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Foreign assets. Form 720

   

Declaration of Assets Abroad. This form must be filled by all spanish residents owning assets abroad over 50.000 euros. This obligation must be fulfilled during first quarter of each year. Although this first year it is possible to fill until March 30th 2014.

In the model must be declared,

  1. accounts abroad in financial institutions,

  2. stocks, bonds, values, financial rights, and savings in insurance companies, deposited, managed or obtained abroad

  3. all types of Real Estate and rights over Real Estate abroad.

Each of the three blocks of goods, constitutes an obligation of different information to be provided, but the three reporting obligations are articulated through the same form. In this way three reporting obligations would be fulfilled by completing the form 720 informing all goods and rights with respect to the obligation to inform

It is excluded from this obligation to declare when the value thereof does not exceed 50,000 € for each type of assets. The presentation in successive years, after presenting form 720 for the first time will be mandatory when the value declared increases by more than 20.000 €.

Information to provide

Information to supply include, open accounts in financial institutions, the balances of these accounts on December 31st, the average balance for the last quarter of the year and the date of opening. All holders, authorized…  at 31 December shall declare the balance at 31 December and average balance. … Authorized holders who have ceased to be during the year, indicate only the balance of the day ceased to be holders, authorized…

In the case of Real Estate shall include the date and the value of acquisition, and the date of opening or cancellation of right over Real Estate and.

In the case of values, rights, insurance and income deposited or managed abroad, the balance at 31 December of each year. And where appropriate the amount of transfer or sale.

Sanctions

The breach of this obligation has consequences on income tax and corporation tax.

Assets not declared, that cannot be proved its ownership arousing from declared income or assets, will be considered income to be taxed, and a 150% punishment over the value of them.

Penalty for not filling, filling incomplete, filing with non accurate data, will be punished with 100 euros per data with a minimum of 10.000 euros.

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Contacto

MUÑOZ-ZURITA

Pasillo del Matadero, 11

29002 MÁLAGA

Teléfono: 952 324 600

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952 324 600