This form must be filled by all Spanish residents owning assets abroad over 50.000 euros. This obligation must be fulfilled before the 31st of March.In the model must be declared,
1.- accounts abroad in financial institutions,
2.- stocks, bonds, values, financial rights, and savings in insurance companies, deposited, managed or obtained abroad
3.- all types of Real Estate and rights over Real Estate abroad.
Each of the three blocks of goods, constitutes an obligation of different information to be provided, but the three reporting obligations are articulated through the same form. In this way three reporting obligations would be fulfilled by completing the form 720informing all goods and rights with respect to the obligation to inform.
It is excluded from this obligation to declare when the value thereof does not exceed 50,000 € for each type of assets. The presentation in successive years, after presenting form 720 for the first time will be mandatory when the value declared increases by more than 20.000 €.
If you are obligated to fill this form, please contact with us in order to provide us all the information required.
Alberto Cordón Suárez