Model 720, assests report over 2021
This is tax information for all customers that have obtained residency in Spain in the year 2021 or who in the year have obtained more wealth and reached any of the levels as indicated below.
And also there is information for those customers who are resident from before 2021 and have presented a model 720 assets report in the past but there has been a modification in their wealth or those who have had an increase in wealth of any kind in 2021.
For new residents in 2021:
Asset report declaration before the end of March 2022 for those who have more than 50.000 € wealth abroad in one of this blocks:
1. Bank accounts abroad,
2. Stocks, bonds, values, financial rights, and savings in insurance companies, deposited, managed or obtained abroad
3. Real Estate and rights over Real Estate abroad.
For the accounts it is necessary to provide: IBAN, BIC code, Bank Address, the balance on the 31st of December 2021, the average balance of the last quarter of the year and the date when the account was opened.
For stocks, Bonds, Shares, pension plans etc. Tax ID of the financial product, company name and address, number of shares, date of purchase, value on the 31st of December 2021.
For real Estate: Purchase date, address, purchase value.
We advise you to make a breakdown with all your assets abroad according to the above info, then we will fulfill the form on your behalf.
Remember the limit is 50.000 € for each block. For example if you have 3 bank accounts with 20.000,-€ each, you need to report this, as the sum is more than 50.000,-€. The same is for the other groups, what counts is the sum of the value per group.
If you’re under this 50.000,-€ level, do not worry because it won’t be necessary to make the assets report declaration.
For residents in Spain that have presented an assets report modelo 720 in the past.
In the case that you have had an increase or decrease of 20.000,-€ or more in any of the mentioned groups, you need to present a modelo 720 to communicate this. Or if you have now reached a 50.000,-€ of value in a group that you did not report before, you need to present a modelo 720 to report this. This needs to be presented before the end of March 2022.
Do not hesitate to contact us if you require further information or additional clarification.
If you have any doubt whether to report an asset or not, please consult us, as fines for an asset not reported that the tax office finds out about at a later stage, might result in a fine.
