As a resident in Spain you should complete the 720 form
As a resident in Spain you should complete the 720 form. This form IS ONLY A REPORT AND THER IS NO TAX TO PAY ON IT. HOWEVER NOT TO COMPLETE ON TIME HAS SERIOUS CONSEQUENCES.
The report of assets abroad (720 form) for 2019 will commence next 1st January and will finish on the 31st March 2020. For that reason we are writing to you: to remind you in advance to collect all the information of your assets abroad held at 31st December 2019.
Below you will find the information that will be needed to prepare your 720 form.
If you have never submitted any 720 form before, a 720 form has to be submitted if the values of assets or rights are above 50,000 euros per category of assets.
If you have submitted a 720 form before, a new report will have to be submitted again if:
- There are new assets or rights (properties, bank accounts, shares, life insurances etc.
- The values of assets or rights already reported in between 2012 and 2016 have increased over 20.000 euros per category of assets (exchange rate fluctuation is taken into account when considering the increment of 20.000 euros)
- In certain cases in which ownership in those assets or rights is relinquished.
DOCUMENTATION needed to prepare your 720 form:
- SHARES, TRUSTS, INSURANCES AND ANNUITIES
- Number of shares held at 31st December 2019.
- Valuation of the shares held at 31st December 2019.
- ISIN number (if any).
- Details of the company (name and address).
- Date of acquisition.
- BANK ACCOUNTS
- IBAN bank account number
- Balance at 31st December 2019.
- Average balance of the last three months of the year.
- Opening date of the bank account.
- Details of the Bank branch (name and address).
- Acquisition value.
- Purchase date.
Please do not hesitate to contact us if you have any queries on the above.
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