Declaration of assets abroad. Form 720
During the month of March, the following are required to submit an informative declaration using Form 720 for fiscal year 2019: all natural and legal persons resident in Spanish territory during 2019; pass-through entities and permanent establishments in Spanish territory of persons and non-resident entities, for their holding of accounts, securities, rights, insurance and income, as well as real estate and rights over them that are located or deposited abroad.
This statement, which was first presented in 2013 (with respect to 2012) must only be resubmitted if, in relation to one or more of these obligations, there has been an increase of more than €20,000 over the amount that caused the presentation of Form 720 in the previous fiscal year.
Following and, as a reminder, we provide the information to be reported and the limits of said obligation.
Information to be reported
- Accounts in financial institutions abroad. (Average balance in the 4th quarter and balance on Dec 31st).
- Securities, rights, insurance and income deposited, managed or of which you are a beneficiary abroad.
- Real estate and rights over non-fixed assets located abroad.
The obligation to report extends to those who have been holders, representatives, authorized or beneficiaries, of such accounts, have had powers to dispose over them or have been “actual holders” at any time of the year to which the declaration refers.
Limits to the obligation to report
There will be no obligation to report on any account (on the one hand), securities, income and insurance (on the other), real estate or rights thereon (by a third party) if the balances or the joint value of each block or set on December 31 has not exceeded € 50,000 and the same circumstance concurs in relation to the average balances in the case of bank accounts or deposits.
Form 720 may only be submitted electronically.
For any clarification or questions you have, please contact our offices as quickly as possible.