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model 720 what paperwork is required?.

Posted: Sat Oct 16, 2021 4:12pm
4 replies87 views3 members subscribed
apache999

Posts: 19

8 helpful points

Location: Denia

Joined: 29 Jun 2021

Dear sirs,I am going to complete model 720,what relevant paperwork and documents do I need?many thanks.

Herefordjack

Posted: Sat Oct 16, 2021 5:48pm

Herefordjack

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Posts: 875

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Location: Pego

Joined: 18 Dec 2017

Posted: Sat Oct 16, 2021 5:48pm

Are you sure you mean Modelo 720, i.e. declaration of assets held outside Spain on Dec. 31st of any year?

This return can only be done online via the Tax Authority website, and has to be submitted between Jan. 1st and March 31st of the year after the year in question. So either you are very late for 2020,  or preparing very early for 2021.

To answer your specific question, all you need is an electronic certificate to identify yourself online to the tax authorities. And of course, you will need to declare what amount of overseas assets you hold (converted into euros) on 31st December of the year in question, in each of the three classes of asset declarable. They are bank accounts and similar, shares and similar investments, and property. You do not have to declare assets in any class where the total is less than 50,000 euros.

Stevec2x

Posted: Sun Oct 17, 2021 10:41am

Stevec2x

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Location: Playa Flamenca

Joined: 23 Jan 2020

Posted: Sun Oct 17, 2021 10:41am

Hi

Just to add to what Herefordjack says, you simply need to declare your assets - you will not be asked for evidence.

Cheers

Steve

tebo53

Posted: Sun Oct 17, 2021 11:58am

tebo53

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Posts: 4779

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Location: Benidorm

Joined: 29 May 2018

Posted: Sun Oct 17, 2021 11:58am

Stevec2x wrote on Sun Oct 17, 2021 10:41am:

Hi

Just to add to what Herefordjack says, you simply need to declare your assets - you will not be asked for evidence.

Cheers

Steve

Yes declare your assets but you also have to supply start/entry/ plan dates and reference numbers all of which could be checked and cross referenced with known information. 

Steve 

Kelvin1960

Posted: Sun Oct 17, 2021 9:36pm

Kelvin1960

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Posts: 1488

1767 helpful points

Joined: 5 Mar 2017

Posted: Sun Oct 17, 2021 9:36pm

Once you have submitted a Modelo 720, you will need to resubmit is anything significant changes .... e.g. selling a UK property (which will be subject to Capital Gains Tax in Spain).

So evidence of purchase/sale prices needs to be available.

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