Next 31st of March is the deadline for submitting the Model 720 for the informative statement about assets and rights abroad corresponding to tax year 2022, for those taxpayers who are obliged to present said informative declaration.
The aforementioned declaration is regulated in the Eighteenth Additional Provision of Law 58/2003, of December 17th, General Taxation, as well as in articles 42 bis, 42 ter and 54 bis of Royal Decree 1065/2007, of 27th of July.
According to Law, it is compulsory the presentation of the Model 720 for those individuals and companies residing in Spanish territory, the permanent establishments in this territory of non-resident persons or companies and the companies referred to in the article 35.4 of the General Taxation Law 58/2003 (heritages, community of assets, etc), when they have assets abroad exceeding the amount of 50,000€ in any of the three groups explained below.
- Bank accounts in financial entities located abroad.
Information about the bank accounts abroad opened in entities dedicated to monetary and credit transactions of which you are holder or beneficiary or those in which you have some power of disposition or have the status of representative. The information that must be provided shall include the balances of these accounts at 31st December and the average balance for the last quarter of the year. This information will refer to current accounts, saving accounts, term deposits, credit accounts and any other account or deposit regardless its denomination or modality, although there is no retribution.
- Shares, deposits, rights and insurances, managed or obtained abroad.
Information about any title, assets, shares or rights that are representative of the capital share, own capital, or any kind of company wealth, the assignment of own capital to third parties of which you are the holder, and it is abroad, life or disability insurances of which you are the holder, life or temporary pensions, movable or immovable properties that had been taken out abroad. It will be informed the data as of 31st December of each year.
- Properties and properties’ rights located abroad.
Information about the properties and properties’ rights abroad. It will refer to the data as of 31st December of each year and it will include the date and the value of the purchase, the identification of the property specifying its classification and situation: country where it is located, town, name of the street and number.
Once the first declaration has been presented, in successive years only the groups in which there has been an increase of more than 20,000 euros with respect to the last declaration presented will be reported.
The obligation to inform extends to those who are considered beneficial owners.