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Do you need to submit a Modelo 720?

By Barry Davys - Topics: Modelo 720, Spain, UK investments
This article is published on: 4th March 2022

Do you need to submit your M720 to the Hacienda before 31st March 2022?

If you have assets outside of Spain you may need to report these to the Spanish tax man on the Modelo 720. In effect it is a “census” as it does not trigger any payment of tax. However, it does help the Hacienda cross check information.

If you have bought or sold an overseas asset during 2021, you may need to submit a M720, even if you have previously submitted a form. If the value of your overseas assets have increased by more than 20,000€ since you last submitted a form you may also need to re-submit. If the answer is “Yes” you must submit your form before the 31st March 2022.

Here is a link to the obligation to report on the Agencia Tributaria (Hacienda) website which lays out if you need to report your bank accounts, investments and properties that are outside of Spain. Google Translate does a good job of translating this, if needed.

You may have seen in the press that the European Court ruled on the M720 rules. I am pleased to report that the fines for non-reporting or mis-reporting have been struck out by the court and new, much lower, fines will be put in place.

Please note that we are seeing articles saying the M720 is no more. This is not the case. In fact the court, whilst removing the very high fines, also said in it’s ruling that they could see the need for the M720.

Please feel welcome to email me if you have any queries about your Modelo 720.

Article by Barry Davys

If you would like to have an initial meeting and you live in Barcelona or the Costa Brava it can be either a complimentary face to face Zoom call or an in person meeting. To book a Zoom call please choose a time which is convenient for you here. If you prefer a time to visit Barry in his office in central Barcelona contact Barry on barry.davys@spectrum-ifa.com or whatsapp +34 645 257 525.

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