Form 720 Spain: Expert filing for expats
Spanish tax residents must declare every year foreign assets exceeding €50,000 per category by March 31st. Our expert team ensures compliant Form 720 filing, protecting you from penalties.
Professional Form 720 Spain filing services
Form 720 Spain represents one of the most critical tax compliance requirements for expats living in Spain. As Spanish tax residents, you must declare all foreign assets exceeding €50,000 per category - including bank accounts, financial investments, and real estate. With the March 31st deadline approaching fast and penalties, professional guidance has never been more essential.
Why Choose Manor Tax for Your Form 720?
- Specialized expertise in expat tax compliance
- Complete filing in Spanish with all technical requirements
- Integration with your IRPF and wealth tax obligations
- Protection from penalties through accurate reporting
Understanding Model 720 Spain requirements
The tax form 720 requires comprehensive reporting across three distinct categories, each with its own €50,000 threshold. If any category exceeds this amount, you must declare ALL assets within that category - a detail that catches many expats off guard.
Following the EU court ruling, Spain reformed its penalty regime. While penalties decreased, the compliance requirements remain complex. Additionally, cryptocurrency holdings now require separate Form 721 filing if exceeding €50,000.
Who Must File Form 720?
Spanish tax residents - those spending more than 183 days in Spain or having their centre of vital interests here - must comply with Form 720 requirements. This includes:
- Property owners with foreign real estate
- Retirees with overseas pensions and investments
- International executives with foreign bank accounts
- Digital nomads (unless under Beckham Law)
- Investors with international portfolios
Three Asset Categories Requiring Declaration
1. Foreign Bank Accounts
- Current and savings accounts
- December 31st balance reporting
- Average Q4 balance calculation
- Joint accounts require full value declaration
2. Securities and Investments
- Stocks, bonds, and mutual funds
- Life insurance and investment bonds
- Trust interests and beneficial ownership
- ETFs and alternative investments
3. Real Estate Abroad
- Full and fractional property ownership
- Usufruct and beneficial rights
- Complete address and cadastral details
- Acquisition date and cost basis
Common Form 720 Filing Mistakes We Help You Avoid
Our expertise in model 720 Spain compliance helps clients navigate the most frequent pitfalls that trigger penalties and audits:
Critical Errors to Avoid:
- Residency miscalculation: Incorrectly counting days in Spain
- Incomplete reporting: Missing joint accounts or dormant assets
- Currency conversion: Using wrong exchange rates
- Update requirements: Failing to file when assets increase €20,000+
- Integration failures: Inconsistencies with income tax returns
Our Form 720 Spain Service Process
Manor Tax has developed a streamlined process to ensure accurate and timely Form 720 filing:
Initial consultation
We assess your residency status and identify all reportable assets
Document gathering
Our team provides a comprehensive checklist tailored to your situation
Professional preparation
Expert completion in Spanish with all technical requirements
Review and validation
Double-checking for accuracy and completeness
Electronic filing
Submission through the official Tax Agency portal
Confirmation and records
Providing you with all filing documentation
Special Considerations for Different Expat Profiles
UK Expats After Brexit
Brexit has not changed Form 720 requirements for UK nationals residing in Spain. Whether you arrived before or after the transition period, the same asset declaration rules apply. Our team specializes in helping British expats navigate these requirements alongside wealth tax considerations.
American Citizens
US expats face unique challenges with Form 720, particularly regarding retirement accounts like 401(k)s and IRAs. We coordinate your Spanish filing requirements with US tax obligations, ensuring treaty benefits are properly applied.
Digital Nomads
Spain's digital nomad visa holders may qualify for Beckham Law benefits, providing Form 720 exemption. However, family members must still comply if they meet residency thresholds.
Penalties and Enforcement in 2025
While EU intervention reduced penalties from their previous draconian levels, non-compliance still carries serious consequences:
Violation type | Penalty amount | Details |
---|---|---|
Late filing | €300 minimum | penalty for late filing |
Serious violations | Up to €20,000 | for serious violations |
Incorrect data | €20 per incorrect data item | Each error counts separately |
Voluntary disclosure | 50% reduction | for voluntary disclosure |
Integration with wealth and income tax audits
Why Professional Assistance is Essential
Form 720's complexity extends beyond simple asset listing. The integration with Spain's broader tax system requires expert knowledge of:
- Spanish tax residency rules and day counting
- Treaty analysis for pension and investment income
- Coordination with annual tax returns
- Wealth tax threshold calculations
- Inheritance tax planning implications
With enhanced international information exchange through CRS and bilateral agreements, Spanish authorities now receive automatic reports from financial institutions worldwide. This makes accurate voluntary compliance more critical than ever.
Do not Risk Penalties - Get Expert Form 720 Help
The March 31st deadline approaches quickly. Our specialized team ensures your Form 720 compliance while maximizing available protections.
Additional Resources for Model 720 Spain
Understanding Form 720 requirements forms part of comprehensive Spanish tax compliance. Explore our related services to ensure full optimization of your tax position:
- Model 720 detailed guide
- Investment tax optimization
- Spanish inheritance tax planning
- Official Tax Office information: sede.agenciatributaria.gob.es
- European Commission tax information: ec.europa.eu
Need Immediate Help?
March 31st deadline approaching! Our experts are ready to assist with your Form 720 filing.
Contact Us Today