The Modelo 720 — declaring what you hold abroad.
If you are tax resident in Spain and hold assets abroad above €50,000, you may have to file the Modelo 720. It is an informational declaration — no tax is due on the form itself — but getting it wrong has historically been costly. We handle it end-to-end with our tax partners, in plain English.
Three categories, one €50,000 line each
The obligation is split into three buckets. You report a bucket once its total passes €50,000 — so you can be caught by one category and not the others.
1 · Bank accounts abroad
Current, savings and deposit accounts held outside Spain — as holder, authorised signatory or beneficiary. The €50,000 threshold is generally read across the category as a whole, not per account.
2 · Securities, investments & insurance
Shares, funds, bonds, pensions held abroad, life-insurance and annuity policies, and similar financial rights. Again taken together against the €50,000 line for the category.
3 · Immovable property abroad
Real estate and rights over property located outside Spain — a flat back home, a share in a family house, land. Reported by acquisition value, with the same €50,000 threshold.
Thresholds, valuation rules and who counts as a holder are set by current Spanish law and turn on your specific facts — we confirm them before you file.
Delivered with our tax partners
The Modelo 720 sits on the tax side of the fence rather than immigration, so we run it together with the specialist tax advisers we work with. You get one point of contact in English; they get the residency and asset picture done right. We confirm the current thresholds, deadlines and penalty position for your case before anything is submitted.
The questions we get first
Do I actually owe tax on the Modelo 720?
No — the Modelo 720 is an informational declaration, not a tax bill. Filing it does not create a payment. It simply tells the Spanish tax authority what overseas assets a resident holds. The tax consequences, if any, live in your normal income and wealth tax returns, which is exactly why it is worth getting the whole picture right rather than the form in isolation. We confirm the current rules with our tax partners before anything is filed.
Who has to file it, and from what amount?
Broadly, people who are tax resident in Spain — generally those spending more than 183 days a year here — and who hold overseas assets above €50,000 in any one of the three categories: bank accounts, securities/investments/insurance, or immovable property. Cross the line in a single category and that category must be declared. Because residency and the thresholds turn on your specific facts, we confirm whether you are in scope before you file.
When is it due and do I have to re-file every year?
It is filed in the first quarter of the year for the previous year — generally by 31 March. Once you have declared, you usually only re-file when a previously reported category grows by more than €20,000, or when you dispose of a reported asset. So for many people it is a one-off with occasional updates rather than an annual chore, but we check your position each year.
I have heard the penalties were brutal — is that still true?
The old regime carried famously harsh, disproportionate penalties, and in 2022 the Court of Justice of the EU struck those down for breaching EU law. Penalties are now brought back into proportion with the ordinary rules. That said, this is an area that has moved, so we do not rely on memory — we confirm the current penalty position with our tax partners for your specific case rather than reassure you from an old headline.
Reviewed by a lawyer
Reviewed by Alberto García López
Immigration lawyer · ICA Málaga, reg. no. 11.441
We check every page against current Spanish law. This is general information, not advice on your individual case.
Globalium is an independent law firm, not a government agency, and is not affiliated with or endorsed by any public administration. Visas, permits and identification numbers are granted solely by the Spanish authorities, and you are free to apply to them directly yourself. Our fees pay for legal advice and representation, and are separate from any official fee or tax.
Tell us what you hold abroad. We'll tell you if it's in scope.
A straight answer on whether the Modelo 720 applies to you, what the current deadlines and rules are, and how it fits your wider tax position — before you commit to anything.