The
ANNUAL INFORMATIVE TAX RETURN ON ASSETS AND RIGHTS LOCATED ABROAD
by means of form 720, by telematic means, has an open voluntary filing period that goes from January 1 to March 31, referring to the 2017 fiscal year. It is now five years since the entry into force of Law 7/2012 and R.D. 155/2012, rules that regulate this tax obligation.
Taxpayers are individuals and legal entities resident in Spanish territory, whether as owners, representatives or authorized persons, beneficiaries, real owners of the following assets and rights:
- Accounts located in financial institutions abroad, whose combined balances as of December 31 or the average balance of the fourth quarter exceed 50,000 euros.
- Securities, rights, insurance and income deposited, managed or obtained abroad, if their combined value at 31/12 exceeds 50,000€.
- Real estate and rights to real estate abroad. The acquisition value will be reported, and there is an obligation to declare if it exceeds €50,000.
If you filed the return in previous years, you are not obliged to file it again in 2018, unless the balance of any of the groups of assets increases by more than €20,000, as well as cancellations, when someone ceases to be the holder, representative, authorized, beneficiary or with power of disposal, with respect to what was reported in the last return. Assets denominated in currencies other than the euro will have to be valued at the countervalue set by the Bank of Spain on 31/12 of the year declared.
Failure to comply with this information obligation is disproportionately penalized. The minimum penalty for failure to provide information in respect of only one of the three filing obligations would be €10,000.
We remind you that if you own shares deposited abroad that are listed on the stock exchange, apart from the Mod. 720, shall be obliged to notify the Secretary of State for Trade by filling out form D-6.
For any questions or clarification, please do not hesitate to contact this office,
