Form 720. Informative declaration on goods and rights located abroad.

What is Form 720?

Only individual taxpayers who are tax residents in Spain, not limited companies, are obliged to file Form 720 if their properties or assets abroad exceed €50,000.

This limit applies to any individual with the status of owner, holder, representative, authorized recipient, beneficiary or proxy holder.

You must report even if your share of assets is lower than €50,000 whenever the joint amount exceeds €50,000. With joint assets, each owner must declare the total value (not prorated) and indicate their percentage.

Tax residents under the ‘Beckham Law’ scheme are excluded from filing Form 720.

What asset information must be provided in Form 720?

Group 1) Bank accounts in foreign financial institutions when the total balance of all the accounts exceeds €50,000.
Group 2) Securities, collective investment schemes, life insurances and annuities, with a total balance above €50,000.
Group 3) Real estate or rights on real estate with a total purchase value that surpasses €50,000

There is no obligation to report any asset in those groups in which the sum of the assets does not exceed €50,000. In groups where this is exceeded, they will be obliged to report all the assets that make up the group.

When is the Form 720 filing deadline?

Form 720 should be submitted online between January 1 and March 31 of the following year.

When do I have to file another Form 720?

Once Form 720 has been submitted, it only needs to be filed in the following years when the amounts declared in any of the categories have grown by 20,000€ compared to the last Form 720 submitted. If it has not grown, it is not necessary to resubmit the Form.

Additionally, if any bank account has been cancelled or a property/asset has been sold in subsequent years, the loss of ownership must be reported.