Model 720: Declaration for goods located abroad 2013.

Next  March 31st, 2014 is in Spain the deadline to present the declaration called Model 720, approved through the Order HAP/72/2013 on January 31st referring to the assets and rights located abroad.

As a general rule, all natural or legal person resident in Spain and owing assets or rights located abroad (a circumstance that defines the obligation of presentation) will have to fulfill this informative declaration.

You will have to inform about three different blocks of assets or rights located abroad:

a)      Bank accounts at all financial entities. Accounts located abroad for which you are the legal holder, the real holder, the authorized person, the representative, the beneficiary or for which you have disposal powers.  

b)      Stocks, rights, revenues and insurances deposited, managed or gained abroad.  

c)       Real estate goods and rights on these goods located abroad.

 As a general feature there is no obligation to present this declaration in case the whole set of goods and rights for each one of these blocks, considered individually, does not exceed 50.000 euros (i.e. you can be exempt to declare one of the three blocks, and be bound to present another one). In order to calculate the mentioned limit you have to take in account the global value of the assets, independently of the degree of participation of each tax payer.

We also inform you that, if you had to present the model 720 for the accounting period 2012, you will not be bound to present the one for the period 2013, unless for one of the three blocks which determined the presentation of the last declaration, following circumstances took place:

a)      Increase of more than 20.000 euros.

b)      You do not owe any more the goods for which you were obliged to present the declaration for the period 2012.  

 We remain at your disposal in order to answer your questions or clarify the points on which you need more explanation.