Goods and Assets Abroad
Declaration of Goods and Assets Abroad: What Every Spanish Tax Resident Should Know
If you are a tax resident in Spain and hold accounts, properties, or investments abroad, you are legally required to declare those goods and assets abroad to the Spanish Tax Authorities.
At Fuster & Associates, we help you comply with this obligation through Form 720, avoiding penalties and ensuring full transparency under Spanish tax law.
What Is the Declaration of Goods and Assets Abroad?
The declaration of goods and assets abroad is a reporting obligation for Spanish tax residents who own assets located outside of Spain. It is submitted via Form 720 and, while it does not involve immediate taxation, it is a mandatory disclosure for fiscal transparency.
Goods and assets to be reported include:
- Foreign bank accounts
- Real estate located outside Spain
- Stocks, funds, or life insurance policies
- Any other foreign rights, income, or assets with economic value
Who Is Required to Declare Goods and Assets Abroad?
Spanish Tax Residents
You must file Form 720 if the total value of your foreign assets exceeds €50,000 in any of these categories: bank accounts, securities/insurance, or real estate.
Non-Resident
Non-tax residents are not required to file Form 720, but they may have other fiscal obligations depending on their income or assets in Spain.
Requirements and Documentation Needed
To properly file Form 720, you will need:
NIE and proof of Spanish tax residency
Statements of foreign bank accounts
Deeds or registration documents for overseas real estate
Evidence of stocks, funds, or life insurance
Asset valuations as of December 31 of the fiscal year
Goods and Assets Abroad Declaration Process
Step 1: Fiscal Assessment
We confirm whether you’re required to file and which asset categories are relevant.
Step 2: Gathering Documentation
We guide you through collecting the required documents in the proper format.
Step 3: Asset Valuation
We calculate the asset values as of the end of the tax year.
Step 4: Filing Form 720
We file your declaration electronically on your behalf.
Step 5: Ongoing Advice
We follow up annually in case new assets are acquired or values increase.
Common Mistakes and How To Avoid Them
- Failing to submit Form 720 due to lack of awareness
- Filing after the deadline (which may result in penalties)
- Reporting incorrect values or incomplete documentation
- Not updating the declaration when assets change in value or number
With Fuster & Associates, you avoid these mistakes thanks to precise and personalized tax assistance.
Benefits of Professional Advice from Fuster & Associates
✔ Avoid severe fines and penalties
✔ Ensure full compliance with Spanish fiscal requirements
✔ Advice in your own language and tailored to international clients
✔ Continuous support for changes in law or personal wealth
✔ Peace of mind and legal security
Let Us Handle the Process for You!
At Fuster & Associates, we have a team of immigration experts with extensive experience in processing the Spanish Income Tax Return. We know how to avoid common mistakes in document submission, ensuring that each application meets all the necessary requirements to maximize the chances of approval. From document collection to filing appeals in case of denial, we handle everything so you can enjoy your new life in Spain stress-free.
If you are planning to settle in Spain in areas such as San Juan de los Terreros, Pulpí, Los Alcázares, La Zenia, Teulada, and Finestrat, our firm has strategically located offices to provide you with a personalized and close service. We have in-depth knowledge of the consular and administrative procedures specific to each region, ensuring a smooth and efficient process.
At Fuster & Associates, our team of immigration specialists will support you at every stage of the process to guarantee a successful application. From document preparation to handling appeals, we take care of everything so you can start your new life in Spain with peace of mind.
✉️ Contact us today and start living your new life in Spain with all the legal peace of mind you need.
FAQS
Frequently Asked Questions
What is Form 720?
It’s an informative declaration for Spanish tax residents who hold goods and assets abroad.
When is Form 720 filed?
Between January 1 and March 31 of the year following the fiscal year in question.
Do I need to file every year?
Only if you acquire new assets or the value of existing ones increases by more than €20,000.
What happens if I don’t file it?
You could face substantial penalties, although recent EU rulings have led to reductions in excessive fines.
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