Those who are tax resident in Spain (both local Spanish residents and expats resident in Spain) are legally obliged to provide information to the Spanish tax authorities regarding any offshore accounts, offshore investments, and real estate located abroad. It should be noted that tax form 720 does not imply additional taxation (it is an informative form). The deadline is the 31st of March each year.
What information must be included in this form?
There are three groups or blocks; you must complete this tax form if you are a Spanish resident with assets outside of Spain worth over 50,000 € within any one group:
- Offshore accounts in financial institutions, with a total balance (sum of all accounts) higher than €50,000, held as an individual being either owner, holder, representative, authorized recipient, beneficiary or proxy holder, …
- Values, Rights (portfolio investments), life or disability insurances and annuity or temporary revenues, deposited, managed or obtained abroad, with a total balance (sum of all assets of the group) higher than €50,000.
- Real estate or Rights on real estate located abroad, with total values (sum of all assets of the group) higher than €50,000.
The number of co-owners is irrelevant. If any of the mentioned elements is higher than € 50,000, they must be included in the form.
Who needs to complete the form this year?
If you completed the 720 form last year and your circumstances have not changed then there is NO need to complete this form again.
You should complete this form this year if:
- You are a new resident in Spain and this is your first tax year.
- You completed the 720 form on a previous year, but your assets have increased by 20,000€ or more of total assets in any of the groups previously referred to, or that have reached more than 50,000€ in a previously undeclared category in the current year.
Penalties for failure to file
Even though it is merely an informative declaration, taxpayers that fail to declare their assets will be subjected to a fine of not less than 10.000 euros for each asset type. An incomplete filing or with inaccurate data, will also be punished with the same minimum fine. Additionally, if the tax authorities discover hidden assets, these assets could be included in the most recent open tax year, and will involve a fine up to 150% of the value of all the undeclared assets.
Below is a list of recent reviews received from our clients, obtained via the Wufoo client survey platform:
- Darren & Gemma Nesbitt, ValenciaTuesday, September 11, 2018Inmaculada has been of excellent service to us, as a family and in helping to set up a business in Spain. She has now undertaking several project for us and has delivered high quality on all of them. ...Perfect service!
- Patsy Valentin, GranadaTuesday, September 11, 2018Extremely accommodating and highly professional and very pro active. Excellent result and service. Highly recommended.
- Jovie, MalagaWednesday, September 05, 2018My lawyer Alvaro was extremely helpful and very efficient. I would definitely recommend his services to friends.
- Albert Roldan, FranceTuesday, September 04, 2018Alfonso was extremely helpful, particularly since we requested a quick turnaround for the 18 documents needing to be translated from English and French to Spanish.
He was fluent in our phone conver...sations and email correspondence, he never misunderstood what our requirements were. He was was clear in explaining how this process works and what the price included.
I would highly recommend him to anyone needing these services.
- David Grundy, UKFriday, August 24, 2018Jose was very polite and we received an excellent service from him. Nothing was to much trouble and his communication was 2nd to none. Highly recommended!
- Mario Klappholz, Miami, FloridaThursday, August 16, 2018Inma was very helpful, always happy to assist. I particularly appreciated her professionalism. I would not hesitate to recommend her services to friends.
- Daniel Spitzhorn, SpainTuesday, August 14, 2018Miguel in Oviedo helped us during the process of buying a flat in Asturias. He was just brilliant!
- Tracey Iliffe Bradley, UKTuesday, August 14, 2018Rosa dealt with everything efficiently and promptly and went beyond our expectations by helping us to open a Spanish bank account and deal with other minutiae.
- Erslaan Ahmed, BangladeshFriday, August 10, 2018Gave very good advice and provided an excellent solution. Inma is very professional in her work. I would recommend her services to friends.
- John Ryan, Derby, EnglandWednesday, August 08, 2018A perfect relationship between client and professional. Nothing was too much trouble.
Went over and above his job and more. I would only use his services if I need legal services. I were very lucky... to find Jose first time round.
Thank you jose
- Robert Brownlee, Almeria, SpainWednesday, August 08, 2018Everything was as it should be: excellent. Had to pay by bank transfer and maybe would have liked another means of paying.
- Delbecq, FranceFriday, August 03, 2018Cristina, is extremely professional, fast, responsive understand and explain well, she always found appropriate solutions and provide good advices.
She know how to deal and negotiate, and look self...-confident, and make you feel less stress, you can trust here.
The value for money is good, and she is up to date with technologies (mail/google app etc… very practical).
It was a pleasure and a great luck to found here and have here at my side for my case. For anything, i should need a lawyer she will be the one I’ll work with
- Mohamed Nasir, EnglandMonday, July 30, 2018My lawyer Carmen is a nice lady ,very professional. I would like to be her client again if I need a lawyer in the future.
- Michael Harrison, Urb. Camposol Mazarron MurciaFriday, July 27, 2018Maria was extremely helpful and professional, and put herself out to satisfy my needs.
I contacted her on a number of occasions and always had very good advise on costs etc.
Her English was imp...eccable and could always be understood.
- Michael Bates, UKFriday, July 27, 2018Francisco was very easy to deal with. Very professional. Would not hesitate to recommend him to friends.
- Elizabeth Coelho, BarcelonaWednesday, July 25, 2018Oscar was very helpful and really understood my needs.
- Janette Payne, FranceWednesday, July 25, 2018Jaime was quick, made good suggestions about remembering to revoke the power in the future, very responsive - changing a meeting to suit our timetable - and even took us round to a DHL office and arra...nged for the document to be courriered after it was signed.
- Janet/Alex Olsen, NewcastleWednesday, July 25, 2018Overall the service provided by Oliver was exceptional.
My mother and I couldn't of asked for more from him as he sorted out our family affairs. His attitude, attention to detail and promptness wh...ile helping us were second to none.
His English is top notch and his way of explaining and or guiding you through what needs to be done makes the whole experience easier than expected.
We'd recommend Oliver to anyone in need of his expertise while dealing with issues in Tenerife.
- Neil Linter, LondonTuesday, July 24, 2018Cristina immediately understood our requirements and was essential in guiding us through a very tricky process.
- Jason Yorke, United KingdomThursday, July 19, 2018Beatriz was really helpful and always kept me informed at all stages. She is very professional and a pleasure to deal with.
- Mr David P Robson, ValanciaThursday, July 12, 2018My lawyer Francisca offered value for money and was very helpful. Will use her again.
- Richard Day, London and BarcelonaThursday, July 05, 2018My initial call to your service desk was responded to by Oscar very quickly.
I appreciated his time as I outlined my issue, a problem with the building community and administrators. At the end of ...the call he provided clear guidance on next steps.
Furthermore he quickly turned around the issue with an excellent drafted response for which I could not of hoped to be better worded. It was comprehensive and aligned perfectly with what I felt was needed.
Excellent value for money and most definitely I would highly recommend Oscar.
- Søren Aabel Hammer, MalagaThursday, July 05, 2018Beatriz was professional and quick to respond. Would definitely recommend to friends.
- Patrick Crean, AlmerimarThursday, July 05, 2018Juan was fantastic. Very easy to understand and very pleasant. I would definitely use his service again.
- Damien Stephan, BenidormThursday, July 05, 2018The whole process from start to finish was straightforward and well explained. I honestly cannot recommend them enough!
They really went out of their way to be helpful and kept me up to date at ev...ery opportunity. Excellent value for money from some really nice and genuine people. True professionals.
Wouldn’t hesitate to use again in the future.
- Claire, FuengirolaWednesday, July 04, 2018Alvaro assisted me during my experience at advocate abroad, and he was so kind. He answered any questions I had, and made me feel completely at ease.
I knew I was in the hands of a professional. H...e could not have done more to help me.
- Paul and Joyce Rose, Mijas, MalagaWednesday, July 04, 2018Extremely helpful and very professional. Will definitely use Alvaro next time we require legal advice.
- Nigel Whinnett, Esher, UKWednesday, July 04, 2018Professional, friendly, efficient service, good value, a pleasure to use the services of the lawyer and his team. In depth knowledge of the relevant laws, taxes etc.
Would highly recommend and use ...again.
- Claire O'Gara, FuengirolaWednesday, June 27, 2018I liked Alvaroós enthusiasm, and the great level of customer service. He always answered my questions thoroughly.
- Mrs Susan Vickery, Silves, PortugalTuesday, June 26, 2018Good advice, very helpful and fast. Would definitely recommend Luis to friends.