Spain Modelo 720 — Foreign Assets Obligation Checker

Modelo 720 is an informational declaration — not a tax payment — that Spanish tax residents must file with the AEAT 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. Filing window: 1 January to 31 March.

Category A: foreign bank accounts (current, savings or securities accounts at institutions outside Spain). Category B: securities, rights, annuities and life insurance held at foreign institutions (shares, funds, ETFs, foreign pension plans, etc.). Category C: foreign real estate and rights over real estate (apartments, houses, land, usufructs, etc.). Each category has its own €50,000 threshold.

If you filed in previous years, you only need to refile 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 applies and all values remain below €50,000, no refiling is needed.

After the CJEU ruling (C-788/19, January 2022), Spain enacted Law 5/2022, removing the automatic non-justified capital gains presumption and the imprescriptibility. However, formal penalties remain: €5,000 per omitted data item, minimum €10,000 per category block (LGT Arts. 198-199). Non-compliance remains a significant exposure.

Yes. Taxpayers under the Beckham Law inpatriate regime (Art. 93 LIRPF) are taxed under non-resident IRNR rules and are not required to file Modelo 720 or Modelo 721 during the regime period. The obligation begins only when the Beckham regime ends and the taxpayer transitions to standard IRPF.

Between 1 January and 31 March each year, for the preceding tax year. For tax year 2025, the deadline is 31 March 2026. No extension is available; late filing triggers formal penalties.

For Category A (foreign bank accounts): the higher of the 31 December balance and the average Q4 balance. For Categories B and C: the value as of 31 December of the relevant tax year.

Modelo 720 covers traditional foreign assets: bank accounts, securities, insurance and real estate. Modelo 721 (introduced from 2023) covers cryptocurrencies and digital assets at foreign custodians. If you hold both types above the €50,000 threshold, you may need to file both models. The €50,000 threshold applies separately to each.