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Preparation and electronic submitting of the Model 720

We prepare and submit your Tax Return on assets and rights located out of Spain.

Concerning the personal 2018 fiscal situation in Spain for spanish tax residents (in general > 183 days stay in Spain), please beware that in March is due a tax return report on assets and rights located out of Spain, which name is Model 720.

The asset distinction that Hacienda makes are:

a) Bank accounts
b) Real Estate properties
c) Other financial assets (ie shares, bonds, etc)

 

To summarize, balances / assessments of assets abroad below 50.000 € are exempt from declaration.

Penalties are very agressive, since the mere failure to file the Model 720 is 5.000 €, with a minimum of 10.000 € for each of the 3 existing obligations (bank accounts, real estate and financial assets).

May you be interested in submitting Model 720, we´ll need to know detailed information of any asset you may have owned in outside of Spain as of 31st December 2018 ASAP; taking into account the asset distinction that spanish tax office (Hacienda) makes, what we would need to start working is what follows:

What we would need to start working

Scanned copy, and contact info in Spain and abroad.

  • BIC Code(s)
  • Account (IBAN) number(s)
  • Name of the Bank(s)
  • Tax ID (tax registration number) of the Bank(s)
  • Address of the Bank office(s)
  • Opening / cancellation date of the bank account(s)
  • Balance(s) as of Dec 31, 2018 in original currency
  • Average balance(s) Q4 2018 in original currency
  • Number of holders, and percentage of participation of each

NOTICE: Concerning Model 720, it´s compulsory to fill the form not only for the owner of the bank account abroad, but also for any Representative, Authorized, Beneficiary or anyone spanish tax resident with signing power on the account.

  • Full address
  • Date of acquisition(s) / sale(s)
  • Acquisition(s) / purchase(s) amount in original currency
  • Sale(s) amount(s) in original currency
  • Number of owners, and percentage of participation of each

NOTICE: Concerning Model 720, it´s compulsory to fill the form not only for the owner of the bank account abroad, but also for any Representative, Authorized, Beneficiary or anyone spanish tax resident with signing power on the account.

  • BIC Code(s)
  • Investment account number(s)
  • Name of the investment Bank(s)
  • Tax ID (tax registration number) of the investment Bank(s)
  • Address of the investment Bank office(s)
  • Opening / cancellation date of the investment account(s)
  • ISIN number of the financial asset
  • Date of Acquisition(s) / purchase(s) and number of securities (2018 track acquisition / sale)
  • Assessment as of Dec 31, 2018 in original currency
  • Average assessment Q4 2018 in original currency
  • Number of owners, and percentage of participation of each

NOTICE: Concerning Model 720, it´s compulsory to fill the form not only for the owner of the bank account abroad, but also for any Representative, Authorized, Beneficiary or anyone spanish tax resident with signing power on the account.

 Please notice that due date is on April 1st 2019, so the sooner, the best.

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Your tax advisor in Valencia (Spain)

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