Last updated on March 10th, 2026 at 02:43 pm.
Every resident who has assets outside of Spain that total over 50,000€ within any one of the groups that we will discuss later in this article, must complete the Model 720 asset declaration form before the deadline of March 31st or fase possible penalties.
The form is divided into three asset categories:
- Bank Accounts (Group 1)
- Investments, life insurance policies and pension plans (Group 2)
- Properties (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.
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.
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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8 comments
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.
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.
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
5 February, 2025 10:08 pm
You do not make reference to the need to declare ownership of precious metals like gold and silver in the Group 2 assets.
This is interesting because after researching on many websites and including my own asesoria, nobody appears able to give a definitive answer to this point.
19 February, 2025 1:49 pm
Thank you for your enquiry:
I am attaching the response to a query that was submitted to the General Directorate of Taxes (DGT).
The General Directorate of Taxes (DGT) considers that physical gold stored outside Spain with a value exceeding €50,000 does not need to be declared in Form 720, as its possession does not imply the existence of monetary balances abroad.
According to the DGT, the informative declaration on assets and rights held abroad applies to real estate properties or rights over real estate properties located abroad and to all types of financial accounts, but it does not include works of art, gold bars, or jewelry, as these are not considered financial accounts.
In the specific case consulted, the taxpayer had purchased physical gold through a company based in London, which specializes in this activity. The company allows individuals to buy and sell physical gold via an online platform also managed from London. The gold is stored in vaults, and the transactions are conducted after transferring funds from a Spanish bank account.
Since physical gold is not considered a financial account, it does not need to be declared in Form 720.
We hope this can be of help.
With kind regards,
Ábaco Advisers
28 February, 2025 5:32 pm
With reference to Group 2 Pensions>
Does Capitalisation Value mean the Total Pension paid into my bank account during 2024 from my Works Pension?
3 March, 2025 9:28 pm
Good afternoon,
The capitalised value of a pension for its inclusion on the Modelo 720 form corresponds to the hypothetical “pension pot” left to recieve based upon the annual gross amount recieved and the age of the pension holder.
The tax office provides a official formuale which is used to calcualte this amount which is included if by itself, or alongside other assets held for Group2, the overall total exceeds the 50.000€ minimum.
With kind regards,
Ábaco Advisers
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