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V0965-14 4 April 2014 · SG de Tributos Criterion in force
OTRO · declaración informativa

Obligation to file Model 720 upon account cancellation or balance increase above 20,000 euros

The consultant asks what information must be included in the 2013 information declaration after opening foreign accounts and transferring balances. The DGT clarifies that the obligation to submit Model 720 arises from account cancellations or increases in balance exceeding 20,000 euros compared to the previous declaration.

The question raised

What information must be recorded in the informative return in relation to the 2013 fiscal year, in the event that one is obligated to do so?

The DGT's ruling

The obligation to file the annual informative return on foreign accounts remains if any of the accounts are closed or if the joint balances as of December 31 or the average balance of the last quarter exceed by more than 20,000 euros the limits that determined the last filing. In the event that such limits are exceeded, information must be provided regarding all accounts.

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