{"id":15116,"date":"2022-02-14T12:36:00","date_gmt":"2022-02-14T11:36:00","guid":{"rendered":"https:\/\/delaguialuzon.com\/?p=15116"},"modified":"2026-04-13T16:34:05","modified_gmt":"2026-04-13T14:34:05","slug":"modelo-720-spain","status":"publish","type":"post","link":"https:\/\/delaguialuzon.com\/en\/blog\/modelo-720-spain\/","title":{"rendered":"Modelo 720: Mandatory informative declaration of foreign assets for Spanish tax residents"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"15116\" class=\"elementor elementor-15116 elementor-2678\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7557c39f e-flex e-con-boxed e-con e-parent\" data-id=\"7557c39f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-20857f3f elementor-widget elementor-widget-text-editor\" data-id=\"20857f3f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2>What is Modelo 720 Spain?<\/h2><p><strong>Modelo 720<\/strong> Spain is a mandatory informative declaration form that tax residents in Spain must file to report certain assets and rights located abroad.<\/p><p>Introduced in 2012, this form is not a tax return but a transparency measure required by the <a href=\"https:\/\/sede.agenciatributaria.gob.es\/Sede\/en_gb\/inicio.html\" target=\"_blank\" rel=\"nofollow noopener\">Spanish Tax Agency<\/a> to monitor foreign assets and combat tax fraud.<\/p><p>The obligation applies to both individuals and <a href=\"https:\/\/delaguialuzon.com\/en\/blog\/establish-holding-company-in-spain\/\">legal entities<\/a> residing in Spain who, as of December 31st of the previous year, own or control assets abroad whose combined value exceeds <strong>\u20ac50,000<\/strong> in any of the following categories:<\/p><ul><li><strong>Bank accounts and deposits<\/strong> held in foreign financial institutions.<\/li><li><strong>Securities, rights, insurance policies, and annuities<\/strong> (such as shares, bonds, investment funds, and life insurance).<\/li><li><strong>Real estate and rights over real estate<\/strong> (including <a href=\"https:\/\/delaguialuzon.com\/en\/blog\/investing-in-spain\/\">properties<\/a>, usufructs, and similar interests).<\/li><\/ul><div>\u00a0<\/div><p>If you have already filed <strong>Modelo 720 Spain<\/strong> in previous years, you are only required to submit it again if the value of any category increases by more than <strong>\u20ac20,000<\/strong> compared to your last declaration, or if you lose ownership or rights over any of the reported assets.<\/p><h2>Who must file Modelo 720?<\/h2><p>The requirement to <strong>file Modelo 720 Spain<\/strong> applies to anyone who is a <a href=\"https:\/\/delaguialuzon.com\/en\/blog\/fraud-by-false-non-residents\/\">tax resident in Spain<\/a>, including both <strong>natural persons<\/strong> and <strong>legal entities<\/strong>, who meet the asset thresholds.<\/p><p>Tax residency generally means spending <strong>more than 183 days per year in Spain<\/strong> or having your main economic interests there.<\/p><p>The form must also be filed by those who have authority over, or are <a href=\"https:\/\/delaguialuzon.com\/en\/blog\/international-inheritances-in-spain\/\">beneficiaries<\/a> of, relevant foreign assets.<\/p><p>Certain exemptions exist, such as for individuals under the <strong>Special Expatriate Tax Regime<\/strong> (&#8220;<a href=\"https:\/\/delaguialuzon.com\/en\/blog\/beckham-law-spanish-tax-regime\/\">Beckham Law<\/a>&#8220;), but these do not automatically extend to spouses or family members.<\/p><h2>When is Modelo 720 filed?<\/h2><p>The filing period for <strong>Modelo 720 Spain<\/strong> is from <strong>January 1st to March 31st<\/strong> each year, reporting the status and value of assets as of December 31st of the previous year.<\/p><p>For example, assets held on December 31st, 2024, must be reported between January 1st and March 31st, 2025. The form must be submitted electronically via the <strong>Spanish Tax Agency\u2019s online platform<\/strong>.<\/p><p>If technical issues prevent timely filing, a few additional days may be granted, but extensions are generally not available.<\/p><h2>Examples of when you must file\u00a0Modelo 720<\/h2><p>You are required to <strong>file Modelo 720 Spain<\/strong>, among other scenarios, if:<\/p><ul><li>You have <a href=\"https:\/\/delaguialuzon.com\/en\/blog\/everything-know-capital-gains-tax-property-spain\/\">sold or purchased property<\/a> abroad.<\/li><li>Your foreign investments have matured or been sold.<\/li><li>You hold a life insurance policy abroad.<\/li><li>You have opened or closed a bank account outside Spain.<\/li><\/ul><h2>Penalties for Non-Compliance<\/h2><p>The <a href=\"https:\/\/european-union.europa.eu\/institutions-law-budget\/institutions-and-bodies\/search-all-eu-institutions-and-bodies\/court-justice-european-union-cjeu_en\" target=\"_blank\" rel=\"nofollow noopener\">Court of Justice of the European Union<\/a> (CJEU) ruled in 2022 that the previous penalty regime was excessive and disproportionate.<\/p><p>Currently, penalties for late filing without prior notice are <strong>\u20ac100 per data item or set of data, with a minimum of \u20ac1,500 per asset category<\/strong>.<\/p><p>However, the obligation to file the form remains in force, and compliance is essential to <a href=\"https:\/\/delaguialuzon.com\/en\/blog\/how-to-avoid-a-tax-inspection\/\">avoid tax complications<\/a>.<\/p><blockquote><p>The requirement to file Modelo 720 Spain remains, but penalties have been adjusted to comply with European Union regulations.<\/p><\/blockquote><h3>Additional notes:<\/h3><p><strong>Modelo 720 Spain<\/strong> does not include <a href=\"https:\/\/delaguialuzon.com\/en\/blog\/cryptocurrency-spain\/\">cryptocurrencies<\/a> for tax years up to 2022; for later years, check current regulations.<\/p><p>Submission is exclusively online, via the Spanish Tax Agency\u2019s electronic headquarters.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<style>\r\n.lwrp.link-whisper-related-posts{\r\n            \r\n            margin-top: 40px;\nmargin-bottom: 30px;\r\n        }\r\n        .lwrp .lwrp-title{\r\n            \r\n            \r\n        }.lwrp .lwrp-description{\r\n            \r\n            \r\n\r\n        }\r\n        .lwrp .lwrp-list-container{\r\n        }\r\n        .lwrp .lwrp-list-multi-container{\r\n            display: flex;\r\n        }\r\n        .lwrp .lwrp-list-double{\r\n            width: 48%;\r\n        }\r\n        .lwrp .lwrp-list-triple{\r\n            width: 32%;\r\n        }\r\n        .lwrp .lwrp-list-row-container{\r\n            display: flex;\r\n            justify-content: space-between;\r\n        }\r\n        .lwrp .lwrp-list-row-container .lwrp-list-item{\r\n            width: calc(16% - 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Discover our helpful guide highlighting the main points.<\/p>\n","protected":false},"author":2,"featured_media":15264,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mbp_gutenberg_autopost":false,"_joinchat":[],"footnotes":""},"categories":[47,57],"tags":[],"class_list":["post-15116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-law","category-nie"],"_links":{"self":[{"href":"https:\/\/delaguialuzon.com\/en\/wp-json\/wp\/v2\/posts\/15116","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/delaguialuzon.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/delaguialuzon.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/delaguialuzon.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/delaguialuzon.com\/en\/wp-json\/wp\/v2\/comments?post=15116"}],"version-history":[{"count":22,"href":"https:\/\/delaguialuzon.com\/en\/wp-json\/wp\/v2\/posts\/15116\/revisions"}],"predecessor-version":[{"id":22961,"href":"https:\/\/delaguialuzon.com\/en\/wp-json\/wp\/v2\/posts\/15116\/revisions\/22961"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/delaguialuzon.com\/en\/wp-json\/wp\/v2\/media\/15264"}],"wp:attachment":[{"href":"https:\/\/delaguialuzon.com\/en\/wp-json\/wp\/v2\/media?parent=15116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/delaguialuzon.com\/en\/wp-json\/wp\/v2\/categories?post=15116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/delaguialuzon.com\/en\/wp-json\/wp\/v2\/tags?post=15116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}