Form 720-deadline approaching: Do you live in Spain and have assets abroad?
Monday, March 21, 2016 @ 2:04 PM
If so, you may need to fill in Form 720 which is a declaration for all fiscal residents in Spain (Spanish people and foreigners alike) detailing the assets which they hold outside of Spain – so not just in the UK, anywhere in the world.
As a basic rule, someone is a fiscal resident in Spain if they spend more than 183 days in the calendar year living here.
There has been much talk in the press of late regarding changes in the obligation to make this declaration, but at the present time nothing has been officially changed, so those that need to file this form should do so straight away.
The form itself relates to foreign assets held at 31st December 2015 for those people who were fiscal residents in Spain during that tax year. There are three main categories of assets which may need to be included:
- bank and building society accounts
- real estate
- shares and securities.
If the value of your assets in any one of these categories was greater than 50,000 euros at 31/12/2015, then all of your assets (ie in all three groups) need to be declared.
If you are unsure which assets need to be declared, or if you do indeed need to make this declaration or not, then please contact us so that we can assist you in submitting the forms if necessary, by the 31st March 2016 deadline.