Free tax tool
Spain Modelo 720 — Foreign Assets Obligation Checker
Do you hold bank accounts, investments or property outside Spain? Check in seconds whether you must file Modelo 720 before 31 March.
Filing window: 1 January – 31 March · Penalties from €5,000 per omitted data item · +34 910 917 811
Modelo 720 Obligation Checker
Enter the values as of 31 December of the tax year you want to check
Category A — Foreign bank accounts
Current, savings and securities accounts at financial institutions located outside Spain
Category B — Securities, insurance and annuities abroad
Shares, funds, ETFs, life insurance, foreign pension plans held at overseas institutions
Category C — Foreign real estate
Apartments, houses, land or real rights over immovable property outside Spain
Have you filed Modelo 720 before?
Obligation check result
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Filing deadline
1 January – 31 March of the year following the tax year declared
Penalty regime (post Ley 5/2022)
€5,000 per omitted data item, minimum €10,000 per category (LGT arts. 198-199). Spain's Law 5/2022 removed the disproportionate non-justified capital gains presumption and imprescriptibility that the CJEU (C-788/19, Jan 2022) and the Constitutional Court (STC 26/2017) declared contrary to EU law. Formal penalties remain in force.
No category exceeds €50,000 or the €20,000 increase threshold compared with your last declaration. If your asset values change before 31 December, re-check your obligation.
Need help filing your Modelo 720?
BMC specialists in international tax manage your Modelo 720 filing, verify each category's values and help you avoid errors that trigger penalties. Book before 31 March.
Book a Modelo 720 callIndicative result based on the data entered. Does not replace individual tax advice.
Modelo 720: the Spanish overseas assets declaration
Modelo 720 is an informational declaration — it does not involve paying any additional tax — that obliges Spanish tax residents to notify the AEAT of assets held abroad when the aggregate value of any of the three categories exceeds €50,000 at 31 December of the relevant tax year.
The threshold applies per category, not in aggregate. A taxpayer with €40,000 in foreign bank accounts and €80,000 in overseas funds must file only for Category B (securities), not Category A.
The €20,000 re-declaration rule
If you have filed Modelo 720 before, you do not need to refile every year automatically. The obligation to re-declare arises when any category increases by more than €20,000 compared to the last declared year, or when an asset previously declared is sold, cancelled or extinguished. In those cases, re-filing is mandatory even if the values remain below €50,000.
Penalty regime after the CJEU ruling (C-788/19)
In January 2022, the Court of Justice of the European Union found that Spain's original Modelo 720 penalty regime was disproportionate and contrary to EU law. Spain reformed the rules through Law 5/2022, eliminating the automatic non-justified capital gains presumption and the imprescriptibility of infractions. However, formal penalties remain in force: €5,000 per omitted data item, minimum €10,000 per category block — still a significant exposure.
Beckham Law and Modelo 720
Taxpayers under the Beckham Law inpatriate regime (Art. 93 LIRPF) are taxed under IRNR (non-resident income tax / obligación real) and are not required to file Modelo 720 or Modelo 721 during the regime period. The obligation resumes only from the first tax year after the Beckham regime ends, when the taxpayer transitions to standard IRPF. Advance planning for that transition year — when worldwide assets may need to be declared for the first time — is strongly recommended.
BMC specialists in international tax manage end-to-end Modelo 720 compliance: verifying asset values per category, completing the declaration and filing electronically at the AEAT before 31 March.
Modelo 720 reporting thresholds
| Category | Contents | First filing | Re-declaration |
|---|---|---|---|
| A | Foreign bank accounts | > €50,000 | Increase > €20,000 or closure |
| B | Securities, insurance and annuities abroad | > €50,000 | Increase > €20,000 or disposal |
| C | Foreign real estate and rights over real estate | > €50,000 | Increase > €20,000 or transfer |
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Frequently asked questions about Modelo 720
What is Modelo 720 and who must file it?
Modelo 720 is an informational declaration — not a tax payment — that Spanish tax residents must file with the AEAT (Spanish Tax Agency) when the aggregate value of foreign assets in any of three categories exceeds €50,000 at 31 December. It covers: (A) accounts at foreign financial institutions, (B) securities, insurance and annuities held abroad, and (C) real estate and rights over real estate outside Spain. It is due between 1 January and 31 March.
What are the three Modelo 720 asset categories?
Category A covers foreign bank accounts (current, savings or securities accounts at institutions outside Spain). Category B covers securities, rights, annuities and life insurance held at foreign institutions (shares, funds, ETFs, foreign pension plans, etc.). Category C covers foreign real estate and rights over real estate (apartments, houses, land, usufructs, etc.). Each category has its own €50,000 threshold — they are not aggregated.
If I filed Modelo 720 before, do I need to file again?
If you have filed in previous years you only need to file again if: (1) the value of any category increases by more than €20,000 compared to the last declared year, or (2) you sell, close or extinguish any asset previously declared. If neither condition is met and all values remain below €50,000, no re-filing is needed.
What are the penalties for not filing Modelo 720?
Following the CJEU ruling (C-788/19, January 2022) that declared Spain's original penalty regime disproportionate, Spain enacted Law 5/2022. This removed the automatic non-justified capital gains presumption and the imprescriptibility of infractions. However, formal penalties remain in force: €5,000 per omitted or incorrect data item, with a minimum of €10,000 per category block (LGT arts. 198-199). Non-compliance remains a significant exposure.
Does the Beckham Law exempt me from Modelo 720?
Yes. Taxpayers under the Beckham Law inpatriate regime (Art. 93 LIRPF) are taxed under non-resident (IRNR / obligación real) rules and are therefore not required to file Modelo 720 or Modelo 721 during the regime period. The Beckham regime taxes only Spanish-source income, placing foreign assets entirely outside the Spanish reporting perimeter. The obligation begins only when the regime ends and the taxpayer transitions to standard IRPF.
When is the Modelo 720 filing deadline?
Modelo 720 must be filed between 1 January and 31 March of the year following the tax year being declared. For example, for tax year 2025 the deadline is 31 March 2026. There is no extension available and late filing triggers formal sanctions.
Is the value calculated at 31 December or at the highest balance?
For Category A (foreign bank accounts), the value to declare is the higher of: the balance at 31 December, or the average balance in the last quarter of the year. For Categories B and C (securities and real estate), the value is as of 31 December of the relevant tax year.
What is the difference between Modelo 720 and Modelo 721?
Modelo 720 covers traditional foreign assets: bank accounts, securities, insurance and real estate held abroad. Modelo 721, introduced for 2023 onwards, covers cryptocurrencies and digital assets held at foreign custodians (exchanges, hardware wallets, etc.). If you hold both types of assets above the €50,000 threshold, you may need to file both. The €50,000 threshold applies separately to each form.
Further reading
Related calculators
This tool provides a directional estimate. A specialist can analyse your specific situation in detail.
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BMC international tax specialists file Modelo 720 on your behalf, verify each category's values and ensure compliance before the 31 March deadline.