Skip to content
Back to index
V3202-18 17 December 2018 · SG de Tributos Criterion in force
IRPF · declaración informativa

Tax obligation to file Model 720 depends on fiscal residency and balance thresholds

A taxpayer and their spouse ask whether they must submit the foreign assets declaration after working in the UK. The DGT explains that the obligation arises if they are fiscal residents in Spain and meet the specified balance thresholds.

The question raised

Obligation, or lack thereof, to file the informative declaration on assets and rights abroad, as well as, where applicable, the penalty regime and whether the regime corresponding to unjustified capital gains in the Personal Income Tax is applicable.

The DGT's ruling

The obligation to report foreign accounts falls upon natural persons resident in Spanish territory. No obligation exists if the balances as of December 31 do not collectively exceed 50,000 euros, nor if the average balances of the last quarter exceed said amount. If one is a tax resident and these limits are exceeded, the declaration must be filed. Voluntary filing after the deadline without prior requirement may result in reduced penalties.

Book your free first meeting