Form 720 is an informative declaration of the Spanish Tax Office (AEAT), through which residents in Spain must report their assets and rights abroad for more than €50,000. Assets and rights are divided into three groups:
– Accounts in financial institutions located abroad.
– Securities, rights, insurance and income deposited, managed or obtained abroad.
– Properties and rights related to properties property located abroad.
There are three different groups of information, so the limit of €50,000 applies individually to each one of them. Therefore, the obligation may apply to one, two or all three, without prejudice to the fact that it is centralised in a single form.
It must be filed once, but if there is a variation of €20,000 in a block, the AEAT must be notified again.
The deadline for filing it is 31 March and, although it is an informative return, failure to file it, and even erroneous data, are severely penalised by the AEAT.