Form 720 (modelo 720, AEAT 720 or 720 Hacienda) is the informative declaration of the assets and rights that tax residents in Spain hold abroad. No tax is paid with it.
Who has to file Form 720
Tax residents in Spain, individuals and entities, who are owners, authorised signatories or beneficiaries of, or have power of disposal over, assets abroad, when any of the three categories exceeds €50,000. If there are several owners, each one declares the asset with their percentage share.
What changed after the European judgment
In January 2022, the Court of Justice of the European Union found the Form 720 penalty regime disproportionate, and Law 5/2022 (Ley 5/2022) amended it:
The general penalties of the General Tax Law (Ley General Tributaria) apply, which are much lower.
Undeclared assets are no longer an unjustified capital gain with no possibility of becoming time-barred.
How it relates to other taxes
Form 720 does not replace the income tax return: the income from those assets goes into personal income tax (IRPF), with the double taxation treaty deduction if there is one, and their value counts for wealth tax. If you have just arrived, look at the Beckham Law or consult a tax adviser.
Deadline and when to file it again
From 1 January to 31 March of the following year, online only. You only file it again if any category rises by more than €20,000 compared with the last declaration, or if you sell, close or cease to own a declared asset.
The three categories
Which assets are declared on Form 720
Three categories of assets abroad and how each one is valued.
01
Accounts
Accounts in foreign banks.
How it is valued
Balance at 31 December and average balance for the last quarter.
02
Securities, insurance and annuities
Shares, funds, life insurance or annuities deposited or managed outside Spain.
How it is valued
Listed shares, at 31 December; funds, net asset value; insurance, surrender value.
03
Property
Property and rights over property located outside Spain.
How it is valued
At its acquisition value.
The €50,000 limit applies category by category: €40,000 in accounts and €40,000 in shares does not oblige you to file.
Deadline
Form 720 is filed by 31 March
From 1 January to 31 March, with the figures at 31 December of the previous year. A tax adviser checks whether you have to file it.
Accounts, securities or property abroad: the basics are enough.
02
02A specialist
A tax adviser reviews it
A tax adviser specialising in international taxation studies your case and contacts you.
03
03No obligation
You decide with the facts
You'll know whether you have to file it, your options and the fee quote before you commission anything.
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Frequently asked questions
Questions about Form 720
Who has to file Form 720?
Tax residents in Spain with accounts, securities, insurance or property abroad when any of those categories exceeds €50,000.
Do you have to file Form 720 every year?
No. Only if any category rises by more than €20,000 compared with the last declaration filed or if you close or sell any declared asset.
Is any tax paid with Form 720?
No. It is an informative declaration. The income from those assets is declared in the income tax return and their value may count for wealth tax.
What happens if I didn't file Form 720?
Following the CJEU judgment and Law 5/2022, the general penalties for informative declarations apply, which are much lower. Filing it before the Tax Agency requires it reduces the penalty.
Are cryptocurrencies declared on Form 720?
No. Those held in custody by entities abroad are declared on Form 721 (modelo 721), with the same €50,000 threshold and the same deadline.
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