Join the Torrevieja forum
My name's Alex and this is my website all about Torrevieja in Spain. Register now for free to talk about Banking and finances in Torrevieja and much more!
Very helpful member
Hi All. We need to submit a Modelo 720 and are looking for some advice.
We have savings in the UK which we will declare, however, they are spread across various types of accounts and banks.
Does a separate 720 need to be submitted for each one or will one 720 with the grand total suffice?
Posted: Tue Jan 17, 2023 7:06pm
Super helpful member
Please see link below which includes the following statement:
'The modelo 720 states that all individual assets with a value of over €50,000 located abroad as at 31st December each year must now be declared to the Spanish tax authorities. This includes all accounts with financial institutions, custodian accounts, real estate, assets held in companies abroad, shares, trusts, etc.'
From my own experience I have to declare each individual account with each financial institution:
Posted: Tue Jan 17, 2023 8:29pm
Super helpful member
One Modelo 720 form will suffice. There are different sections on the form for the three main asset classes - bank accounts and similar, property, shares and similar - and within each section you will be able to list each and every individual asset.
I've only ever submitted one for my share portfolio, but I had to list the details for each company I held. No doubt in the bank and savings account section, you will be asked to list the details of each individual account you hold.
Find more Banking and finances topics from a particular area:
Or view all Banking and finances topics in all of Costa Blanca.
