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Fargas
Tax and Labour Advising Barcelona

Spanish Tax Administration approves Model 720 on declaration of assets abroad

If you were a resident in Spain in 2012 for more than six months, or you have a Spanish company, this year there is a new obligation of providing relevant information to the tax office concerning your assets abroad. Virtually any kind of assets in foreign countries will need to be declared, but the law focuses on three groups: Bank accounts or deposits. Insurances, securities and payment systems. Real estate. In case that the sum of the elements of any of this groups exceeds 50.000.- (according to balance at 31st of December in bank accounts and similar assets, and to acquisition price in real state), all the elements of that group will need to be declared, no matter how many shareholders they have. The obligation is extended to authorized users and beneficiaries of bank accounts. It also applies to beneficial owners and title holders of rights in rem on immovable property. Nonetheless, there are some exceptions defined by the law for the assets registered in the accountancy. It must be declared this year within February and April (within January and March from next year on). Being a mere informative statement, it wont be taxed, but it will have a great repercussion on what the Tax Office knows about us in order to seize substantial data concerning our tax returns. The taxpayers that fail to declare their assets through Model 720 will be subject to a penalty of not less than 10.000.-. On the other hand, fiscal fraud detected by this means will imply a fine up to 100% of all the undeclared assets. We remain at your disposal for any further enquiry on this subject.

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