Published: 10-03-2026
Individuals who acquired tax residency in Spain during the year 2025 and who hold assets or rights located abroad may be required to file Form 720, an informative declaration regarding assets and rights located outside Spain.
The filing period for Form 720 has already begun and will end on 31 March.
Form 720 is a mandatory informative declaration through which Spanish tax residents must report to the Spanish Tax Authorities certain assets and rights located abroad when the aggregate value of each category exceeds €50,000.
Assets and Rights that Must Be Declared
The reporting obligation is structured into four categories of assets, which must be declared when the total value of each category exceeds €50,000:
- Bank accounts held with financial institutions located abroad.
- Securities, rights, insurance policies and income deposited, managed or obtained abroad.
- Real estate properties located abroad and rights over such properties.
- Cryptocurrencies located or held in custody abroad.
Filing in Subsequent Years
If the taxpayer has already filed Form 720 in previous years, it will only be necessary to file the declaration again in the following circumstances:
When the value of any of the asset categories increases by more than €20,000 compared to the amount previously declared, or
When the taxpayer ceases to hold ownership of any of the previously declared assets.
Consequences of Failure to File
Failure to file Form 720, filing the form after the applicable deadline, or submitting incorrect or incomplete information may result in the imposition of penalties by the Spanish Tax Authorities.
For this reason, it is advisable to carefully assess whether there is an obligation to file and to ensure compliance with the applicable deadlines.
If you require assistance or advice regarding the obligation to file the informative declaration of assets held abroad, Gentile Law has a team of specialists ready to assist you.
Contact:
Lucía Goy Mastromiechele
luciagoy@goygentile.com
+34 626 118 451
Ana García Ginés
anagarcia@gentile.law
+34 604 512 160