Tax Form 720. Obligation for Spanish tax residents in 2013 to report on assets held abroad
12 Feb. 2014
For the second year, taxpayers Resident in Spain must comply with the reporting obligation on assets held abroad which submission deadline is next 31st March.
Those who submitted tax form 720 last year are obliged to report again this year only in case there is an increase of the value above 20.000 euro for each group. Those who became tax resident in Spain in 2013 owning foreign assets worth 50.000 euro or more must report now, and those who were tax Resident in 2012 and did not reach the limit to report but their assets abroad worth 50.000 euro or more in 2013 must also report now.
Three different reporting obligations in only one Tax Form
Who must report? All tax Residents in Spain: individuals (including foreign citizens Resident in Spain for tax purposes), companies, permanent establishments, heritages, partnerships, etc.
When? 2013 is the second year to report. The Form must be submitted from 1st January to 31st March 2014.
What information must be reported? There are three different groups: a) bank accounts, b) securities, insurances, etc., and c) real estate properties. These must be reported in case the value of any of the groups exceeds 50.000 euro for the first time, or has increased in 20.000 euro with respect to previous year for subsequent periods.
How this information must be reported? Tax Form 720 can only be submitted electronically.
For further information, please check our newsletter released last February 2013 clicking on the link below: