T: 96 154 78 78
F: 96 109 56 06
Tax Return report on assets and
rights located out of Spain
Model 720 fiscal year 2022: due date 31st March 2023
Preparation and electronic submitting of Model 720
Concerning the personal 2022 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).
d)Virtual currencies (i.e. cryptocurrencies, etc.). NEW OBLIGATION IN FORCE, although as of March 2023 it is pending regulatory development (predictably to be numbered as Model 721), so that as of 31st March 2023, due date of fiscal year 2022 Tax Return report on assets and rights located abroad, it will not be possible to comply with this new information obligation.
To summarize, balances / assessments of assets abroad below 50.000 € are exempt from declaration.
Until the Judgment of the Court of Justice of the European Union C-788/19, 27 January 2022, penalties were very agressive, since the mere failure to file Model 720 was 5.000 €, with a minimum of 10.000 € for each of the 3 existing obligations (bank accounts, real estate and financial assets); the JCJEU has meant that both the prescription and the sanctioning regime for non-compliance become the general one, provided for in the General Tax Law.
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 2022 ASAP; taking into account the asset distinction that spanish tax office (Hacienda) makes, what we would need to start working is what follows:
Residente en España desde 2022
Si usted empezó a residir en España en 2022, 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 (Modelo 720), cuyo plazo de presentación finaliza el 31 de marzo de 2023.
Apunte. Esto ocurrirá si a 31 de diciembre de 2022 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 2022 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 el Modelo 720 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 el Modelo 720 pudiera serle de aplicación (residentes fiscales en España en 2022, 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.
NOTICE: Concerning Form 720, it´s compulsory to fill the form not only for the owner of the asset abroad, but also for any Representative, Authorized, Beneficiary or anyone spanish tax resident with signing power on the asset.
- 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, 2022 in original currency
- Average balance(s) Q4 2022 in original currency
- Number of holders, and percentage of participation of each
NOTICE: Concerning Form 720, it´s compulsory to fill the form not only for the owner of the asset abroad, but also for any Representative, Authorized, Beneficiary or anyone spanish tax resident with signing power on the asset.
- 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 Form 720, it´s compulsory to fill the form not only for the owner of the asset abroad, but also for any Representative, Authorized, Beneficiary or anyone spanish tax resident with signing power on the asset.
- 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 (2022 track acquisition / sale)
- Assessment as of Dec 31, 2022 in original currency
- Average assessment Q4 2022 in original currency
- Number of owners, and percentage of participation of each
NOTICE: Concerning Form 720, it´s compulsory to fill the form not only for the owner of the asset abroad, but also for any Representative, Authorized, Beneficiary or anyone spanish tax resident with signing power on the asset.
NEW OBLIGATION IN FORCE, although as of March 2023 it is pending regulatory development (predictably to be numbered as Model 721), so that as of 31st March 2023, due date of fiscal year 2022 Tax Return report on assets and rights located abroad, it will not be possible to comply with this new information obligation.
NOTICE: Concerning Form 720, it´s compulsory to fill the form not only for the owner of the asset abroad, but also for any Representative, Authorized, Beneficiary or anyone spanish tax resident with signing power on the asset.
Once we receive your spanish NIE and passport (scanned copy), we will send back an authorization we´ll need original hard copy (scanned in advance), for us to go ahead.
Beware that due date is 31st March 2023, so the sooner, the best.