Reporting foreign assets (Modelo 720)

It is for anyone considering, planning or carrying out a move to Spain. You will know whether you must declare foreign assets, how to value them and what to do about a missed year.

Start with "Who must declare foreign assets (Modelo 720) and when". It sets out the thresholds, the categories of assets and the deadline. After that, read the pages on valuing accounts, shares and property, on late filing and penalties, and on what Hacienda already knows about your foreign accounts.

Hacienda notices and appeals, and the declaration of crypto assets, are not covered here.

Key rules

• New declaration: After your first filing, you file again for a category only if its value rises by more than 20,000 EUR over the last declared value, or if you sold or closed a declared asset.
• Threshold: Each of the three categories (accounts, securities and insurance, real estate) is tested separately, and you must declare a category when its total value is above 50,000 EUR.
• Late filing fine: Filing late on your own, before Hacienda asks, carries a fine of 20 euros per data item with a minimum of 300 euros.
• Filing window: You file online between 1 January and 31 March of the year after the year being reported.
• Limitation period: Hacienda can normally go back 4 years, and the old rule with no time limit no longer applies.
• Accounts: Report both the 31 December balance and the last-quarter average balance; the larger one is used for the threshold test.

Documents you may need

• Your income tax return — What Hacienda already knows about your foreign accounts (CRS and FATCA)

• Your NIF — What Hacienda already knows about your foreign accounts (CRS and FATCA)

Reporting foreign assets (Modelo 720): questions that cross several articles

Do I still have to file Modelo 720 if I am under the Beckham regime?

No, while the Beckham regime applies you do not have to file Modelo 720, because you are taxed as a non-resident on Spanish income. Once you leave the regime, the duty to file starts, if a category is above the limit. Read "Who must declare foreign assets (Modelo 720) and when" for the limits.

Are the old Modelo 720 penalties still in force after the EU court ruling?

No, the 2022 EU court ruling led Spain to scrap the 150% fine and the rule with no time limit, but the duty to file remains. Ordinary fines and ordinary time limits now apply. Read "Missed a foreign asset declaration? Late filing and penalties" for what that means for earlier years.

If Hacienda already gets data on my foreign accounts, do I still need to file?

Yes, you still have to file Modelo 720 if you are a Spanish tax resident and a category is above the limit, whatever Hacienda may already know. Automatic data exchange only makes unreported accounts easier to spot. Read "What Hacienda already knows about your foreign accounts (CRS and FATCA)", then "Missed a foreign asset declaration? Late filing and penalties" if you have missed a year.

Do I have to declare an account I only have signing power over?

Yes, you may have to declare it, because the duty covers owners, beneficiaries, authorised persons and people with power of disposal. The same category limit applies. Read "Who must declare foreign assets (Modelo 720) and when" to see who counts, and "Valuing foreign accounts, shares and property for the declaration" for how to value it.