The “modelo 720” form is basically a declaration of overseas assests for people living in Spain, that is to say, assests held outside of Spain. Spanish tax residents are obliged to dill out this 720 tax form and make the tax authorities (Hacienda) aware of their fiscal activity in other countries. Let´s break down this process which can seem complicated but is, in fact, fairly simple if you follow some simple instructions.
Do I need it?
All physical or legal persons resident in Spain who own assests outside of the country with total value of more than 50.000€ on 31st December of the previous year must submit Form 720.
when and how to submit the Modelo 720 in 2022
This declatarion of your overseas assests must be submitted via the Modelo 720 form. This form is only available online. It mus be submitted between 1st January and 31st March of the year following that for you which the information must be reported.