Modelo 720 is a declaration Spanish tax residents must file to report foreign assets over €50,000. Not a payment, just disclosure. Penalties for not filing have been severe.
Who Files
Spanish tax residents with:
- Foreign bank accounts over €50,000
- Foreign securities/investments over €50,000
- Foreign property over €50,000
Each category is separate. You may need to report one but not others.
What to Report
Bank accounts: All foreign accounts (checking, savings, deposits).
Securities: Stocks, bonds, funds, insurance, annuities abroad.
Property: Foreign real estate and land.
For each: location, ID number, value, ownership details.
Deadline
January 1. March 31 each year for the previous year. First year you become resident, you report everything. Following years, only if values change by €20,000+.
Penalties
EU courts ruled old penalties unconstitutional. Spain revised them, but non-filing still triggers fines and potential audits. File on time.