In the current tax year, all obligated taxpayers must present the informative declaration for the previous year by completing the modelo 720. Sadly, i have to tell them they are now wrong on both counts. This is a declaration of goods and assets located abroad in the following specific categories. Over the past year, i have come across many an expat, not just uk expats, but dutch, belgium and german who have said to me, i am not doing the modelo 720 as the eu has ruled it is illegal, and also the spanish authorities will never find out if i dont declare. If you have previously submitted a form, you only need to declare assets if they have grown a. Information return on assets and rights held abroad. Filling in the modelo 720 for expats living in spain. Firstly, on 15 february 2017, the european commission accepted. We are fast approaching 31st march, the deadline by which residents in spain need to submit their annual form 720 modelo 720 listing their overseas assets, where applicable. Ejercicio 20 modelos trimestrales, mensuales y anuales.
The modelo 720 overseas asset declaration is it legal or. The modelo 720 tax form number 720 was approved on october 29th 2012 as one method to counteract fraud. The intention is that all fiscal residents of spain report details of assets held overseas if they exceed certain values. No tax will be levied on these assets, but the records will be used and compared against income.