Last year the
government approved the 720 model, an informative declaration about assets abroad.
We recall that this model must be submitted by the taxpayers (whether they are
individuals, corporations, permanent establishments and joint ownership companies)
living in Spain who own properties or assets abroad by at least EUR 50,000
value taken individually (click here
to check our previous post about the report of assets abroad))
Among these assets we can mention: accounts or financial products, securities, life insurances, annuities and private pensions to name a few of them. The information listed in the current presentation is referred to 2013 and the deadline to submit the form is March 31.
The question that arises is, do I have to submit the model if I already did it last year?
Once submitted the declaration of Model 720 for one or more of the reporting obligations contained therein, the 720 form must be resubmitted when in relation to one or several of these obligations there is an increase on the limit set for each block of more than 20,000 Euros in respect of the figures included in the statement that obliged you to fill up the last informative report of assets abroad.
That is, if we included the presentation of 2013 balances of bank accounts abroad, we are obliged to make a declaration in 2014 if the sum of the balances of all of them has increased by more than 20,000 Euros. To determine the increase, the aggregate balance of the last quarter of 2013 and the same to December 31, compared to the previous year will be taken.
There will also be to file again the report of assets abroad if changes have occurred with respect to the ownership of the goods specified in the previous year or there are new assets not included in the last year form that worth jointly more than 50,000 Euros.
Among these assets we can mention: accounts or financial products, securities, life insurances, annuities and private pensions to name a few of them. The information listed in the current presentation is referred to 2013 and the deadline to submit the form is March 31.
The question that arises is, do I have to submit the model if I already did it last year?
Once submitted the declaration of Model 720 for one or more of the reporting obligations contained therein, the 720 form must be resubmitted when in relation to one or several of these obligations there is an increase on the limit set for each block of more than 20,000 Euros in respect of the figures included in the statement that obliged you to fill up the last informative report of assets abroad.
That is, if we included the presentation of 2013 balances of bank accounts abroad, we are obliged to make a declaration in 2014 if the sum of the balances of all of them has increased by more than 20,000 Euros. To determine the increase, the aggregate balance of the last quarter of 2013 and the same to December 31, compared to the previous year will be taken.
There will also be to file again the report of assets abroad if changes have occurred with respect to the ownership of the goods specified in the previous year or there are new assets not included in the last year form that worth jointly more than 50,000 Euros.
For further details do not hesitate in contact VP Advisers and remember the cosultation is free.
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