Model 720 in Spain 2026 - Foreign assets declaration for Spanish tax residents
Ensure full compliance and avoid costly penalties with our expert guidance
Form 720 is the Spanish informative return for tax residents who hold assets or rights outside Spain. In 2026, it generally applies when foreign bank accounts, securities, insurance, annuities or real estate exceed €50,000 in any reporting category. It is filed online with the Spanish Tax Agency between 1 January and 31 March for the previous year.
At Pellicer & Heredia, our international tax team reviews foreign assets for US, Canadian, Dutch, German and other international residents before they become Spanish tax residents, file the 720 Form, apply for Beckham Law or prepare their annual Spanish tax position. The goal is simple: identify what must be reported, avoid inconsistencies and coordinate the declaration with Spanish Income Tax, Wealth Tax, 721 Form and international reporting obligations.
Reviewed by Guillermo Romano Ortiz , International Tax Advisor at Pellicer & Heredia firm
- Member of the Alicante Association of Administrative Managers
- Languages: English and Spanish
- Last updated: Jun 2026
Speak to a Spanish tax lawyer before filing 720 Form
Every international tax situation is different. Before submitting your declaration, our lawyers can review your foreign assets, residency status and reporting obligations to help you file correctly and avoid unnecessary risks. Complete the form below and our team will assess your case confidentially.
Key facts about 720 Form
Who may need to file
Spanish tax residents, Spanish resident companies, permanent establishments in Spain and certain entities under Article 35.4 LGT.
Main threshold
Over €50,000 in any reporting category. The threshold is assessed by category, not as one global total.
Reporting categories
1) Foreign bank accounts. 2) Securities, rights, insurance policies and annuities abroad. 3) Foreign real estate and rights over real estate.
Filing period
1 January to 31 March of the year following the year reported.
How to file
Electronically through the Spanish Tax Agency website.
Repeat filings
Normally required again only if a category increases by more than €20,000 compared with the last filed declaration, or if assets are cancelled, transferred, sold or otherwise cease to be held.
Cryptocurrencies
Virtual currencies are not reported on 720 Form. Foreign crypto may fall under 721 Form when its own rules and threshold apply.
Tax payment
720 Form is informative. It does not directly calculate tax, but the data should be consistent with Income Tax, Wealth Tax in Spain and international reporting.
Penalty context
The obligation remains in force. The former disproportionate penalty regime was challenged at EU level and Spain adapted the sanction framework after 2022.
What is 720 Form in Spain?
720 Form for is an informative tax return that Spanish tax residents must file when they hold certain assets or rights outside Spain. It is mainly used to report foreign bank accounts, securities, investment portfolios, life insurance, annuities and real estate when the value of a reporting category exceeds the legal threshold. The form is submitted online to the Spanish Tax Agency and relates to assets held during the previous tax year.
Filing 720 Form does not automatically mean that tax is due in Spain. However, the information declared can be compared with other tax obligations, including Spanish Income Tax, Wealth Tax, 721 Form for certain crypto-assets, CRS/FATCA exchanges and the values used in future inheritance, donation or capital gains tax calculations.
For this reason, the declaration should be prepared carefully, especially by international residents with assets in the United States, Canada, the Netherlands, Germany, the United Kingdom or other jurisdictions.
Who must file 720 Form?
720 Form must be filed by individuals and entities that are considered tax resident in Spain and hold certain assets, rights or financial interests outside Spanish territory. The obligation is not limited to Spanish nationals. Foreign citizens who become Spanish tax residents may also be required to report their overseas assets if the legal thresholds are met. In general, the obligation may apply to:
- Individuals who are tax resident in Spain and own, hold, control or are authorised over reportable foreign assets.
- Companies and legal entities that are tax resident in Spain and hold assets or rights abroad.
Permanent establishments in Spain belonging to non-resident individuals or entities.
- Entities referred to in Article 35.4 of the Spanish General Tax Law, such as certain communities of assets, civil partnerships, inheritances in abeyance or other entities without separate legal personality, when they hold reportable foreign assets.
The key point is not nationality, but Spanish tax residence and the existence of reportable foreign assets. A US, Canadian, Dutch, German or British citizen living in Spain may therefore have a 720 Form obligation even if all their bank accounts, investments or properties remain in their home country.
Expats who have recently moved to Spain
Many international residents become subject to Spanish reporting obligations before they fully understand how the Spanish tax system works. This is especially common among people who move to Spain under a Non-Lucrative Visa, Digital Nomad Visa, retirement plan, relocation package or family residence route.
Once a person becomes tax resident in Spain, the Spanish Tax Agency may expect consistency between their foreign asset declarations, Spanish Income Tax return, Wealth Tax position and information received through CRS or FATCA exchanges. For example, an expat may still hold investment accounts, pension structures, real estate, insurance policies or bank accounts abroad, but these assets may now need to be reviewed from a Spanish tax perspective.
For this reason, 720 Form should not be treated as an isolated form. Before filing, it is advisable to confirm when Spanish tax residence starts, which assets must be reported, how they should be valued and whether the same information affects other Spanish tax obligations. This is particularly important in the first year of residence, when many reporting mistakes occur because the client is focused on immigration, housing and relocation matters rather than tax compliance.
Which foreign assets are reported?
720 Form is organised around three main categories of foreign assets. The obligation is assessed by category, not by the total value of all worldwide assets combined. This means that a person may have to report one category and not another, depending on the type and value of the assets held outside Spain.
Before filing, it is important to identify not only who legally owns each asset, but also who is authorised, beneficially entitled or has control over it. This is especially relevant for expats with joint accounts, family investment structures, trust-related arrangements, company accounts or assets held through foreign entities.
Foreign bank accounts
This category includes bank accounts located outside Spain when the relevant threshold is exceeded. It may apply to current accounts, savings accounts, deposit accounts or similar financial accounts held with foreign banks or financial institutions. Common examples include:
- A Dutch bank account kept open after moving to Spain.
- A German bank account linked to rental income from a property abroad.
- A Canadian savings account used to receive pension income.
- A US checking or savings account maintained after becoming Spanish tax resident.
The obligation may also apply when the taxpayer is not the sole owner of the account but is authorised to operate it, appears as a representative or has beneficial control over the funds. For this reason, joint accounts and old accounts that remain open in the country of origin should always be reviewed.
Securities, rights, insurance and income abroad
This category covers different types of financial assets, rights and investment products held, deposited, managed or obtained outside Spain. It is often the most complex part of 720 Form for international residents because many investment structures are not classified in the same way in Spain as they are in the client’s home country. Common examples include:
- US brokerage accounts holding shares, ETFs, bonds or mutual funds.
- Canadian investment accounts or portfolios managed by a Canadian financial institution.
- Foreign life insurance policies with a surrender value.
- German insurance-based savings products.
- Annuities or income rights arranged outside Spain.
- Shares or interests in foreign companies, funds or other investment vehicles.
This category should be reviewed carefully because the same assets may also affect Spanish Income Tax, Wealth Tax and international reporting consistency. For example, dividends, interest, capital gains or portfolio values declared elsewhere may later be compared with the information included in 720 Form.
Foreign real estate
This category includes real estate located outside Spain, as well as rights over foreign property. It may apply to houses, apartments, commercial premises, land, garages or partial ownership interests in property situated in another country. Common examples include:
- A family home in the United States retained after moving to Spain.
- A rental property in Canada.
- A property in the Netherlands jointly owned with relatives.
- A holiday home in Germany, France, the United Kingdom or another country.
- A share in inherited real estate located outside Spain.
Foreign real estate should be valued and reported correctly because it may have consequences beyond 720 Form. Rental income, future sale proceeds, inheritance planning, donation tax and Wealth Tax may all depend on the same underlying information. For this reason, international residents should keep acquisition documents, ownership deeds, mortgage information and valuation records available before preparing the declaration.
Table of reportable and non-reportable assets
Foreign bank accounts
Usually reportable when the account category exceeds €50,000.
Include balances at 31 December and average balance for the last quarter when required. Joint accounts should show total balances and ownership percentage.
Foreign brokerage accounts
Usually reportable under securities/rights when threshold is exceeded.
Common issue for US and Canadian clients with portfolios, ETFs, shares or managed accounts.
Shares, funds and ETFs
Usually reportable under the securities category.
Valuation should be consistent with year-end statements and Spanish tax/wealth reporting.
Life insurance and annuities
Potentially reportable depending on product type and surrender/value rights.
Review policy documents before filing, especially for US, Dutch and German products.
Foreign real estate
Reportable when the real estate category exceeds €50,000.
Use acquisition value and retain purchase, inheritance or donation documents.
Pension plans
Case-by-case. Some pension rights may not be reported until a triggering event occurs.
Do not assume all foreign pension products are excluded. Review availability, redemption rights and product wording.
Stock options
Usually not reported before the underlying shares are acquired.
Once exercised, shares or resulting accounts may fall within 720 Form or other tax declarations.
How the €50,000 threshold works
The €50,000 threshold for 720 Form applies separately to each reporting category. It is not calculated by adding together all foreign assets held worldwide. This means that foreign bank accounts, foreign securities or investment products, and foreign real estate must each be reviewed as separate categories.
For example, a Spanish tax resident with a foreign bank account worth €30,000 and a foreign brokerage account worth €35,000 may not be required to report either category if each one remains below the €50,000 threshold. However, if the same person holds foreign bank accounts with a combined value above €50,000, the bank account category may need to be declared.
Each reporting category must be analysed independently. A taxpayer may therefore have to report one category, but not the others. For instance, a Canadian investment account worth €70,000 may trigger the obligation for the securities category, even if the taxpayer’s foreign bank accounts remain below €50,000.
The €50,000 threshold is assessed by looking at the value of the asset or account, not only the taxpayer’s personal share. This is especially important for married couples, family accounts and jointly owned property. For example, if two spouses hold a foreign joint bank account with a balance above €50,000, each Spanish tax resident holder may need to report the account in 720 Form, indicating their ownership percentage. The same principle can apply to jointly owned foreign real estate or investment accounts.
This is why shared ownership should be reviewed carefully before filing. Even where the taxpayer only owns part of the asset, the full value, ownership percentage, account details and reporting category must be checked to determine whether 720 Form is required.
When must Form 720 be filed and what documents are needed?
720 Form must be filed between 1 January and 31 March of the year following the tax year being reported. The declaration is normally based on the taxpayer’s position at 31 December, although some categories may also require additional values, such as average balances or information linked to changes during the year.
The form must be submitted online through the Spanish Tax Agency’s electronic system. Because the declaration often involves foreign bank statements, investment reports, insurance documents, property deeds and currency conversions into euros, it is advisable to start preparing the information well before the deadline.
Before filing, each asset should be reviewed to confirm the reporting category, ownership percentage, valuation date and supporting documentation. For a correct filing, taxpayers should usually prepare:
- Foreign bank account statements showing balances at the required dates.
- Brokerage or investment portfolio statements with year-end values.
- Insurance, annuity or financial product documentation.
- Property deeds, acquisition values and ownership percentages for foreign real estate.
- Currency conversion details where assets are held in USD, CAD, GBP or another non-euro currency.
Step-by-step process for 720 form
Step 1 - Confirm Spanish tax residence.
Check whether you are resident in Spain for the tax year because 720 Form applies to Spanish tax residents and certain resident entities.
Step 2 - Build a complete foreign asset inventory.
List bank accounts, investment portfolios, securities, insurance policies, annuities, real estate, pensions, trusts and crypto holdings outside Spain.
Step 3 - Classify each asset by reporting category.
Separate the assets into bank accounts, securities/rights/insurance/annuities, real estate, and assets that may fall outside 720 Form or within 721 Form.
Step 4 - Calculate the €50,000 threshold.
Review each category separately using the relevant values at 31 December and, for bank accounts, the average balance for the last quarter where applicable.
Step 5 - Review complex products.
Analyse pensions, stock options, trusts, insurance wrappers, jointly owned accounts and employer share plans before deciding whether and how they should be reported.
Step 6 - Prepare supporting evidence.
Collect bank statements, brokerage statements, property deeds, acquisition values, insurance documentation and exchange-rate records.
Step 7 - File online with AEAT.
Submit the declaration electronically between 1 January and 31 March for the previous tax year.
Step 8 - Reconcile with other Spanish tax obligations.
Check whether the same assets affect Spanish Income Tax, Wealth Tax, Solidarity Tax, Beckham Law or 721 Form.
Step 9 - Monitor future reporting years.
A new declaration may be needed if a category increases by more than €20,000 or when reportable assets are cancelled, sold or transferred.
Special cases for US, Canadian and Dutch residents
Some foreign assets require a case-by-case review before filing 720 Form, especially when they come from tax systems with different legal and financial classifications.
- US residents: US brokerage accounts, 401(k) plans, IRAs, employer stock plans, RSUs, stock options and foreign trusts should be reviewed carefully to determine ownership, valuation, access rights and whether the asset or right is reportable in Spain.
- Canadian residents: RRSPs, TFSAs, Canadian investment accounts, pension products, joint accounts and real estate outside Spain may require specific analysis, as their Spanish reporting treatment may differ from their treatment in Canada.
- Dutch residents: Dutch bank accounts, securities portfolios, insurance products, pension-related structures and jointly held assets should be checked by category, value and ownership percentage before deciding whether they must be included in 720 Form.
Some foreign assets require a case-by-case review before filing 720 Form, especially when they come from tax systems with different legal and financial classifications.
720 Form, 721 Form and cryptocurrencies
Virtual currencies are not reported through 720 Form. Crypto-assets held abroad must be reviewed separately under 721 Form, the specific informative return created in Spain for certain virtual currencies located outside Spanish territory.
This distinction is important because 720 Form and 721 Form are different reporting obligations. Each form has its own scope, thresholds, valuation criteria and filing requirements, so holding crypto-assets abroad should be analysed independently from foreign bank accounts, investment portfolios, insurance products or real estate reported under 720 Form.
720 form
Informative return for certain foreign assets and rights held by Spanish tax residents.
Foreign bank accounts, securities/rights/insurance/annuities or real estate exceeding €50,000 by category.
721 Form
Informative return for certain virtual currencies located abroad.
Foreign crypto balances exceeding the applicable threshold. Filing period also runs from 1 January to 31 March.
Spanish Income Tax
Annual taxation of income and gains for Spanish tax residents, unless a special regime applies.
Foreign dividends, interest, rental income, pensions, capital gains and other income.
Wealth Tax / Solidarity Tax
Tax on net assets depending on residence, asset location, value and regional rules.
High-net-worth individuals, property owners and investment portfolio holders.
Beckham Law in Spain
Special inbound tax regime for qualifying workers and digital nomad profiles. Régimen fiscal especial para trabajadores desplazados a España y determinados perfiles de nómadas digitales.
May limit Spanish taxation and reporting obligations, but must be reviewed before assuming exemption.
Penalties for failing to submit 720 Form
Late or missing 720 Form filing
Failure to file 720 Form on time may be sanctioned under Article 198 of the Spanish General Tax Law. For informative returns, penalties may be calculated at €20 per data item or data set, with a minimum of €300 and a maximum of €20,000. If the return is filed late voluntarily, before any Tax Agency request, the applicable amounts may be reduced by half.
Incorrect or incomplete information
If 720 Form is filed with incomplete, inaccurate or false information, Article 199 of the Spanish General Tax Law may apply. When the omitted or incorrect data relates to monetary values, the penalty may reach up to 2% of the undeclared or incorrectly declared amount, with a minimum of €500.
Separate penalties by reporting category
720 Form contains three independent reporting blocks: foreign bank accounts, foreign securities/rights/insurance/annuities and foreign real estate. The penalty framework may therefore be applied separately to each reporting obligation, depending on which category has not been filed or has been filed incorrectly.
Old 150% penalty regime
Spain’s former disproportionate penalty regime for 720 Form was challenged by the Court of Justice of the European Union. The obligation to file remains in force, but late, incorrect or incomplete filings are now generally assessed under the ordinary Spanish tax penalty framework rather than the former exceptional regime.
Common 720 Form mistakes to avoid
720 Form is an informative return, but mistakes in classification, valuation or timing can still create problems with the Spanish Tax Agency. The following are the most common issues we see when international residents prepare their declaration.
- Assuming 720 Form is optional because it is only informative. The form may not calculate a tax bill, but the reporting obligation remains relevant and can be checked against other tax data.
- Using only the ownership percentage for joint accounts. The total balance generally matters for the reporting threshold, while the ownership percentage is then reported in the form.
- Forgetting brokerage and investment accounts. Clients often remember bank accounts but miss shares, ETFs, funds, bonds, insurance policies and annuities.
- Mixing 720 Form and 721 Form. Foreign crypto holdings should be reviewed under the separate 721 Form framework, not inserted automatically into 720 Form.
- Relying on outdated penalty information. The old 150% regime should not be presented as the current default, but late or incorrect filings can still carry consequences.
- Ignoring Wealth Tax and Income Tax consistency. Assets reported on 720 Form may need to be reconciled with IRPF, Wealth Tax, Solidarity Tax or Beckham Law planning
- Waiting until March. Valuations, translations, statements and product classification can take time, especially for US and Canadian portfolios.
How Pellicer & Heredia helps with 720 Form
We help international tax planning residents in Spain prepare 720 Form with a clear, structured and legally coordinated approach. Our goal is not only to file the form, but to make sure that the information reported is consistent with the client’s wider Spanish tax position. Our 720 Form service may include:
- Foreign asset review: we analyse bank accounts, investment portfolios, securities, insurance products, annuities, real estate and other foreign assets to determine whether they may be reportable.
- Threshold analysis: we check whether the €50,000 threshold is exceeded in each reporting category and whether previous filings create an obligation to report changes.
- Classification by category: we classify each asset correctly within the three 720 Form blocks: foreign bank accounts, securities/rights/insurance/annuities and foreign real estate.
- Ownership and valuation review: we review ownership percentages, joint accounts, year-end values, foreign currency conversions and supporting documentation.
- Coordination with other taxes: we check whether the information declared should be aligned with Spanish Income Tax, Wealth Tax, Solidarity Tax, 721 Form or Beckham Law status.
- Filing support: we prepare and assist with the online filing process before the Spanish Tax Agency, reducing the risk of incorrect, incomplete or inconsistent information.
- Annual follow-up: we review the client’s position each year to confirm whether a new filing is required due to new assets, cancelled accounts, changes in value or changes in ownership.
This coordinated review is especially useful for US, Canadian, Dutch, German and other international residents who keep assets abroad after becoming Spanish tax residents. Before filing, our tax team can assess the full picture and help ensure that 720 Form is handled correctly from the start.
Frequently Asked Questions
Is 720 Form a tax return or just an informative form?
720 Form is an informative return, not a tax payment form. Filing it does not automatically create tax due in Spain. However, the information declared may be checked against Spanish Income Tax, Wealth Tax, CRS/FATCA data and other tax records. For this reason, it should be prepared with the same level of care as a tax return.
Do expats in Spain need to file 720 Form?
Expats may need to file 720 Form if they become Spanish tax residents and hold reportable assets outside Spain above the relevant thresholds. The obligation depends on tax residence, asset type, value and ownership, not on nationality. This is especially relevant for US, Canadian, Dutch, German and British residents who keep accounts, investments or property abroad.
When is 720 Form due in 2026?
The filing period runs from 1 January to 31 March of the year following the year being reported. For example, the declaration for assets held during 2025 is filed between 1 January and 31 March 2026. Because valuations, statements and asset classification can take time, international residents should review their position well before March, especially if they hold several accounts, portfolios or properties abroad.
Does 720 Form mean I have to pay tax in Spain?
No. 720 Form is an informative declaration, not a tax payment form. However, the assets reported may have consequences for other Spanish taxes. Foreign dividends, interest, rental income, capital gains or pensions may affect Spanish Income Tax. The same assets may also be relevant for Wealth Tax or the Solidarity Tax. This is why the form should be reviewed together with the client’s wider Spanish tax position.
What foreign assets must be declared on 720 Form?
The form covers three broad categories: accounts in financial institutions located abroad; securities, rights, insurance policies and annuities deposited, managed or obtained abroad; and real estate or rights over real estate located abroad. In practical terms, this can include foreign current accounts, savings accounts, brokerage accounts, shares, funds, bonds, certain insurance products, annuities and property outside Spain.
Do I add all my foreign assets together for the €50,000 threshold?
No. The €50,000 threshold is generally reviewed by reporting category. Foreign bank accounts, securities or investment rights, and foreign real estate are assessed separately. A taxpayer may be required to report one category but not another. Joint accounts, ownership percentages and average balances should also be reviewed before deciding whether filing is required.
Do I have to file Form 720 every year?
Not always. Once a 720 Form has been filed, a new filing is normally required for a category only when the total value in that category increases by more than €20,000 compared with the amount that triggered the last declaration, or when certain assets are sold, cancelled, closed or otherwise cease to be held. A yearly review is still advisable because portfolio values and account balances can change quickly.
How are joint foreign accounts declared?
Joint ownership does not automatically remove the obligation to report. If the total balance of the account or group of accounts exceeds the relevant threshold, the account may need to be included even when the taxpayer owns only a percentage. The declaration should normally reflect the total balance and the taxpayer’s ownership percentage. This is a common issue for married couples and family accounts outside Spain.
What exchange rate should I use for foreign currency accounts?
Foreign currency values must be converted into euros using an appropriate exchange rate for the relevant valuation date. For bank accounts, the 31 December balance and, where applicable, the average balance for the last quarter must be reviewed. Clients should keep evidence of the exchange rate used and the source of the valuation, especially for USD, CAD, GBP or CHF accounts.
Are cryptocurrencies declared on 720 Form?
No. Virtual currencies are not reported on 720 Form. Spain has a separate informative return, 721 Form, for certain virtual currencies located abroad. This distinction should be made clearly because older content about crypto and 720 Form can be misleading. A client with crypto on a foreign exchange or custodian should review 721 Form and Spanish Income Tax consequences separately.
Do US brokerage accounts have to be reported?
Potentially, yes. A US brokerage account may contain shares, ETFs, funds, bonds, cash balances or other financial assets that fall within the securities or bank account categories. The correct treatment depends on the structure of the account, the assets held and the values at the relevant dates. US clients should also coordinate the Spanish review with US reporting such as FATCA and FBAR.
Are 401(k), IRA, RRSP or pension plans reported on 720 Form?
Foreign pension products require a case-by-case review. Some pension rights may not fall within the classic 720 Form categories until a triggering event occurs, but this depends on the legal and economic rights attached to the product. US 401(k), IRA, Canadian RRSP and similar products should be reviewed before filing because the Spanish treatment may differ from the home-country classification.
Does the Beckham Law remove the 720 Form obligation?
In many cases, the Beckham Law special regime may remove or reduce certain foreign asset reporting obligations for the qualifying taxpayer, but this should never be assumed without analysis. The applicant’s status, family members, assets, income streams and timing must be reviewed. Spouses or other family members may not have the same reporting position as the main Beckham Law beneficiary.
Does a double tax treaty remove the 720 Form obligation?
Usually no. Double tax treaties mainly allocate taxing rights over income, gains or wealth between two countries. 720 Form is an information-reporting obligation under Spanish domestic law. A tax treaty may be relevant to how income or gains are taxed, but it does not normally eliminate the need to check whether foreign assets must be reported in Spain.
What happens if I file 720 Form late?
Late filing can still have consequences, even though the old penalty regime was challenged at EU level and Spain adapted the rules after 2022. The level of risk depends on whether the filing is late, incomplete, incorrect, requested by the Tax Agency or voluntarily regularised. Clients should seek advice before filing late because the strategy and supporting explanation can matter.
Can I correct a 720 Form after filing?
Yes, but the right procedure depends on the type of error. Some issues may require a complementary or corrective filing, while others may need a more detailed review because they affect previous years or other taxes. A correction should be consistent with bank statements, brokerage statements, property documents and other Spanish tax returns to avoid creating new inconsistencies.
Are the old 150% penalties still in force?
The historical 150% penalty and the non-limitation effects associated with the old regime were criticised by the Court of Justice of the European Union in 2022 as disproportionate. Spain subsequently adapted the penalty framework. The obligation to report foreign assets remains in force, but website content should avoid presenting the old 150% regime as the current default outcome.
File 720 Form with international tax guidance
If you have recently become Spanish tax resident or you are planning to move to Spain, foreign assets should be reviewed before the 720 Form deadline. Our tax team can analyse your bank accounts, portfolios, pensions, insurance products, real estate and crypto exposure to confirm what must be declared and how your position should be coordinated with Spanish tax obligations.