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V1223-14 7 May 2014 · SG de Tributos Criterion in force
OTRO · modelo 720

Obligation to file Model 720 if you have disposal power or ownership of foreign assets

A Spanish resident asks whether they must file Model 720 for their parents' assets in Germany, even without access to bank data. The DGT states that the obligation arises from having disposal rights over accounts or ownership of assets.

The question raised

Must Form 720 be filed, and if so, which assets and securities must be included, given that there is no access to the banking data?

The DGT's ruling

The obligation to report foreign accounts extends to those who hold powers of disposal over them. Regarding assets acquired through inheritance, if as of December 31 only an expectation of rights exists as a future heir, there is no obligation. However, if the holder is an intestate estate, this entity would indeed be obliged to file the declaration. The lack of access to banking data does not exempt one from the objective requirement of the legal norm.

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