Model 720, assests report over 2025
Only for clients that are fiscal residents in Spain!
This is tax information for all customers that have obtained residency in Spain in the year 2024 after 1of July or before 1 of July of the year 2025, and are liable for income taxes in Spain over the year 2025 or those who in the year 2025 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 2025 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 decrease or increase in wealth for an amount over 25.000,-€ in 2025.
For new residents in 2025:
Asset report declaration before the end of March 2025 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, the banks registy code at the national bank of the country the bank is located, the bank´s head office postal address, the balance on the 31st of December 2025, 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. the tax ID of the financial product, the company name and address, number of shares, date of purchase and the value on the 31st of December 2025.
- For Real Estate: Purchase date, property address and the purchase value.
We advise you to make a breakdown with all your assets abroad according to the above info, then we will be able fill out the form on your behalf.
Remember that the limit for each block is 50.000,-€. For example; if you have 3 foreign bank accounts with each an amount of 20.000,-€ on it, you need to report these 3 bank accounts to the Spanish tax office, as the sum of the 3 account is over the limit of 50.000,-€. The same is for the other groups to report, 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 to the Spanish tax office 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 2025.
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 in the case of an asset not reported and the Spanish tax office finds out about the not declared asset at a later stage, might result in a fine.
