The deadline for submitting the 2019 informative declaration of assets and rights located abroad (Form 720), approved by Order HAP/2194/2013 of 22 November, is 31 March 2020.
In general, natural or legal persons resident in Spain who hold assets and rights located abroad that give rise to the obligation to file this return are required to do so.
You must provide details of three different categories of assets and rights located abroad:
a) Accounts with financial institutions. Cash accounts held abroad where the persons subject to the obligation are the legal account holders, beneficial owners, authorised representatives, representatives, beneficiaries, or have powers of disposal.
b) Securities, rights, income and insurance policies held, managed or obtained abroad.
c) Immovable property and rights in rem over such property situated abroad.
Generally speaking, there is no obligation to file a tax return if the total value of the assets and rights in each of the three asset categories, considered individually, does not exceed €50,000 (in other words, a person may be exempt from filing a return for one category of assets but required to do so for another). When calculating the aforementioned limit, the total value of the assets must be taken into account, regardless of the share held by each liable party.
We would also like to inform you that, if you were required to file Form 720 in previous tax years, for the 2019 tax year you will only be required to submit this return if any of the following circumstances apply in any of the three different sections that determined the need to file the last return:
a) had increased by more than 20,000 euros.
b) The assets in respect of which there was an obligation to file a return in previous financial years are no longer held.
As always, we are here to help with any questions or queries you may have.
