Modelo 720 foreign-asset reporting, organized before 31 March.

Modelo 720 is an informational declaration that Spanish tax residents file to report assets and rights held abroad. It covers three categories, bank accounts, securities and insurance, and real estate, each with a EUR 50,000 threshold assessed at year end. It raises no tax itself.

Virtual currencies held with custodians abroad are reported on a separate declaration, Modelo 721, when they exceed EUR 50,000 in aggregate at year end (RD 1065/2007 art. 42 quater). It uses the same 1 January to 31 March window (Order HFP/886/2023) and is informational.

Modelo 720 and Modelo 721 are filed online for the prior year between 1 January and 31 March. After your first filing, you only re-file a category if its value rose by more than EUR 20,000, or if you stopped holding a previously reported asset (RD 1065/2007).

No. On 27 January 2022 the Court of Justice of the EU (case C-788/19) ruled Spain's old Modelo 720 penalty regime contrary to EU law. Ley 5/2022 then removed the special fines and the no-time-limit rule, so late or incorrect filings fall under the general penalties of articles 198 and 199 of the General Tax Law, applied separately to each of the three categories (AEAT). The filing obligation itself remains fully in force.

No. AEAT's Modelo 720 FAQ says people taxed under the article 93 (Beckham) regime do not have to file, because they are not taxed on their worldwide income. The regime does not extend automatically to the family, so a spouse or child who is Spanish tax resident may still have to file. An adviser confirms your position.

Movingto organizes the foreign-asset inventory and checks the thresholds. A licensed Spanish tax adviser handles the reporting position, advice, and filing of Modelo 720 or 721.

Each category is tested on its own. Foreign accounts count if either the combined 31 December balance or the combined average balance of the last quarter exceeds EUR 50,000; securities and insurance, and real estate, use their combined values; crypto on Modelo 721 uses the combined 31 December value. Once a category crosses the limit, you report every asset in it (RD 1065/2007).

The obligation applies to Spanish tax residents, so non-residents do not file. You file for each year in which you are a Spanish tax resident and cross a threshold, starting with your first resident year, between 1 January and 31 March of the following year.

Modelo 721 covers virtual currencies held abroad with providers that safeguard private keys or hold and transfer crypto for others (RD 1065/2007 art. 42 quater). Crypto you hold yourself, without such a custodian, is outside Modelo 721. An adviser confirms how your holdings are classed.