tax resident in Spain with power of signature / disposition over the asset(s) located abroad.
- Name(s) of the entity(ies) holding and providing services on virtual currencies
- Tax Identification Number(s) (tax registration number(s)) of the entity(ies)
- Physical address of the entity(ies) holding the virtual currency(ies)
- Web address of the entity(ies) holding the virtual currency(ies)
- Complete identification of each type of virtual currency: denomination and acronym
- Date of opening/ cancellation of the account(s) in which the virtual currencies are held
- Balance(s) as at 31 December 2025 of each virtual currency, expressed in units
NOTICE: With respect to Models 720 and 721. It is mandatory that the return is filed not only by the holder / owner of the asset(s) abroad, but also by any Representative. Authorised, Beneficiary, or any tax resident in Spain with power of signature / disposition over the asset(s) located abroad.
Once we receive your NIE tax ID and passport (copies) by e-mail. we will send you an authorisation form of which we will need to receive original hard copy (scanned copy in advance), so that we can continue with the process.
Please note that the due date for filing Models 720 and 721 is the 31st of March 2026, so we advise you to have the documentation as far in advance as possible.