Tax Calendar
Form 720
Informative declaration of assets and rights held abroad — bank accounts, securities and real estate outside Spain.
Informational content updated to 2026. Deadlines, amounts and percentages shown on this page may change due to regulatory updates. For your specific case, please consult with our certified professionals before taking action. Schedule free consultation →
What is Form 720?
Form 720 (Modelo 720) is the mandatory informative declaration of assets and rights located abroad held by individuals or companies who are tax residents in Spain. It is a purely informative obligation: Form 720 does not assess any tax or generate a direct payment.
There are three categories of declarable assets: (1) bank accounts at foreign financial institutions; (2) securities, rights, life insurance or annuities deposited at foreign entities; (3) real estate located abroad and rights in rem over such property.
The Form 720 penalties regime was reformed by Law 5/2022 following the CJEU ruling of 27 January 2022 (Case C-788/19), which found the prior sanctions disproportionate. The penalties currently applicable differ significantly from the previous ones and depend on the specific circumstances of each case. For any matter related to Form 720, we strongly recommend consulting our specialists in international taxation.
Who must file?
- Individuals and companies tax-resident in Spain who are holders of or authorised signatories on foreign bank accounts with a balance exceeding €50,000 at 31 December (or where the maximum balance during the year exceeds this threshold).
- Spanish tax residents holding securities, shares, investment funds, life insurance or annuities at foreign entities with a value exceeding €50,000.
- Spanish tax residents owning real estate abroad with an acquisition value exceeding €50,000.
- The €50,000 threshold applies independently per category (categories are not aggregated).
Exceptions and exemptions:
- Those who previously filed Form 720 and the value of their assets has not changed by more than €20,000 from the last declared value in each category.
- Those with foreign assets below the €50,000 threshold per category.
- Certain entities may benefit from additional exemptions depending on their legal nature. Consult our specialists in international taxation to confirm whether your entity qualifies.
When is Form 720 filed? Deadlines 2026
Form 720 is filed once a year, from 1 January to 31 March, reporting assets and rights held abroad as at 31 December of the previous year.
| Period | Deadline |
|---|---|
| Full calendar year | By 31 March of the following year Form 720 for 2025 is due by 31 March 2026. |
A new filing is only required if the thresholds are exceeded for the first time, or if the value in an already-declared category has changed by more than €20,000 from the last filed return.
How GCT1 handles it for you
- 1 We review the documentation you provide to determine which assets exceed the declarable thresholds and whether a new filing is required relative to the prior year.
- 2 We prepare the declaration with all required data per category (accounts, securities and real estate) and share it with you for review.
- 3 We advise on the applicable penalty regime following the Law 5/2022 reform and any specific implications for your case.
- 4 We file Form 720 electronically before 31 March and send you the confirmation receipt.
- 5 We handle any subsequent AEAT enquiry or compliance check relating to the declared assets.
Required documentation
- Foreign bank statements showing year-end balance and maximum balance during the year.
- Certificates of foreign securities or investment funds with value at 31 December.
- Purchase deeds or documents for foreign real estate with the acquisition price.
- Life insurance or annuity contracts at foreign entities.
- Details of each foreign institution: name, country, foreign tax ID if applicable.
Penalties for non-compliance
- Since Law 5/2022, which brought the form into line with the EU Court of Justice ruling of 27 January 2022 (case C-788/19), Form 720 no longer has its own penalty regime: the general regime of the General Tax Law for information returns applies.
- Late filing or failure to file (Art. 198 LGT): a fixed fine of €20 per data item or set of data, with a minimum of €300 and a maximum of €20,000. If you file late voluntarily, without a prior request from the tax office, the fine and its limits are halved.
- Incomplete, inaccurate or false filing (Art. 199 LGT): a fixed fine per affected data item, under the general regime for information returns.
- Penalties apply separately to each of the three reporting blocks: accounts with financial institutions, securities, insurance and annuities, and real estate.
- The former fines of €5,000 per data item (minimum €10,000), the 150% penalty and the rule taxing undeclared assets as a capital gain in the oldest non-time-barred year have all been abolished.
What remains: if the tax office finds assets whose ownership does not match your declared income or wealth, it can treat them as an unjustified capital gain; you can avoid this by proving you already owned them in a time-barred year. Cryptoassets held with foreign custodians are not reported on Form 720 but on Form 721, with the same filing deadline.
Last reviewed: June 2026. Tax regulations change frequently — check our tax calendar or contact our professionals for advice tailored to your situation.
GCT1 handles your Form 720 for you
We prepare, review and file on time. Free first consultation.