Form 720 Filing Service: Declaring Foreign Assets in Spain

Three groups, each with its own threshold

Spanish residents report assets held abroad when any one of these groups exceeds €50,000:

Accounts with foreign financial institutions: the balance at 31 December or the average balance of the last quarter, whichever is higher.
Securities, funds, life insurance and annuities: shares, interests in companies including an LLC or a family company, investment funds, policies with a surrender value.
Real estate and rights over real estate, at acquisition value.

The threshold is measured on the whole group, not on your share. Joint holders, authorised signatories and beneficiaries report too. After a first filing, a group is reported again only when it has grown by more than €20,000 since the last declaration, or when something declared has been sold or closed.

The deadline is 31 March for the previous year. Crypto-assets held with providers abroad have their own form, 721. The law behind the form, and what remains of the penalties after the European ruling of 2022, is explained under Modelo 720. This page is about getting it filed.

From statements to a filed return

You enter with a code sent to your email

Only registered clients can open the questionnaire. There is no shared password.

You upload statements, or type the figures

Year-end statements from banks and brokers, and purchase deeds for property. Our system reads them and proposes an entry for each asset: institution, country, identifier, value.

You see what will be declared

Group by group: what exceeds the threshold, what does not, and anything that needs a decision. Nothing is filed without your express approval.

We file and keep the history

The return is filed by the firm. What was declared is kept, because next year's obligation is measured against it.

Each January we check your figures against the last filing and tell you whether the form has to be filed again, and why.

Three typical first years

A couple from the Netherlands. A joint savings account with €80,000 and a flat in Rotterdam bought for €210,000. Both groups exceed the threshold. Each spouse files, declaring 50 % of each asset.

An American with a brokerage account and a retirement plan. The brokerage account, worth $140,000, is reported asset by asset. Whether the retirement plan is reportable depends on its features, and is looked at individually.

A British retiree. Current account £18,000, savings account £25,000, an investment bond worth £60,000. The two accounts together are below €50,000 and are not reported. The bond is in the second group and is.

Errors we see

Adding the three groups together to test the threshold.
Looking only at the 31 December balance of accounts.
Declaring property at today's market value.
Leaving out an account on which you are only a signatory.
Filing every year without need, or stopping when a €20,000 increase had occurred.
Forgetting the year in which an account is closed or an asset sold.
Treating the form as the whole job. The income those assets produce belongs in the income tax return, and the assets may count for wealth tax.

The fee is €210 a year in which a filing is due, taxes included. More than fifteen assets add €69. A first filing that should have been made in earlier years is quoted separately, after looking at what income lay behind the assets.

Frequently asked questions

I arrived this year. When is my first form 720?

For the first full year in which you are resident on 31 December, filed by 31 March of the following year.

I am under the Beckham regime. Do I file?

No, not while the regime applies. The obligation begins with the first year as an ordinary resident.

Are US shares held with a Spanish bank reported?

No. What matters is where the securities are deposited, and a Spanish custodian reports them itself.

What happens if I file late?

Since 2022 the general penalty rules apply, which are far milder than the old ones. The greater risk is the question of where the money came from, which is why late filings should be prepared together with a review of past income.

Form 720 Filing Service for Foreign Assets