Declaration of Overseas Assets and Ownership

What is Modelo 720?

Modelo 720 is a tax form, approved on 29th October 2012 as a change to existing tax and budget legislation and in order to adjust financial regulations as part of greater efforts to prevent and combat fraud. As of 2017, each year, all taxpayers to whom it applies must submit a declaration corresponding to the previous tax year by completing Modelo 720.

It is a single form which covers three different obligatory declarations.

It is an informative declaration about overseas assets and ownership with the following objectives:

The law divides assets to be declared into three different groups and for each group, there are established exemptions regarding the obligation to declare them.

Who is obliged to submit Modelo 720?

Modelo 720 is an obligatory declaration for all physical and legal persons residing in Spanish territory, permanent establishments in said territory belonging to non-resident persons or entities, and entities referred to in Article 35.4 of Law 58/2003.
The owner, authorised representative, licence holder, beneficiary, beneficial owner or person or entity with rights of disposal shall be obliged to declare their accounts in overseas financial entities, securities, ownership rights, insurance and income deposited, managed or obtained in overseas, and property and property rights located overseas.
There shall be no obligation to declare any of the abovementioned categories of assets where the sum of those assets does not exceed €50,000. Where the sum exceeds this amount, there is an obligation to declare all assets that comprise that category. With regard to accounts in financial entities overseas, they shall need to be declared if this limit is met or exceeded by the average balances or the balances on 31st December of the corresponding year.
In successive years, taxpayers shall only be required to present Modelo 720 in order to make declarations about those categories where there has been an increase of more than €20,000 compared to the most recently filed declaration.

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