*Please note, this is a summary of the full article below. For detailed information, please read the complete article.
If you are a resident in Spain and own assets abroad to the value of 50,000 euros or more. You must present the modelo 720.
Assets to declare include both property and savings.
The period to present the wealth declaration is between 1st January and 31st March the year following the tax year in question.
If your overseas wealth doesn’t increase by 20.000 euros or more. It is only necessary to present the tax return once.
The purpose of the tax return is simply to inform Hacienda (central tax department). In nearly all cases, you will not be taxed on these assets.
If you would like LingoMar to submit the modelo 720 tax declaration on your behalf, please see the details HERE…
Full Article or Translation
Here you will find the link to the Hacienda page which answers frequently asked questions about the modelo 720
*this article will be updated regularly as changes to the legislation occur and when new information comes to light. Be sure to check back to see new updates.
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