We advise from Madrid on Form 720 and assets held abroad. We review your tax position, assets, ownership interests and previous returns to assess any reporting obligation and the documents needed. We provide remote support throughout Spain and distinguish this review from the taxation of income generated by those assets.
Form 720 reports certain categories of assets and rights located abroad. We review your tax status, your relationship to the assets, and the applicable thresholds and exceptions. Merely holding an overseas account is not enough to decide; nor can the obligation be ruled out by looking at each account separately.
The return distinguishes three reporting categories, assessed separately. An inventory by country, institution, asset type and ownership helps identify what falls within the form and what needs a separate review. Incomplete valuations may change the conclusion about whether filing is required.
We review accounts and your capacity in relation to them: owner, authorised signatory or another role specified by the rules. We request the relevant year-end and final-quarter balance information. Several smaller accounts do not necessarily keep you below the combined category threshold.
This category may include securities, rights, life or disability insurance and certain annuities. We need to identify the product and value it under the applicable rules, rather than relying on a platform's trading name. Institution statements and certificates help avoid duplication or incorrect classification.
For property, we need the country, acquisition date and value, and your ownership interest or right. Deeds and transaction records provide evidence. A sale or change of rights during the year is assessed separately against any information reported previously.
We distinguish an initial filing obligation from subsequent ones. Initial thresholds are generally assessed by category; later reviews consider increases since the last filing and events such as disposals or account closures. We confirm the deadline and relevant circumstances for the year rather than assuming filing is always repeated.
Your tax status, combined account-category thresholds and any exceptions must be reviewed. The general initial threshold is €50,000 per category, applying the relevant valuation rules; it is not tested account by account. Ownership and signatory rights may also matter.
The threshold is not checked simply by multiplying the value by your ownership percentage. The total value, share and your capacity—owner, authorised signatory or another relationship relevant to the category—must be identified. Each person must review their own obligation and reporting rules, even if other joint owners have already filed.
One trigger for a subsequent filing is an increase of more than €20,000 in a category compared with the amount that led to the last filing. Certain changes, such as disposals or closures involving previously reported assets or rights, may also trigger filing. We review both values and the year's transactions.
If you have filed before, that return forms part of the starting point. Changes during the year may affect the review even if your total assets do not appear to have grown significantly.
Form 720 is an information return, not a tax payment on the reported assets. Their income or gains may need separate assessment for personal income tax or other taxes. Coordinating both reviews helps keep the information consistent without confusing their purposes.
Virtual currencies held abroad have a specific information return, Form 721, with its own requirements. They are not simply added to Form 720. We review the asset type, custody arrangements and where it is considered held to identify the appropriate obligation.
We start with an inventory and any previous filings. We then identify missing statements, valuation certificates, deeds and ownership or transaction documents. If a move to Spain or a special tax regime affects your position, we review it before concluding that filing is required.
The review starts by identifying which assets exist and your relationship to them. Accounts, investment products and property should be separated, noting the institution, country, ownership and documents available. Adding up incoming transfers or checking a platform balance alone is not a reliable basis for a conclusion.
Our Form 720 advice in Madrid starts with an asset inventory, ownership interests and previous returns. We use that information to identify the evidence required and agree whether the work covers reviewing the obligation, preparing a return or assessing a correction. We distinguish the information return from taxes on income and transactions; additional reviews are not automatically included in the fee.
The form is well known, but its thresholds do not apply identically to every asset. These answers are a starting point for organising the review, not a complete assessment of your filing obligation.
No. Tax status, asset category, valuation and exemptions must be checked. Nor can the conclusion be reached by checking each account separately: category thresholds are assessed under their own rules.
The general initial threshold is considered for each reporting category, not each individual account, using the relevant valuation rules. Circumstances giving rise to an exemption or specific treatment must also be checked.
Joint ownership has its own reporting and calculation rules. The threshold should not automatically be applied only to the value of your share. The asset’s value and the percentage or right to be reported must be reviewed.
Not automatically. Increases since the last return and certain changes in assets or rights must be reviewed. An increase exceeding €20,000 in a category is one trigger; transfers or closures can also be relevant.
Not through the form itself: it is an information return. Income, gains and other tax obligations are assessed separately. Reporting assets does not replace any returns required for their income.
They should not automatically be included. Virtual currencies held abroad have a separate information return, Form 721, with its own requirements. The asset and custody arrangements must be identified before deciding which obligation applies.
The review can start with an inventory and previous returns to assess what happened and what information is missing. The proposal defines any subsequent actions. We do not promise that there will be no penalties or a particular outcome before reviewing the case.
It depends on the assets, institutions, ownership interests, tax years and previous returns. After an initial explanation, we identify the inventory and certificates required. Reviewing the filing obligation is distinct from any preparation, filing or correction subsequently agreed.
Yes. Our Madrid office provides remote Form 720 advice to clients throughout Spain. You do not need to be in Madrid to review overseas assets or a previous return. We assess your tax position and the assets involved before agreeing the work; our office location does not determine whether you must file.
Contact
Tell us which types of assets you hold abroad, in which countries and whether you have filed Form 720 before. We will explain the inventory and certificates needed and agree whether the work covers a review, preparation, filing or possible correction. Do not send banking documents through the initial form.
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