The deadline to submit the Form 720, "Informative statement on assets and rights located abroad" for the year 2021 is on March 31st.

Who is obliged to fill this form?
Every natural and legal person residing in the Spanish territory, as long as 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 present the declaration for the year 2021 if any of these circumstances is given:

  • If any balance set of any of the categories reported in the last declaration, has experienced an increase of 20,000 €.
  • If the ownership of any of the goods declared before has been lost.


When do you need to submit it?
The deadline will be between January 1st and March 31st, 2022. The transmission of the informative statement has to be done electronically.


We inform you that January 27 a press release from the CJEU was published in relation to the Spanish legislation that obliges tax residents to declare their assets or rights located abroad, and the Court considers that this obligation is contrary to law. of the Union. The Judgment addresses three issues of interest:

  • In the event of the existence of undeclared assets abroad, the rule considered that prescription of income could not be claimed. The Court considers that this rule violates the fundamental requirement of legal certainty.
  • Regarding the 150% penalty for undeclared income, the Court considers that this penalty is extremely repressive in nature and therefore constitutes a disproportionate impairment of the free movement of capital.
  • Thirdly, it considers that the Spanish legislator failed to comply with the obligations incumbent on it by virtue of the free movement of capital by sanctioning the breach of the declaration obligation by form 720.

Should you have any questions or need more information please contact TAX Economists and Lawyers.

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