Since the Spanish Tax Authorities (AEAT) put in place in 2012 the World-Wide Assets Declaration (Modelo 720) is a headache for ex-pats with offshore wealth, and unfortunately, even a reason to think twice before buying a home in Spain.

This form states that a tax resident in Spain who has assets and property located overseas has the obligation to inform of these on the Form 720.

We at UK Tax Refund have gained enough expertise in this field so we can help and assist you throughout the entire process. Find below how it works and what we can do for you.

LIMITS WHICH ESTABLISH THE OBLIGATION TO SUBMIT THE WORLDWIDE ASSET DECLARATION (FORM 720) FOR THE FIRST TIME

You are liable to submit the Form 720 if you have Oversea Assets and the following apply:

• All balances on 31st December in Bank/Building Society accounts which together are the equivalent of 50,000€ or more.
• Values, Rights, Shares and Investment Trusts, Insurance Premiums when the balance of these, the liquidation value of the fund, the surrender value or capitalization value on the 31st December is the equivalent of 50,000€ or more.
• Purchase or acquisition value of Real Estate/Property or Rights on Real Estate that is the equivalent of 50,000€ or more.
• Having previously submitted the Form 720 you may also have the obligation to report certain changes if they occur. For example, closure of bank accounts, variation/increase in value of 20,000€ or more of assets previously declared, disposal of assets previously declared.

WHAT TO DO NEXT?

If you need to complete the Form 720 either for the first time or report changes in assets previously declared and /or have any queries or questions then please get in touch with us. At UK Tax Refund, you will find dedicated professionals specialized in international taxation and, more specifically, in tax Form 720 Spain.

Thanks to our experience we have gained in-depth knowledge of the characteristics, case studies and consequences of submitting the information return on assets held abroad or not doing so.

We submit this form for all kinds of clients, both individuals and tax consultancy and management firms who ask for our assistance or outsource us their more complicated Form 720 Spain cases.

We will be happy to be of assistance.