Spain Explained

Spanish tax forms foreigners need to complete to avoid penalties

Living in Spain brings with it fantastic opportunities to enjoy a different culture, climate and pace of life. Whatever stage of life you are at, it is a rewarding experience. When moving to another country, though, one must be aware of the tax procedures in place.

We would like to remind you that taxation in Spain can be complicated and you could be subject to fines or penalties if you miss a deadline or don’t do your taxes properly. Advisably, you should seek fiscal advice from an expert to avoid possible complications.

New Call-to-action

In this article we outline some of the Spanish tax forms you will need to complete, how to do so and the implications for not doing so

Spanish tax forms

Modelo 30 – where it all begins

This is the first Spanish tax form you will complete on arrival in Spain. It registers your intention to continue paying tax as either a resident or non-resident. This must happen within 30 days of your arrival. Form here.

Modelo 100 – Tax return

Every resident of Spain needs to complete this income tax statement within their first year. Thereafter, it only needs to be completed for earnings over €12,000 a year if your situation complies with certain conditions. Here you will find the form.

Modelo 210 – Non-resident imputed income tax and rental tax

Non-residents in Spain will need to pay a percentage of their income to the state for property owned that has been constructed on. The current rate for EU members for this tax is 19% and 24% for non-EU members. You can find the form here and instructions for completion here.

Modelo 720 – one of the most important Spanish tax forms

There is an important tax form that all citizens of Spain and all foreigners residing in Spain that hold assets in another country are required to complete. The Modelo 720 form form outlines what, if any, assets are held outside of the country. The contents revealed on the form are for information and fraud detection purposes only. The signatory is not liable to pay any extra tax on the basis of this form. The form is essential and you could be subject to large fines for failure to complete it.

The form has a deadline of between the 1st January and 31st March of the year following the information represented. The purpose of the form is to declare any assets owned outside of Spain with a value greater than €50,000. Unless your circumstances change, such as in an increase in earnings, then you will not have to submit the form again. This applies only if the value of the asset increases by at least €20,000 or closes. Otherwise, you only need to submit the form once.

Which kinds of accounts or assets should be declared?

There are three main criteria of who should complete the form:

  1. People who hold bank accounts abroad – Bank, deposit and savings accounts with a balance greater than €50,000 that are held in the name of the person completing the form. This also applies where the signatory is an authorised representative or beneficiary of the account. 
  2. People who hold assets and private pension funds abroad – Those who hold bonds, investment portfolios, stocks and shares, pension plans and active annuities over the value of €50,000 will need to complete the modelo 720. 
  3. People who own a property or business abroad – Those who own property outside of Spain, include property for business purposes over the value of €50,000 must declare so on the modelo 720 form.

How should it be completed?

You can complete the form in English and other languages online here. Make sure you complete it within your first year of living in Spain or you could face expensive penalties.

New Call-to-action

Making sure Spanish tax forms are correct helps yourself down the line

Ensure that you have all of the necessary Spanish tax forms completed and up-to-date to enjoy your life in Spain to its best. To help navigate the bureaucracy of the Spanish tax system, our dedicated advisers are on hand to help at every step of the way. Contact us and we will offer you a free consultation without obligation.

See all

It might be of your interest...

Leave a comment

76 comments

Thomas Coleman

17 January, 2019 8:46 am

We have been residents since
We have been residents since May 2018.Not yet a full year.Do we have to make 720 declaration? Thankyou

Suzanne O'Connell

24 January, 2019 3:00 pm

Hi Thomas

Hi Thomas

Yes, you do have to make one

 

Janet luxton

1 July, 2019 7:53 am

I submitted a form 720 in
I submitted a form 720 in 2005 my assets in UK have gone down a lot since but still over 50000 euros do I need to resubmit

Suzanne O'Connell

6 July, 2019 3:35 pm

Hi Janet

Hi Janet

No, only if you have closed an asset, sold it or it has gone up by €20,000.

Anthony

29 January, 2019 12:16 pm

Hi There,
Hi There,
We moved to Spain end of July 2018, therefore we are less than 183 days in the calender year (1st January 2018) to 31 December 2018. Do we still have to fill in the modelo 720?
Thanks
Anthony

Suzanne O'Connell

1 February, 2019 8:19 pm

Hi Anthony

Hi Anthony

The first tax year will be 2019 

Sue Hales

1 February, 2019 10:34 am

We have old NIE numbers, and
We have old NIE numbers, and so are residents, We have a camper and have been out of Spain for extended periods. We are now intending to stay and start paying tax. We have no proof of the time spent in/out of Spain. Is it dangerous to now fill in 720 form for 3 rental properties in U.K? We have been paying U.K. tax and non-resident tax on the Spanish house. Thanks Sue

Suzanne O'Connell

6 February, 2019 2:04 pm

Hi Sue

Hi Sue

If you just have an NIE number then you need to apply for residency first. The NIE alone does not mean that you are a resident. When you have this then you start to pay tax. 

Marco Martini

1 March, 2019 10:13 am

Thanks for the great
Thanks for the great explanations on this post we moved to Madrid from the US in late June can we wait next year or should we do this in 2019? Other question: In addition to personal banks accounts and personal investments I also have a few business accounts where I’m either the only owner (one account) or a signatory (3 other accounts) do I need to add these accounts as well or does the 720 only apply to personal accounts?

Suzanne O'Connell

10 March, 2019 6:59 pm

Hi Marco

Hi Marco

Thanks for your kind comment. If you were in Spain for 183 days in 2018 then you should do it this year. If not, then it will be in 2019. All accounts have to be declared and not just personal ones. 

Gareth

19 March, 2019 12:42 pm

We are due to get our
We are due to get our residencia soon hopefully before 31 March when do we have to complete the 720 form?
Thanks

Suzanne O'Connell

22 March, 2019 8:45 pm

Hi Gareth

Hi Gareth

You should complete it before March 2020

Catherine

26 March, 2019 10:20 am

Hi there,
Hi there,

Thank you for the great information.

We arrived in Spain at the end of August 2018. I became resident in September 2018. I own a house in the UK. Do I need to fill in the 720 this year (2019)?

Many thank!

Suzanne O'Connell

27 March, 2019 4:43 am

Hi Catherine

Hi Catherine

The first declaration will be for the 2019 tax year presented in 2020. 

Christine Tucker

27 March, 2019 3:39 am

We have Standard Life stocks
We have Standard Life stocks and share ISAs how should they be recorded on form 720.
Do they need to be shown as stock and share or just an ISA ?

Suzanne O'Connell

31 March, 2019 3:59 pm

Hi Christine

Hi Christine

The stocks and shares as acciones and the stocks and shares ISA as a portfolio – both in group 2 

Melanie carter

28 March, 2019 4:12 pm

We became resident in
We became resident in November 2018 and have been here less than 183 days. Should we file 720 ? Thanks

Suzanne O'Connell

31 March, 2019 4:02 pm

Hi Melanie

Hi Melanie

Your first tax declarations as residents will be for the year 2019 and will be presented in 2020. 

Claudia

24 April, 2019 8:40 am

Hola,
Hola,
mi pareja y yo vivimos en España desde el año pasado débito al trabajo del él (enero 2018) pero la residencia la tenemos solo desde este año 2019. Estamos en el registro de los italianos en el extranjero desde septiembre 2018. Cuando debería hacer el form 720 por primera vez? Por el 2019 con retraso o en el 2020? Gracias por una respuesta

Suzanne O'Connell

28 April, 2019 7:42 pm

Hi

Hi

The first 720 should have been made this year for 2018 as well as the 2018 income tax declaration. 

Jules

27 June, 2019 1:15 pm

We purchased a house in the
We purchased a house in the UK in June 2018, when do we have to make the declaration by, Many thanks

Suzanne O'Connell

6 July, 2019 3:40 pm

Hi Jules

Hi Jules

This should have been declared in the 720 before the end of March 2019 and in the 2018 income tax declaration before the end of June 2019. 

Anne

11 December, 2019 12:07 pm

Do the students need to submit 720 form?

Oscar Paoli

16 December, 2019 11:20 am

Hi,

The student status does not influence in the obligation of having to submit a 720 form, residency is the key point. If the student has become resident in Spain they will have the obligation to complete a 720 form.

When it comes to students who have a permit to stay in Spain for more than one year, and as we can see by the consultations on the model 720 to the Spanish Tax Authorities they have no obligation to present the declaration since their stay is temporary and they are not required to present taxes in the same way as permanent residents.

With kind regards,

Ábaco Advisers

Maria Narvarro

24 December, 2019 10:53 am

We moved to Spain in November 10 of this year (2019) on a non-lucrative residence visa with husband and 3 small kids – we are renting and haven’t started school yet,. Since we have not been residents for 183 days, do we need to complete a modelo 720 regarding our foreign assets by march 31, 2020 or would it be march 2021?

Oscar Paoli

31 December, 2019 12:45 pm

Hi Maria,

First Tax Declaration would be for the year 2020 presented in 2021.

With kind regards,

Ábaco Advisers

BB

13 January, 2020 1:36 pm

This article is very helpful. I understand the 720, but would love to see a similarly well written and clear article on the Padronimiento tax (wealth tax), that they use the 720 to inform and calculate. Do you have that article yet, or would you consider writing it? Thanks!

Oscar Paoli

13 January, 2020 4:17 pm

Thank you for your message.
Will send over your request to our editors and hopefully we can share this article in the future.
With kind regards,
Ábaco Advisers

john attrill

13 January, 2020 4:48 pm

if I sell or transfer a property previously declared on my 720 form , will I be liable to pay tax on that transaction in spain?

Oscar Paoli

14 January, 2020 5:43 pm

Hi John,
Yes you will have to declare the sale in your yearly tax declaration (IRPF) and pay Capital Gains Tax if there is any.
With kind regards,
Ábaco Advisers

Lionel Sharpe

23 January, 2020 3:04 pm

Hallo,
I/we have been residents on dual accord with the UK since 1985.
In 2013 we completed form 720 for 2012 and submitted it through our tax advisor.. For some reason we have mislaid our copy and haven’t yet contacted our advisor about a copy.
I have been checking up on the various ‘must checks’ in term of increases /decreases in value but now realise that in the checking I have missed some necessary years where a declaration should have possibly been made.
How do I best go about clarifying my/our position please ? Again I have not been in contact with our advisor.

Oscar Paoli

29 January, 2020 2:43 pm

Hi Lionel,

Our recommendation is to contact your tax advisor to obtain a copy and for them to clarify your personal situation and present a new 720 if necessary.

With kind regards,

Ábaco Advisers

James Dunmall

31 January, 2020 12:32 pm

I am a resident and I have a house in the UK. How do I assess the value of my house in the UK in respect of the 720 form?

Oscar Paoli

7 February, 2020 12:29 am

Hello there,

You have to take the initial purchase amount of the property (without deducting expenses) and apply the exchange rate that the AEAT has designated for this year; in this case 1,17536 euros for each Pound.
If the result is greater than € 50,000, it is declared in the modelo 720.
Notice, that if the house is 50% of itself, the adjusted amount is not used, you will have to use the total amount.

Kind regards,

Ábaco Advisers

Mrs LJ

3 February, 2020 3:03 pm

We have been resident since August 2018 and are about to complete our Modelo 720 for the first time this year for 2019. We each own a mortgage free property in the uk worth about £520 each which we rent out. Do we declare these separately on individual M720s or are they treated as joint assets (they are not jointly owned).

My husband is in the process of remortgaging his property in order to give our children money for deposits on their first homes. He hasn’t completed on the transaction yet but it’s imminent in the next couple of months. We did think about selling one of the properties in order to have funds to give to our kids but soon realised that this would trigger a CGT liability which would suck up around 100k of the profit in both the uk and spain so remortgaging seemed the best solution.

The amount being remortgaged is 110k and we will repaying it on an interest only loan basis. How will this affect the Modelo 720 and , turning on to tax, as this will also be our first year of declaring our tax in spain ( we have always declared our rental income in the UK but this year we have to also declare in spain) will we pay tax on the 110 remortgage monies as we will (presumably) be receiving the funds into one of our bank accounts before transferring sums out to our children who are both now in the process of buying their own first properties. The money is a gift to the children and if the spanish taxman helps himself to 20% of this amount there won’t be sufficient for them to actually buy these properties (which are both at the lowest prices that it’s possible to buy a flat in the UK).

I’d be very grateful to hear your comments on this. Thank you

Oscar Paoli

5 February, 2020 1:55 pm

Thank you for your message, unfortunately we would have to see certain details in person as this form 720 is highly sensitive and do not want to give out wrong information hereby.
If you wish to book an appointment please feel free to do so at info@abacoadvisers.com
With kind regards,
Ábaco Advisers

Richard

4 February, 2020 1:26 pm

I’m looking to get my residencia asap possible but have been told that if I apply (and am accepted) before September then I would have to pay tax on my previous years UK income, April 2018 to April 2019 or if after September I would pay tax on my April 2019 to April 2020 UK income, is that correct? (i have no other ROW income) Also would this normally be covered under the Double Taxation agreement i:e no tax to pay in either of the above senarios?

Email*

Oscar Paoli

5 February, 2020 1:52 pm

Hi Richard,
Thank you for your message. Depending of the area you reside we can most likely assist you.
If interested please email us at info@abacoadvisers with your request and area you will be residing in Spain and we will try to assist you if possible.
With kind regards,
Ábaco Advisers

mrs LJ

10 February, 2020 6:03 pm

Regarding declaration of overseas properties, as I said in my earlier comment, we own 2 properties in the UK – I own one outright and my husband owns the other. Both were bought 30+ years ago so the purchase prices (mine £25,000) and his (£32,000) will be at 1985 prices, not 2020 prices. So using a conversion figure of 1.17 neither of them have a purchase value of over 50,000 euro and according to an answer to someone else earlier, they would not have to be declared on the modelo 720 because their purchase prices are both under 50,000 euro.

However, at today’s prices they have both increased in value by a huge amount due to 30+ years UK house price inflation. If they HAD BEEN purchased for a price of over 50k, they would have to be declared on our 2019 M720 and I assume we would have to report an increase in their value the following year (2020) of over 20,000 euro. (due to 30+ years of price inflation) . (and would this have any effect on our tax liability? – we would still be under the 700k wealth tax band).

However, the purchase price wasn’t over 50,000 euro, and therefore it seems that we would not have to declare these properties on M720 in our first declaration. If it isn’t on this years M720 does that mean that we would not EVER have to declare it on M720? (as the purchase price is never going to be over 50k unless the euro to £ exchange rate causes it).

This would seem to be a bit crazy as I would expect to have to declare an asset of this size (they are now worth well over 50,000 euro but according to what I can understand, if it isn’t declared on the first M270 because of the purchase value there doesn’t seem to be a rule which states that it would be declared at a later date? The M720 does not seem to have a section on it where you declare the current value of an asset and the assumption seems to be that declared assets have only been bought in the past year. There doesn’t seem to have any mechanism of dealing with the declaration of properties that have been owned overseas for decades and which have increased in value due to that and where the owners have only recently moved to spain. I can’t understand why the form doesn’t ask for the purchase price AND the value of the property now for first time declarations.

Or would we declare it in the second year anyway because it has increased from under 50k by ‘an over 20k increase in value’ and the value is now (in 2020) over 50k?
Or am I missing something?

Due to the huge penalties incurred for not filing properly we do not want to make any mistakes on the form. I’m more worried about being penalised for not declaring something because I’ve followed the rules as set out and then finding out later due to some obscure interpretation of the rules, that I should have declared it.

We will be speaking to our own advisor about this but I’d be interested in your views on this.

Oscar Paoli

11 February, 2020 3:10 pm

Thank you for your comment, for further information please contact us at info@abacoadvisers.com or by phone at +34 966 703 748.

Kind regards,

Ábaco Advisers

rik

29 February, 2020 6:21 pm

WHEN DUE ?

Oscar Paoli

4 March, 2020 3:40 pm

We will make sure to include due dates in a later edition.

Thank you very much.

Kind regards,
Ábaco Advisers

Christine Munday

4 March, 2020 3:30 am

I obtained my residencia on 13th January 2020 having moved here from France where I was fiscally resident for many years. When will I need to make a 720 declaration? Also, on what date do I become liable for tax in Spain? Do France and Spain have a double taxation agreement similar to the UK/Spain agreement? Many thanks.

Oscar Paoli

5 March, 2020 10:32 am

Hi Christine,
As resident in 2020 the first declaration will be in 2021 corresponding to the year 2020 and the 720 Jan-Mar 2021 – IRPF April to June 2021. The military widow pension is exempt and has to be declared as such, the other are all Taxable in Spain and I assume as resident in Frence prior to this has already applied for the Taxable incomes to be NT rated in the UK.
With kind regards,
Ábaco Advisers

Ian Barnes

5 March, 2020 8:49 am

Hi, I submitted my first 720 last year (2019) and declared two bank accounts. During last year I transferred around £20,000 from one of these accounts to the other. As the overall amount in this category has not increased/decreased by 20,000 euros and there are no new accounts do I need to resubmit in 2020?

Oscar Paoli

5 March, 2020 11:23 am

Hi Ian,
No you will not need to resubmit in 2020.
Kind regards,
Ábaco Advisers

Simon

12 March, 2020 11:04 am

Hi

Thanks. This is a useful site of information on this somewhat opaque 720 form.

I am a UK citizen but I have been living/working in Spain since November 2018. I was told I did not need to do the 720 form last year but I am doing it this year (for 2019). I have declared property and bank accounts in the UK that exceed the 50k limits in those two categories. Two issues I am not clear about, however, are

1) 2 years ago we (my wife and I) gave a sum in excess of 50k Euros to my daughter to buy a flat. We have absolutely no legal or even written guarantees that this money will be paid back and we have no rights to the flat. In effect, it was a gift, although my daughter might pay us back one day in the future. Do I have to declare this money and if so, what information do I need to provide about it?

2) As an employee of a university in the UK until I came to work in Spain, I had a pension scheme through the university. That pension plan still exists but no more payments are going into it from me or the university – it is frozen. Does this need to be declared? Is it considered as a private pension plan?

Oscar Paoli

12 March, 2020 3:36 pm

Hi Simon,

In answer to point 1:

If the flat is not in your name and the funds are not in your account this money is not declared in the 720 declaration.

Point 2:

The University Pension is a works Pension and if there are no other items to declare in group 2 and you are not in receipt of the Pension as yet you are not required to declare this.

With kind regards,

Ábaco Advisers

Simon

12 March, 2020 8:02 pm

Hi Oscar

Many thanks for your guidance and your very rapid response. I really appreciate it.
I had received some conflicting advice on the first point, from non-experts, so you have
answered my concerns. Thanks you.

Oscar Paoli

16 March, 2020 5:23 pm

Hi Simon,
It is our pleasure.
Kind regards,
Ábaco Advisers

Steve

16 March, 2020 10:30 am

Hello,

This is a very good article. I moved in Spain in November 2019, in December I made the forms to setup as a freelancer (Autonomo) but I had no activity and in January 2020 I became a resident.

I would like to clarify two things:
1. From what I understood I don’t have to file the 720 declaration this month (for 2019). Is that correct?

2. In January I started working on an 1 year contract on my Autonomo. Due to a family decision, I have to return to my home country as soon as this coronavirus crisis goes away (hopefully April) and I will not return to Spain this year, for sure. If I keep this Autonomo for my ongoing project, but the rest of my projects will start at home, will I need to file the 720 next year? Will it be better to close the Autonomo?

Thanks

Oscar Paoli

26 March, 2020 4:24 pm

Hello Steve,
In regards to point 1 it is unlikely you will have to present the modelo 720 in 2020 has you moved to Spain in November and we assume you obtained your residence permit then and you had then not been a resident in Spain during 2019 for more than 6 months. If you obtained the residencia permit earlier we would have to check your status to see if you need to present a 720 model or not.

Regarding point 2 if your intention is to leave Spain and not to return in over a year our recommendation would be to cancel your residencia and autónomo status.

With kind regards,

Ábaco Advisers

Amanda C

23 March, 2020 4:38 pm

My husband and I became tax resident in Spain in February 2018 (we actually came to Spain in July 2017 and got our NIE numbers as my husband was looking for a restaurant to run). I owned a flat in London, which I’d purchased for less than 50K (in 1994!) so I did not fill in a Modelo 720 for 2018 as had no other overseas assets over 50K. The flat had been my only/main home from 1994 until we came to Spain.
In July 2019, I sold the flat and so the money is now in my UK bank account, ready to transfer when we buy a place here (which we are currently negotiating). So my understanding is that I need to fill in a Modelo 720 now, showing the money in the UK account.
We will be buying the property here in the next few months, so I understand I should be elegible for Reinvestment Relief as it was my main home for more than 3 years and I’ll be purchasing within 2 years of the sale. I’m assuming I will need to declare the money earned from the sale on my Tax declaration but subsequently will only pay CGT on any money that’s over after the purchase over here. Is that correct?

Oscar Paoli

1 April, 2020 10:56 am

Hi Amanda,
Unfortunately from the information provided there would be no deduction as you were not tax resident in Spain for more than three years and also not living in property when sold, if mistaken your information, please let us know and we will try to further assist you.
Kind regards,
Ábaco Adviser.

Phil Thompson

24 March, 2020 9:15 pm

Dear Oscar,

Do I need to declare a retirement account with a mutual fund company such as 401K and Roth IRAs that I funded some years ago primarily in the States? I do not draw any money from these funds and will not for 20 years. I have accounts that exceed the 50,000 Euro threshold. I have worked in Spain for several years and did not know about the 720 until a few weeks ago. Does it make a difference if my father has POA over these funds? Thank you so much.

Oscar Paoli

26 March, 2020 10:26 pm

Hello Phil,
The Retirement funds normally are not declared till you receive them however if they have a valuation or a surrender value then they should be declared in Group 2.
Best regards,
Ábaco Advisers

Andreas

26 March, 2020 6:29 pm

Hi,
In the text above you write: “Make sure you complete it within your first year of living in Spain or you could face expensive penalties.”

I am still not sure if I have to send the modelo 720 for 2019 when I arrived early October 2019 in Spain and received my residence card end of October 2019. Your sentence above would suggest that I have to declare it by 31 March 2020, but in all your comments below you suggest to people in my situation to declare it the following year, in my case in 2021.

So, I am not sure what to do.

Also a detail question: in Modelo 720 there is a field: Origen del bien o derecho. Do I write – A.- Se declara por primera vez – when I arrived in Spain for the first time? Do I then have to proof where I got that money from?

Thanks a lot for your service.

Oscar Paoli

1 April, 2020 10:56 am

Hi Andreas,
As not resident in Spain during 2019 and as resident after June the first 720 will be presented in 2021 for the year 2020.
With kind regards,
Ábaco Advisers

CH

30 March, 2020 3:22 pm

Hi! I have a business here (NIF) established this past year but am not a resident (only have an NIE). Do I need to file the 720 and if so, would I file under my business since I don’t have a residency card? Would my spouse’s accounts abroad or 401k need to be reported as well if he is not a part of the business? Thanks so much in advance for your input.

Oscar Paoli

30 March, 2020 3:56 pm

Hello,
If you are non resident in Spain you do not have to file a 720 form as it is the individual who presents your form, nevertheless we would recommend your accountant to study your situation to be certain.

Kind regards,

Ábaco Advisers

Eduardo

14 April, 2020 7:55 am

We moved to Spain in late December 2019, having lived in the UK for many years (since 2004), where we were tax residents. We registered in the local Padron in January 2020 (we are both Spanish nationals). I then registered as autonomo (and therefore as tax resident) in February 2020. When do we have to fill in the Modelo 720?

Oscar Paoli

21 April, 2020 4:37 pm

Hi Eduardo,
Yes the first year would be 2021 for 2020.
Kind regards,
Ábaco Advisers

Peter Williams

24 April, 2020 7:54 pm

I understand there is a difference between the way rental income is assessed for non-residents depending on whether the owner is a citizen of another EU country, this also includes Norway and Switzerland. What id going to happen after Brexit?

Oscar Paoli

28 April, 2020 11:39 pm

Dear Peter,

As of 1st January next year British nationals will be treated for all Non Resident Taxes as other non EU countries that is to say 24 % for the Normal Non-Resident Taxes and the Rental will be 24% as well but no deductions for costs so Tax based on Gross income.

Best wishes,

Ábaco Advisers

Neil

1 May, 2020 1:56 pm

Hi,
We are in the process of buying a home in Andalucia and gaining residency before the end of December 2020.
If we sold our UK home before the end of December 2021 would that mean we would not have to declare it on the Modelo 720 that I believe we would’t need to submit until March 2022.
We are trying to tax plan and avoid CGT in Spain when we sell our UK home.
Thank you.

Oscar Paoli

2 May, 2020 7:43 pm

Hi Neil,
In respect of the sale of property, it is always advisable to sell your property prior to coming to Spain the ideal situation would be to sell in 2020 and then come to Spain and apply for resident status in 2021, thus avoiding any Capital Gains in Spain.
Best regards,
Ábaco Advisers

sue Davis

26 May, 2020 10:58 am

Is the 50,000 per person or couple .If we have less than 100,000 in a joint account do we still need to declare?

Oscar Paoli

26 May, 2020 3:31 pm

Hi,
It is the total and not 50% so under 100,000 would be a requirement to declare the 720, for the full amount but the percentage as 50% each.
With best regards,
Ábaco Advisers

Isabella

2 June, 2020 7:07 pm

Good evening, we are Spanish tax residents since 2018.
Income tax declaration has been done 2018 and 2019. 720 has not been done since we did not know about.
Been recommended not to submit later?We will give up our Spanish residencia this year before 30.06.
What do you recommend us to do? Submit 720 for 2018 and 2019 or leave it?
We still own a property in Spain which is on the market for sale.

Looking forward hearing from you!

Oscar Paoli

3 June, 2020 7:58 am

Hi Isabella,
Your Fiscal representative should give you the full and correct information, it is possible at any time that the Tax Office reclaim the presentation of the 720 declaration and impose a fine for non presentation. It may be possible that you would have only been required to present the declaration during the period of residency once depending on circumstances.
With kind regards,
Ábaco Advisers

Nicola

8 June, 2020 8:07 pm

We declared more than €50,000 in our UK bank account on Modelo 720.
We have used the money to buy an apartment in Spain but have not closed the account, do we need to re-submit the modelo 720 saying our funds are now under €50,000.
Many thanks

Oscar Paoli

9 June, 2020 7:35 am

Hi Nicola,
It is not required when the account is not closed to complete the 720 again only if the balance was to increase by over 20.000 € on the previous declaration.
With kind regards,
Ábaco Advisers

GK

20 June, 2020 6:11 pm

it is not very clear who needs to declare the 720 model? the persons who have NIE verte? the persons who have TIE?

which one exactly ?

Oscar Paoli

23 June, 2020 11:24 am

Hi there,
All physical or legal persons resident in Spain who own assets outside of the country with a total value of more than 50,000 euros on 31st December must submit Form 720.
Hope this information is of help.
With kind regards,
Ábaco Advisers

S.M.

6 August, 2020 12:56 pm

Hi,

We have been living in the Basque Country since November 2017 and just became aware of Modelo 720. We were advised that in the Basque Country there was no need to file income taxes if you have no income. However, we just found out about Modelo 720 and will file it soon (though after the March 31, 2020) deadline.

Will filing the Modelo 720 covering 2019 and paying late fees suffice (been told by Basque Hacienda that those fees would be delayed until the European Union case is settled and likely much lower than the stated €10,000 minimum) ? Or do we also need to file retrospective 2019 form as well (covering our first full year of 2018) and suffer those late fees?

Thanks

Oscar Paoli

10 August, 2020 8:11 am

The 720 form should have been completed in the first year of Residency 2018, if the 50.000 € limit had been exceeded in any of the groups, and then only completed again in 2019 if there had been any changes, closure of account/Investments or an increase of 20.000 € in any of the three groups.. Therefore the declaration to be completed should be 2018.
With kind regards,
Ábaco Advisers