Tax residents in Spain will be required to file a Form 720 in the following cases:
- If the form has never been filed before, if the value of any of the groups of assets previously described exceeds the value of 50,000 Euros.
- If the form has been previously filed and there has been an increase of 20,000 Euros in any of the groups already informed, or if any of the groups have not been yet informed, when it happens to have a value greater than 50,000 Euros.
- The ownership of goods, assets or rights informed in a previous form is extinguished.
Individuals who are considered non-tax residents in Spain, nor those who, even though they are tax residents in Spain, have opted for the Special Tax Regime (known as the Beckham Law) will not be required to submit form 720.
The obligation to file form 720 must be fulfilled between January 1 and March 31 of the year following the end of the tax year to which the return refers.