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V1225-15 20 April 2015 · SG de Tributos Criterion in force
OTRO · declaración informativa

Obligation to file Model 720 if you have disposal power over foreign accounts

A person authorised on a foreign current account with a balance exceeding 50,000 € asks whether they must submit the information declaration. The DGT confirms that the obligation to file Model 720 applies, unless legal exemptions are in force.

The question raised

Must the informative declaration be submitted?

The DGT's ruling

Persons resident in Spain are obliged to submit an annual informative declaration regarding foreign accounts of which they are holders, representatives, authorized signatories, beneficiaries, or hold powers of disposal. There is no obligation to report if the balances as of December 31 and the average balance of the last quarter do not jointly exceed 50,000 euros. In the event that either of these limits is exceeded, all accounts must be reported.

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