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V2510-25 16 December 2025 · SG de Tributos Criterion in force
OTRO · modelo 720

Model 720: declare the contractual financial entity and its IBAN

The consultant asks whether, in Model 720, the financial institution should be identified as the bank under the contract or the bank associated with the BIC code. The DGT responds that the contractual financial entity and the assigned settlement account IBAN must be declared.

The question raised

The interested party asks whether they should indicate as the financial entity T, which is the bank with which they have the contractual relationship and whose name appears on the statement, or C, which appears as the bank associated with the BIC code.

The DGT's ruling

The information regarding the foreign banking entity and the BIC code to be reported on Form 720 shall be those corresponding to the entity with which the taxpayer has the account contract. The IBAN code or account number to be declared shall be that assigned to the taxpayer's settlement account and not that of the omnibus account which the entity maintains at the fiduciary bank. This criterion is based on the fact that the contracted entity is the one that maintains the record of the client's cash balance through the settlement account.

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