Model 720: Declaration for goods located abroad 2015.

The informative return called Model 720, approved through the Order HAP/2194/2013 on 22nd of November  referring to the assets and rights located abroad, in order to inform you that the deadline to present this return for the accounting period 2015 ends on March 31st, 2016.

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 return.

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 return 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 previous accounting period, you will not be bound to present another one, unless in any of the three blocks in the the last return, one of the following circumstances took place:

a)      Increase of more than 20.000 euros.

b)      You no longer own the goods and rights for which you were previously obliged to present the return.  

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