The Modelo 720 is an informative tax declaration for assets held abroad. Every tax resident in Spain with overseas assets exceeding 50,000 euros in any of three categories must file this form.
Who must file?
All tax residents in Spain who own overseas assets above 50,000 euros as of 31 December in:
- Bank accounts abroad
- Securities, shares, funds at foreign banks
- Property abroad
Each category is assessed separately.
Deadline
Must be filed by 31 March of the following year. The initial filing is one-off; after that, you only re-file if values change by more than 20,000 euros.
What must be reported?
- Accounts: IBAN, bank, balance on 31 Dec and average Q4 balance
- Securities: ISIN, bank, value on 31 Dec
- Property: Address, purchase date, price, current value
Penalties
Penalties were reduced after a 2022 EU court ruling:
- Late filing: 150 euros per data item (minimum 300 euros)
- No penalties on the asset value itself
Still, failing to file is not an option – Spain has automatic data exchange with many countries.
How to file
Filed electronically via the Agencia Tributaria website. You need a digital certificate or Cl@ve PIN. Most expats use a tax advisor – cost approx. 100-300 euros.
More: Taxes in Mallorca for expats
Back to moving to Mallorca guide.
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