When do I have to file Form 720?

Form 720 has to be filed in March of the year following the year of assessment.

The purpose of this Form is to to report the assets and rights held overseas by Spanish Residents.

There are three different groups of assets: Bank accounts, investments, and properties.

In general, if the value of any of this group is higher that 50.000 Euros, an individual is obliged to file the Form 720.

For subsequent years, a filing obligation will arise in the case that the value of any previously reported group increases in more than 20.000 Euros, or if there is any cancelation/sold of any of the assets previously reported, or in case that the value of a unreported group reaches 50.000 Euros.

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