Tax Filing (Modelo 720)
Foreign Asset Declaration
Modelo 720 is the annual declaration of foreign assets for Spanish tax residents. We coordinate your filing through our licensed partners so you can stay compliant without the stress.
The Modelo 720 is an informational tax declaration that Spanish tax residents must file if they hold foreign assets above certain thresholds. While it's not a tax payment form (the assets are reported, not taxed through this form), failure to file can result in penalties. We provide English-language support and coordination, working with licensed gestoría administrativa partners who handle the official Hacienda submissions.
Online notary available: Many of our services can be completed via online notary from the comfort of your home. Where in-person notarization is required or preferred, we can arrange this at a notary local to you.
What's Included
Documents Required
What you'll need to get started
Foreign bank statements
December 31st balance for all accounts outside Spain
Investment valuations
Year-end value of stocks, funds, pensions, insurance policies held abroad
Property documents
Deeds or valuations for any real estate owned outside Spain
Previous Modelo 720
If you've filed before, your previous declaration for reference
Digital certificate
For electronic submission (we can help obtain this)
Rules & Regulations
Important information you should know
Who Must File
Spanish tax residents with foreign assets exceeding €50,000 in any of the three categories: bank accounts, securities, or real estate.
Annual Deadline
Must be filed between January 1 and March 31 for the previous year's assets.
Threshold Calculation
The €50,000 threshold is per category, not total. If bank accounts exceed €50,000 but property is below, only banks are reported.
Subsequent Years
After initial filing, you only need to refile if assets in a category increase by more than €20,000.
EU Court Ruling
Since 2022, penalties have been reduced following EU court decisions, but the filing obligation remains.
Benefits
Why this matters for you
Legal Compliance
Avoid potential fines and penalties from Hacienda.
Clean Tax Record
Proper declarations support future residency and citizenship applications.
Wealth Planning
Comprehensive view of your foreign assets aids financial planning.
Peace of Mind
No surprises from tax authorities discovering undeclared assets.
How It Works
Your tax filing (modelo 720) in four simple steps
Asset Review
We review your foreign assets to determine if you meet the €50,000 threshold in any category.
Information Gathering
You provide statements for foreign bank accounts, properties, and investments as of December 31st.
Declaration Preparation
We prepare your Modelo 720 with all required details and valuations.
Digital Submission
Our licensed partners submit electronically to Hacienda before the March 31st deadline.
Frequently Asked Questions
Common questions about tax filing (modelo 720)
Spanish tax residents with foreign assets exceeding €50,000 in any category: bank accounts, securities/investments, or real estate.
Penalties can apply, though they've been reduced since EU court rulings in 2022. It's still important to comply to avoid issues with Hacienda.
Only if your assets increase by more than €20,000 from the last declaration, or if you acquire new assets in a category.
No, it's a separate informational declaration. You still need to file your annual Renta (income tax return) separately.
From 2024, crypto assets have their own declaration form (Modelo 721). We can assist with this as well.
We work with licensed gestoría administrativa partners who handle all official submissions to Hacienda on your behalf.
Important Notice
Hola Gestoria is a private administrative service and is not affiliated with, endorsed by, or acting on behalf of any Spanish government authority. We provide general support with paperwork and administrative processes. We are not a regulated gestoría administrativa, not a law firm, and do not provide legal advice or legal representation. All information is for general guidance only. If you require legal advice or formal legal representation, please consult a qualified lawyer in Spain.