• Spain's news in English

Deadline looms for key assets declaration

George Mills · 23 Apr 2013, 11:43

Published: 23 Apr 2013 11:43 GMT+02:00

Facebook Twitter Google+ reddit

The new reporting requirements are part of a law passed last year by Spain's finance ministry and are aimed at cracking down on fiscal fraud.

The period for declaring these assets began on February 1st but only days now remain. The cut-off date is April 30th. 

The declaration process can only be carried out online by completing the so-called Modelo 720 (720 form).

"The Modelo 720 is a new reporting requirement in Spain and is in addition to the existing reporting requirements. It applies to all Spanish tax residents, including the Spanish," Barry Davys, Partner at The Spectrum IFA Group in Spain told The Local.

Get the latest exchange rates and transfer money on The Local's Currency page.

"The form 720 is perhaps best described as a 'census'," said the financial advisor.

"It is not introducing any new taxes but it is designed to make sure that we all pay the taxes we should be paying."

"More specifically, the 720 is a requirement to report overseas assets. These are broken down into three categories: bank accounts, property and all other financial interests," he explained.

"Where the total assets in any one or more of these categories is more than €50,000, all assets in that category have to be reported.  As an example, someone with three bank accounts with €20,000 in each account and another account with, say, €1, they will have to declare all four accounts."

The Barcelona-based financial advisor said that not all aspects of the reporting process were immediately obvious. He cited the requirement to report the purchase price of a property rather than its current value as being one such example.

He said his firm had been advising clients to take advice from suitably qualified accountants or lawyers to ensure the form is completely correctly.

Story continues below…

The form itself is only in Spanish and an electronic signature is required to complete it.

If you do not yet have an electronic signature with the Ministry of Finance, you may not be able to obtain this in time. However, accountants and tax lawyers have access to electronic signatures which they can use to process your declaration.

The Ministry of Finance has a list of frequently asked questions (in Spanish) about the reporting requirements on its website

George Mills (george.mills@thelocal.com)

Facebook Twitter Google+ reddit

Your comments about this article

Today's headlines
Spain faces crucial week as conservatives re-take power
Mariano Rajoy hopes to form a government this week. Photo: AFP

Spain entered a crucial week on Monday as acting conservative Prime Minister Mariano Rajoy prepared to re-take power, ending ten rollercoaster months without government marked by hope and disillusion.

Eight very creepy Halloween costumes ideas from Spain
Photo: Pan's Labyrinth

Forget flamenco dancers and bullfighters, The Local counts down the freakiest alternative costume ideas to dress up in this Halloween.

Man attacked by racist thug in UK street for talking Spanish

Tomas Gil, 27, from Valencia in eastern Spain was talking to his girlfriend in their native language after a night out in the British seaside town of Poole when he was set upon by a racist thug.

Malaga: Police probe bizarre 'sex death' of homeless Brit
The man was found near Malaga airport. Photo: Dennis Howlett / Flickr

A British homeless man was found dead tied to a bench near Malaga airport with his trousers down and his genitals in a can of tuna.

Clock ticking as Spain races to avoid third elections
Third elections could now be avoided. Photo: AFP

Spain's Socialists voted on Sunday to allow the conservatives to take power, likely averting a third election for Spaniards tired of going to the polls.

Spain worries about tourism future
Photo: Josep Lago / AFP file picture

After basking in its best tourist summer season in 15 years, Spain now sees dark clouds on the horizon as popular destinations reach saturation point and holidaymakers are more thrifty, industry experts say.

Spain's Socialists lift veto on Rajoy to break deadlock
The Socialists have decided to lift their veto on the minority conservative government or not. Photo: Gerard Julien/ AFP

Spain's embattled Socialists on Sunday voted to lift a long-standing veto that has prevented the conservatives from forming a minority government, in what should finally end a ten-month political impasse.

Spain's 'Napflix' aims to bore viewers to sleep
Photo: Screengrab/ Napflix

A Spanish video platform called Napflix, designed to put people to sleep with dull content, was launched this week and its founders are on the lookout for more "monotony and repetition."

Recipe: How to make fabada - traditional Asturian bean stew
Photo: Flavio Lorenzo Sánchez/Flickr

The hearty Asturian dish is a perfect lunch on a cold day... and don't forget the crusty bread and cider!

Brit 'paedo' held on Costa del Sol after Most Wanted appeal

One of Britain's most wanted fugitives was arrested on the Costa Del Sol following a tip-off from an expat just hours after his face appeared on a public appeal.

Spanish 'La Mafia' restaurants banned after Italian complaint
Sponsored Article
Last chance to vote absentee in the US elections
Spain's top court overturns bullfighting ban in Catalonia
Hunt launched for ten most wanted Brit fugitives hiding out in Spain
Napflix: Spaniards launch very boring TV channel for siestas
Madrid parish church faces fine over 'too noisy' bells
Celebrate expat life at Madrid’s THRIVE convention
Fury after kids told to bring their own loo roll to school
Disney announces plans for Don Quixote action movie
Activist tells 8-yr-old matador wannabe with cancer 'just die'
King to make last minute push to avoid third vote in Spain
Amazing photos of Catalonia's 'human tower' contest
What's on in Spain: October 2016
'No way, Jose! You'll never get your hands on our Rock'
Recipe: How to make a classic Spanish tortilla de patatas
Chorizo in paella? Go back to cooking school Jamie Oliver
Spain in eye of a perfect storm after 10 months without govt
Thousands share clips of life for 'Spain in a Day' film
Ten incredible Spain locations for Game of Thrones season 7
Analysis & Opinion
Why moving to Spain could be the best decision of your life
Seven reasons why autumn is the very best season in Spain
Spanish study finds four types of personality. Which are you?
New search underway for civil war grave of poet Lorca
Bison found decapitated on Valencia nature reserve
jobs available