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As you may be aware, the period to file Modelo 720 in Spain has started. The deadline is March 31st 2016, and will cover the period from JAN to DEC 2015.

You can complete your information to file Modelo 720 with us using our online form:

Who needs to file a Modelo 720?

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.
 
In the model must be declared,
accounts abroad in financial institutions,
stocks, bonds, values, financial rights, and savings in insurance companies, deposited, managed or obtained abroad
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 €.
The Declaration includes a record for each property situated abroad. For each record indicating its type and subtype:
‘C’:Accounts opened in  banking or credit entities located abroad.
Current account.
Savings account.
Term deposits.
Credit accounts.
Other accounts.
·”V”: Securities or rights located overseas representative of participation in any type of legal entity, values located overseas representative of the transfer of capital to third parties or provided for its management or administration to any legal instrument, including trusts and “trusts” or mass though lacking legal personality, capable of acting in the course of trade.
Values or rights of participation in any type of legal entity. As shares and participations in companies.
Representative values of the transfer of capital to third parties. Bonds …
Values provided for its management or administration to any legal instrument, including trusts and “trusts” or mass heritage which, though lacking legal personality, capable of acting in the course of trade
· ‘I’: shares and participations in share capital or equity fund of collective investment institutions located abroad. In this case there is no subtype.
· “S”: life insurance (savings not risk) or disability and pension time or annuities, whose insurance companies are located overseas.
Insurance life or disability, whose insurance company is located abroad.
Temporary or life income generated as a result of the deposit of capital, abroad.
· “B”: ownership and real rights over properties located abroad.
Ownership of the property.
Actual use or enjoyment and bare ownership rights over real estate.
Timeshares, timeshares shifts, part-time property or similar formulas on real estate.
Other rights in rem over real estate. In this case you must describe it.
It must file a return if any of those paragraphs (1:C, 2:V, I, S, or 3: B) exceds the figure of 50,000 euros, and only those sections in which the figure is over 50,000 euros.
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 terms of the ownership of the account should be indicated if the declarant is:
Holder
Representative
Authorized
Beneficiary
Usufructuary
Taker
With power of disposal
Other forms of real property
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.
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.
If you need more information or need to file a Modelo 720, please get in touch with us.