Spain Explained

The 720 asset declaration form (and NEW 721 FORM!!)

Last updated on November 27th, 2023 at 11:36 am.

Every resident who has assets outside of Spain that total over 50,000€ within any one group, must complete the asset declaration form in Spain before the deadline or risk incurring fines.

The groups are:

  • bank accounts (group 1)
  • pension plans and investments (group 2)
  • property (group 3)

In this article we will go through some relevant information regarding the 720 asset declaration form. However, we would like to remind you that taxes 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.

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I have assets, must I declare them?

What has confused some people is that the types of assets they must declare against can be divided into three groups:

Group 1: accounts held abroad where the total balance of all the accounts exceeds €50,000. This total is not divisible between account holders. This includes bank, savings and deposit accounts where you are the account holder or have had authorisation over the funds.

Group 2: other assets and pensions held abroad exceeding €50,000 in value. This includes bonds, stocks and shares, life insurance, pension plans and annuities. You are in this category if they have either a total purchase value or a surrender value on the 31st December of €50,000 or more. We can confirm that private and company pensions currently being drawn are included in this category if their capitalisation value exceeds the 50,000€ limit.

Group 3: property or business premises abroad. This applies to you if you live in Spain but still own a business or house in another country whose purchase value was more than €50,000.

Who needs to complete it this year?

If you completed the 720 last year and your circumstances have not changed then there is no need to complete one this year.

You should complete one this year if:

  • You are a new resident in Spain and this is your first tax year
  • You did not declare previously and should have
  • There has been an alteration in your circumstances such as:
    • You have purchased or sold property
    • Investments have matured
    • You have cancelled, closed or sold previously declared assets
    • Your assets have increased by 20,000€ or more of total assets in any of the groups previously declared
    • You declared last year, but this year have reached more than 50,000€ in a previously undeclared category

What will happen if I don’t?

The fines published by the Spanish Tax Authority are those of the general taxation law.

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What should I do next?

The form is not easy to complete and requires a ‘signature’ to do so. Most people need to engage with a fiscal representative to help them complete it. The next deadline is the 31st March.

The 720 is for information purposes only.

We invite you to a FREE consultation with a tax specialist in your language:

  • Opportunity to ask questions about resident tax – what should/ shouldn’t you be paying?
  • Clarify what’s happening with the 720
  • Bring your tax declaration – not everyone explains it quite like we do!
  • No obligation and completely confidential

NEW 721 FORM!!

The Tax Agency has approved for the fiscal year 2023 the new model 721 “Informational Statement of Cryptocurrencies Located Abroad.”

It must be completed by residents who are holders, authorized individuals, beneficiaries, or have the power of disposition over virtual currencies, provided that they are held by a foreign exchange investment company or entities that provide services to safeguard cryptographic private keys on behalf of third parties. The value of the investment or “wallet” must be at least €50,000.

If you have any queries or need assistance with the 720 and 721 Form do not hesitate to contact us on (+34) 96 670 3748 or Request a Call Back.

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1 January, 2022 9:45 am

As both my wife & I are in our mid 70’s am I correct in assuming we are not liable for tax on the sale of a studio in th UK, we both are residents in Spain & the sale realised £80k ( less estate fees/ solicitor fees of £2,300-00.
We are clients of ABACO &an annual fee is paid.

Oscar Paoli

4 January, 2022 9:34 am

Hi there,

As the property is not your residential home here in Spain there are no deductions in any possible Capital Gains Tax.

Please do not hesitate to contact us should you have any further queries.

With kind regards,

Ábaco Advisers


29 January, 2023 2:52 pm

I have a question about the modelo 720. I have never had more than 50,000 euros worth of assets outside Spain before, but I currently have 38,250 pounds of premium bonds in the UK, which I am aware is currently worth about 43,500 euros. I am keen to avoid putting more money into premium bonds as I would prefer not to have to submit a modelo 720. The only other thing I have outside Spain is an old company pension in the UK worth about 700 pounds that I cannot access until I reach retirement age.

If I invest 8000 euros in an account like inbestme (which is Ireland), will that take me over the 50,000 limit so I have to submit a modelo 720 declaration, or would there be a 50,000 euro limit for the premium bonds, and another 50,000 euro limit for inbestme because it’s a different class of investment?

Thank you very much for any help you could give me on this.

Oscar Paoli

30 January, 2023 9:53 am

The limit is for the Total held in that group therefore it would be the total between the Investment and the Premium Bonds plus at a later date the Pension once you start to receive.
With kind regards,
Ábaco Advisers