Tax form 720

Raymundo Larraín Nesbitt, February, 1. 2024

Marbella-based Larraín Nesbitt Lawyers has over 21 years' taxation & conveyancing experience at your service. We offer a wide range of over 50 legal and corporate services. Our team of native English-speaking lawyers and economists have a long track record successfully assisting expats all over Spain. You can review here our client’s testimonials.

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1^st of February 2024

Who needs to declare?

All Spanish tax residents who own assets overseas on or over €50,000.

Again, and for the avoidance of doubt, if you are non-resident in Spain you do NOT need to submit this tax return; it is only for residents.

Who is considered tax resident in Spain?

The Spanish Tax Office applies – amongst many others – the following broad criteria:

You spend more than 183 days within a calendar year in Spanish territory.
Your centre of financial interests is located in Spain.
Your spouse and/or underage children live in Spain.

Reporting categories

There are three reporting categories: bank accounts, investments and immovable property.

Obligation to report

You must report all assets in a particular category if the value of your total assets within it exceeds €50,000.

2024 tax submission period

From the 1^st of January until the 31^st of March 2024.

Can I file it after the submission period?

Yes, but hefty penalties apply. Ask us.

If you have already filed tax form 720 in the past

You only need to file it again if:

The value of an existing asset grew by more than €20,000, or
You sold an asset, or
You obtained a new asset.

Penalties for non-compliance

The disproportionate fines levied are (very) stiff.

Failing to file 720 or filing it incorrectly: €5,000 per infraction.
Minimum fine of €10,000 for each group of assets.
Penalty of 150% on unpaid income tax.

Related tax service:

Tax form 720

At Larrain Nesbitt Abogados (LNA) we have over 21 years’ experience assisting clients buying, selling, or renting properties. We can also offer you a competitively priced accounting service to file your landlord taxes every tax quarter nationwide. We are also specialized in immigration & residency visas. You can contact us by e-mail at info@larrainnesbitt.com, by telephone on our UK line (+44) 07543 838 218, Spanish line (+34) 952 19 22 88, or by completing our contact form to book an appointment.