2/17/2025
The deadline to submit the Form 720, "Informative statement on assets and rights located abroad" for the year 2024 is on March 31st.
Who is obliged to fill this form?
Every natural and legal person residing in the Spanish territory, if they exceed 50.000€ for each of these categories:
- Accounts in credit institutions
- Values, funds, insurances and income
- Properties and rights on real estate
Those taxpayers who have already given a declaration for a past year will be required to submit the declaration for the year 2024 if any of these circumstances is given:
- If any balance set of any of the categories reported in the last statement has experienced an increase of more than 20,000 €.
- If the ownership of any of the goods declared before has been lost.
When do you need to submit it?
You will have to submit it between January 1st and March 31st, 2025. The transmission of the informative statement must be done electronically.
News:
According to Law 5/2022, from March 9th, the necessary amendments were introduced to adapt the model 720 legislation to the European law.
This law modifies Law 27/2024, of November 27th, on Corporate Tax, and the Revised Text of Non-Resident Income Tax, approved by the Royal Legislative Decree 5/2004, of March 5th, with reference to hybrid asymmetries.
We highlight:
- Repeal of the 150% penalty (Single repealing provision)
- Elimination of fixed fines from 100€ to 5.000 €/data (Fourth final provision)
- Elimination of unjustified patrimonial gains and imprescriptibility due to failure to submit form 720 (Fifth final provision)
To get more information and advice, do not hesitate to contact TAX Economists and Lawyers.