The “Modelo 720” form, is a declaration of overseas assets., that is to say, assets held outside of Spain. Spanish tax residents are obliged to fill out this 720 Form and make the Spanish tax office be aware of your fiscal activity in other countries.

The Modelo 720 was introduced in November 2012. The intention was that all fiscal residents of Spain report details of assets held overseas if they exceed certain values. No tax will be levied on these assets, but the intention of the Tax Office is to use this information in comparison against income tax returns, to ensure that income generated from these assets is being reported, which is typically not reported. Rental income, interests from banks, dividends from shares, etc. can be taxable in Spain and the Spanish authorities don’t want you to forget it when you fill out your tax return. Download this free resource and you will be able to know if you are compelled to complete a ‘’Modelo 720’’  or not just answering a very quick test.