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V0293-22 16 February 2022 · SG de Tributos Criterion in force
OTRO · declaración informativa

Model 720 must be filed upon ceasing to be a holder of foreign accounts

The consultant asks whether a foreign assets declaration is required after ceasing to hold certain foreign accounts. The DGT responds that the obligation continues to report the balance as of the date the holder status ended.

The question raised

Obligation to submit the Informative Return on assets and rights held abroad.

The DGT's ruling

Natural and legal persons resident in Spain must submit an annual informative return regarding foreign accounts. If one ceases to be a holder, representative, authorized signatory, beneficiary, or holds powers of disposal, the account balance must be indicated on the date such status was lost. The obligation to submit the return in subsequent years arises if joint balances exceed the established limits or if the ownership is extinguished.

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