How to Declare Assets Located Abroad While Residing in Spain

Declaring assets located abroad is an important requirement for residents in Spain, as Spanish tax legislation establishes specific obligations for taxpayers. Below are the key steps and considerations you should keep in mind.

Who Must Declare Assets Abroad?

According to current regulations, the following individuals must declare their assets located abroad if they are tax residents in Spain:

Bank accounts abroad.
Properties situated outside of Spanish territory.
Shares or stakes in non-resident companies.
Other assets, such as intellectual property rights or investments in foreign funds.

Deadlines for Declaration

The declaration of assets located abroad must be made using model 720, the specific form for reporting these assets. The deadlines for submission are as follows:

From January 1 to March 31 of the year following the year to which the declaration refers.

It is crucial to meet these deadlines to avoid penalties.

Consequences of Not Declaring

Failing to declare assets located abroad can lead to significant economic and legal consequences:

Economic penalties: Fines can be high, reaching up to 150% of the undeclared amount.
Imposition of surcharges: The lack of declaration can lead to surcharges on the tax obligation.
Legal issues: You may face audits and the potential loss of rights regarding those assets.

How to Declare the Assets

To declare assets located abroad, follow these steps:

Gather the necessary documentation: You will need information about each of the assets you own abroad, including their value and location.
Access model 720: This form can be obtained from the website of the Spanish Tax Agency.
Complete the form: Ensure you provide accurate and complete information for each of the assets.
Submit the declaration: You can submit model 720 electronically through the Spanish Tax Agency's online office.

Final Considerations

It is advisable to seek specialized legal or tax advice to ensure you comply with all obligations and avoid mistakes that could be costly. Declaring assets located abroad is a responsibility that every resident in Spain should take seriously.

Remember that maintaining proper management of your tax obligations will not only allow you to avoid penalties but will also contribute to better planning of your resources in the future.

Written by:
Ariana Pérez
Visa and Residency Lawyer
Publication Date: September 13, 2025