No tax will be levied on these assets, but the records will be used and compared against income. If you have previously submitted a form, you only need to declare assets if they have grown a. What is modelo 720 tax declaration for overseas assets. The intention is that all fiscal residents of spain report details of assets held overseas if they exceed certain values. As a foreigner living in spain, you have the dubious pleasure of having to declare all your assets abroad. This is a declaration of goods and assets located abroad in the following specific categories.
Ganancia patrimonial no justificada o renta no declarada. In this post, ill give you more information about this declaration that is known as modelo 720. We are fast approaching 31st march, the deadline by which residents in spain need to submit their annual form 720 modelo 720 listing their overseas assets, where applicable. Information return on assets and rights held abroad. Filling in the modelo 720 for expats living in spain. The spanish tax authority, known as the hacienda, failed to meet the deadline set by the european commission, the commission vowed to take the case to the european court of justice. Over the past year, i have come across many an expat, not just uk expats, but dutch, belgium and german who have said to me, i am not doing the modelo 720 as the eu has ruled it is illegal, and also the spanish authorities will never find out if i dont declare. The modelo 720 overseas asset declaration is it legal or. Ejercicio 20 modelos trimestrales, mensuales y anuales. In the current tax year, all obligated taxpayers must present the informative declaration for the previous year by completing the modelo 720.
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