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Is the Modelo 720 in Spain still needed?

The Form 720, or Modelo 720 as it is known in Spain, is the form used to declare overseas assets by people who live in Spain.

When the form was introduced in 2013 by the Agencia Tributaria the fines for not declaring required assets were huge and disproportionate to other fines in the Spanish tax system. Even a mistaken entry was subject to a huge fine starting at a minimum of €10,000.

The Court of Justice of the European Union investigated the fines and has now ruled that Spain is in breach of European Law. It has instructed Spain to remove these fines and bring in fines which are in accordance with EU law.

Very significantly, it has also instructed the Agencia Tributaria to refund all fines collected under the existing system. If you have been fined and require assistance in reclaiming your payment please get in touch at barry.davys@spectrum-ifa.com.

We are seeing many articles on the M720 that are saying, incorrectly, that the M720 is no longer required.

To give you absolute clarity to the situation we offer this free download of the judgement, in English, from the Court of Justice.

Request your copy by filling in the form below.

     

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