We are approaching March 31st and the information return must be submitted by residents in Spain. 31st is the deadline to submit the Form 720
Who has the obligation to submit esta tax form?
Taxpayers required to inform of their assets and rights held abroad, in accordance with this regulation are:
- Individuals and legal entities resident in Spain.
- Individuals or legal entities not resident in Spain, with a permanent establishment in Spanish territory If they belong reviews one of the following groups: owner, representative, agent, beneficiary, individually or entity With actual powers of disposal or beneficial owner.
What Must Be Declared?
With regards to the information that has to be Disclosed to the Spanish Tax Authority, This obligation includes specific information on assets and rights situated abroad including:
- Bank accounts located abroad.
- Stocks, rights, income and insurance policies deposited, managed or Gained abroad.
- Real estate and rights on real-estate located abroad.
This obligation implies that the taxpayer will have to declare bank accounts abroad, even if he / she does not own stocks or real estate abroad.
However, there will be no obligation to submit esta tax form for bank accounts located abroad if neither end the balance (on December, 31st), nor the average balance Reaches to the total of € 50,000.
Frequency in the presentation of the tax return
Once Form 720 has been filed with regard to one or more of the disclosure obligations in it (referred to in question no. 1), this Form should only be filed again when, in relation to one or more of these obligations, there is an increase of the overall limit established for each information block above 20,000 euros compared with what the last declaration determined.
More Information here. Don't wait to the last minute and avoid penalties.
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