travel > Travel Story > Europe > Spain > Time to declare any overseas assets

Time to declare any overseas assets

TIME : 2016/2/20 14:37:59

Time to declare any overseas assets

Who needs to declare their assets and how to go about it

Time to declare any overseas assets

MODEL 720 :

DECLARATION OF ASSETS AND OWNERSHIP OVERSEAS

Who is obliged to submit the Model 720?

If you have overseas assets that fit into any of the three groups (see below) and amount to or exceed 50,000 euros, and only for the group in which this amount is exceeded

 

Do I need to submit it every year?

Once you have made the 720 declaration, regarding your assets overseas, you then only need to declare your overseas assets in subsequent years, when:

1) any of the above 3 distinct sectors experiences an increase in value greater than 20,000 euros

2)  you are no longer the owner of the aforementioned assets (sale, transfer, etc… even if you made a loss)

3) in any of the 3 sectors, you did not previously have to declare that you had assets to the value of 50,000€, if you NOW (2015 YEAR) do have assets to the value of, or exceeding 50,000€.

 

For those who are fiscal resident, and need to submit a new Modelo 720, or your circumstances have changed from last year’s declaration, please remember that the period for presenting the Modelo 720, declaration of assets and rights located abroad (for the year 2015) is from 1 January to 31 March 2016.

What information is needed?

Three distinct groups define this declaration:

  1. Bank Accounts; Which are already open, or for which you are already an account holder during the year, which corresponds to the declaration.

Valuation: whichever is the highest, the balance as of December 31st or the average balance for the last quarter of 2015.

2) All types of financial assets; Information on securities, assets, shares or amounts representing the capital stock of all types of entities, or the transfer of capital to third parties, held abroad, as well as life insurances for which they are the beneficiary and annuities or temporary income of which they are the beneficiary .

Valuation: Value on 31st December 2015.

3) Real estate; Valuation: Acquisition cost

Failure to meet this tax liability might be penalised by the Spanish tax.

If you require further legal advice on any legal or administrative matters please contact Pellicer&Heredia Lawyers & Tax Advisors who will be pleased to help you.

For more information call us on 965 480737 or e-mail [email protected].