Residents in spain who owns goods abroad. duty to inform the spanish tax authorities model 720

This duty to inform refers to the fiscal year of 2017 and ends on the 02/04/2018

This duty concerns all owners of goods in foreign countries, originating from inheritances, to residents´ associations, either if you own 100% or only a part together with third-parties.

The information that must be supplied is:

  • Bank accounts, holders and authorized persons to manage and operate the account.
  • Capital in form of shares, funds, bonds or any stock value, life or disability insurances and temporary or annuity.
  • Real estate
  • There’s no duty to inform about a bank account when its balance is less than 50.000€ on Dec 31st and when the average balance of the year’s last quarter is less than 50.000€. This quantitative limit is also applied to the values of the sections b) and c)
  • During the following years, it will only be obligatory to inform if the bank account’s balance has increased with more than 20.000€ on Dec 31º, or if the average balance has increased with more than 20.000€, in comparison to the last declaration. This quantitative limit is also applied to the values of the sections b) and c)
  • In case one doesn’t fulfill this duty to inform, one could be sanctioned with penalties of minimum 10.000€

 

Louise Malmberg y Alejandro Espada Gerlach (in colaboration)

a.espada@espadagerlach.com & louisemalmberg@espadagerlach.com