{"id":1438,"date":"2026-01-13T15:56:52","date_gmt":"2026-01-13T14:56:52","guid":{"rendered":"https:\/\/v3.pellicerheredia.com\/declaration-of-assets-abroad-form-720\/"},"modified":"2026-01-20T10:57:13","modified_gmt":"2026-01-20T09:57:13","slug":"model-720-declaration-assets-ownership-overseas","status":"publish","type":"page","link":"https:\/\/v3.pellicerheredia.com\/en\/model-720-declaration-assets-ownership-overseas\/","title":{"rendered":"Declaration of assets abroad: Form 720"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1438\" class=\"elementor elementor-1438 elementor-1408\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4b9544e e-flex e-con-boxed e-con e-parent\" data-id=\"4b9544e\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2891eb6 e-flex e-con-boxed e-con e-parent\" data-id=\"2891eb6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-03b5c8f elementor-widget elementor-widget-heading\" data-id=\"03b5c8f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Model 720 - Declaration of assets and ownership overseas<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22aebc6 elementor-widget elementor-widget-heading\" data-id=\"22aebc6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Declaration of wealth outside Spain: Form 720<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a33d2ff elementor-widget elementor-widget-text-editor\" data-id=\"a33d2ff\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>We know that <strong>Form 720 for declaring your foreign assets<\/strong> can be complicated and can result in severe penalties if filed incorrectly. <a href=\"https:\/\/www.pellicerheredia.com\/en\">At Pellicer&amp;Heredia,<\/a> a law firm specialising in tax advice and international law, we understand the challenge of filing this informative tax return correctly to avoid penalties. <\/p><p>Below, we have prepared the following <strong>informative guide for declaring assets you have outside Spain.<\/strong> It includes a section on frequently asked questions about Form 720 with real cases and specific examples to clarify any doubts you may have. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5181b08 elementor-widget elementor-widget-image\" data-id=\"5181b08\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"795\" height=\"1080\" src=\"https:\/\/v3.pellicerheredia.com\/wp-content\/uploads\/esp.png\" class=\"attachment-full size-full wp-image-722\" alt=\"\" srcset=\"https:\/\/v3.pellicerheredia.com\/wp-content\/uploads\/esp.png 795w, https:\/\/v3.pellicerheredia.com\/wp-content\/uploads\/esp-221x300.png 221w, https:\/\/v3.pellicerheredia.com\/wp-content\/uploads\/esp-754x1024.png 754w, https:\/\/v3.pellicerheredia.com\/wp-content\/uploads\/esp-768x1043.png 768w\" sizes=\"(max-width: 795px) 100vw, 795px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f1f6b6f e-con-full e-flex e-con e-parent\" data-id=\"f1f6b6f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6648c8b elementor-widget elementor-widget-menu-anchor\" data-id=\"6648c8b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"menu-anchor.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-menu-anchor\" id=\"contact-form\"><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-901c1d0 e-flex e-con-boxed e-con e-parent\" data-id=\"901c1d0\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2379996 elementor-widget elementor-widget-heading\" data-id=\"2379996\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Declare your international assets without complications<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf4af85 elementor-widget__width-initial elementor-widget elementor-widget-text-editor\" data-id=\"cf4af85\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>At Pellicer &amp; Heredia, we can analyse your tax situation on an individual basis and advise you on the best course of action to suit your needs.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-60428c6 elementor-button-align-start elementor-widget__width-initial elementor-widget elementor-widget-global elementor-global-295 elementor-widget-form\" data-id=\"60428c6\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;step_next_label&quot;:&quot;Siguiente&quot;,&quot;step_previous_label&quot;:&quot;Anterior&quot;,&quot;button_width&quot;:&quot;100&quot;,&quot;step_type&quot;:&quot;number_text&quot;,&quot;step_icon_shape&quot;:&quot;circle&quot;}\" data-widget_type=\"form.default\">\n\t\t\t\t\t\t\t<form class=\"elementor-form\" method=\"post\" name=\"Nuevo formulario\" aria-label=\"Nuevo formulario\">\n\t\t\t<input type=\"hidden\" name=\"post_id\" value=\"1438\"\/>\n\t\t\t<input type=\"hidden\" name=\"form_id\" value=\"60428c6\"\/>\n\t\t\t<input type=\"hidden\" name=\"referer_title\" value=\"\" \/>\n\n\t\t\t\n\t\t\t<div class=\"elementor-form-fields-wrapper elementor-labels-\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-text elementor-field-group elementor-column elementor-field-group-name elementor-col-100\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-name\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\tNombre\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"text\" name=\"form_fields[name]\" id=\"form-field-name\" class=\"elementor-field elementor-size-lg  elementor-field-textual\" placeholder=\"Nombre\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-email elementor-field-group elementor-column elementor-field-group-email elementor-col-60 elementor-field-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-email\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\tCorreo electr\u00f3nico\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"email\" name=\"form_fields[email]\" id=\"form-field-email\" class=\"elementor-field elementor-size-lg  elementor-field-textual\" placeholder=\"Correo electr\u00f3nico\" required=\"required\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-tel elementor-field-group elementor-column elementor-field-group-phone elementor-col-40 elementor-field-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-phone\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\tTel\u00e9fono\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t<input size=\"1\" type=\"tel\" name=\"form_fields[phone]\" id=\"form-field-phone\" class=\"elementor-field elementor-size-lg  elementor-field-textual\" placeholder=\"Tel\u00e9fono\" required=\"required\" pattern=\"[0-9()#&amp;+*-=.]+\" title=\"Only numbers and phone characters (#, -, *, etc) are accepted.\">\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-html elementor-field-group elementor-column elementor-field-group-field_1dfde64 elementor-col-40\">\n\t\t\t\t\t\u00bfEn qu\u00e9 pa\u00eds reside actualmente?\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-html elementor-field-group elementor-column elementor-field-group-field_7a7d31e elementor-col-40\">\n\t\t\t\t\t\u00bfEn qu\u00e9 pa\u00eds reside actualmente?\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-text elementor-field-group elementor-column elementor-field-group-country elementor-col-100\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-country\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\tPa\u00eds\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"text\" name=\"form_fields[country]\" id=\"form-field-country\" class=\"elementor-field elementor-size-lg  elementor-field-textual\" placeholder=\"Pa\u00eds\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-acceptance elementor-field-group elementor-column elementor-field-group-privacy elementor-col-100 elementor-field-required\">\n\t\t\t\t\t\t\t\t\t\t\t\t<label for=\"form-field-privacy\" class=\"elementor-field-label elementor-screen-only\">\n\t\t\t\t\t\t\t\tPrivacidad\t\t\t\t\t\t\t<\/label>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-subgroup\">\n\t\t\t<span class=\"elementor-field-option\">\n\t\t\t\t<input type=\"checkbox\" name=\"form_fields[privacy]\" id=\"form-field-privacy\" class=\"elementor-field elementor-size-lg  elementor-acceptance-field\" required=\"required\">\n\t\t\t\t<label for=\"form-field-privacy\">Confirmo que he le\u00eddo y acepto la <a href=\"\/politica-de-privacidad\" style=\"color: #A70D53;\"><u>Pol\u00edtica de privacidad<\/u><\/a>.<\/label>\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-hidden elementor-field-group elementor-column elementor-field-group-fuente elementor-col-100\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"hidden\" name=\"form_fields[fuente]\" id=\"form-field-fuente\" class=\"elementor-field elementor-size-lg  elementor-field-textual\" value=\"WEB\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-type-hidden elementor-field-group elementor-column elementor-field-group-interes elementor-col-100\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<input size=\"1\" type=\"hidden\" name=\"form_fields[interes]\" id=\"form-field-interes\" class=\"elementor-field elementor-size-lg  elementor-field-textual\" value=\"Declaration of assets abroad: Form 720\">\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<div class=\"elementor-field-group elementor-column elementor-field-type-submit elementor-col-100 e-form__buttons\">\n\t\t\t\t\t<button class=\"elementor-button elementor-size-md\" type=\"submit\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Enviar<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/button>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/form>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e358b66 e-flex e-con-boxed e-con e-parent\" data-id=\"e358b66\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-894b6eb elementor-position-inline-start elementor-view-stacked elementor-shape-circle elementor-mobile-position-block-start elementor-widget elementor-widget-icon-box\" data-id=\"894b6eb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<span  class=\"elementor-icon\">\n\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"24\" viewBox=\"0 0 24 24\"><path fill=\"currentColor\" d=\"M0 18v-1.575q0-1.075 1.1-1.75T4 14q.325 0 .625.013t.575.062q-.35.525-.525 1.1t-.175 1.2V18zm6 0v-1.625q0-.8.438-1.463t1.237-1.162T9.588 13T12 12.75q1.325 0 2.438.25t1.912.75t1.225 1.163t.425 1.462V18zm13.5 0v-1.625q0-.65-.162-1.225t-.488-1.075q.275-.05.563-.062T20 14q1.8 0 2.9.663t1.1 1.762V18zM4 13q-.825 0-1.412-.587T2 11q0-.85.588-1.425T4 9q.85 0 1.425.575T6 11q0 .825-.575 1.413T4 13m16 0q-.825 0-1.412-.587T18 11q0-.85.588-1.425T20 9q.85 0 1.425.575T22 11q0 .825-.575 1.413T20 13m-8-1q-1.25 0-2.125-.875T9 9q0-1.275.875-2.137T12 6q1.275 0 2.138.863T15 9q0 1.25-.862 2.125T12 12\"><\/path><\/svg>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<span  >\n\t\t\t\t\t\t\tWho is required to submit Form 720?\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<p class=\"elementor-icon-box-description\">\n\t\t\t\t\t\tIf you are a tax resident in Spain, i.e. you have resided there for <strong>more than 183 consecutive days<\/strong> during a calendar year, you must inform the Spanish tax authorities of your assets and rights located abroad.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5e4c834 elementor-position-inline-start elementor-view-stacked elementor-shape-circle elementor-mobile-position-block-start elementor-widget elementor-widget-icon-box\" data-id=\"5e4c834\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<span  class=\"elementor-icon\">\n\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"24\" viewBox=\"0 0 24 24\"><path fill=\"currentColor\" d=\"M11 14v-2h2v2zm-4 0v-2h2v2zm8 0v-2h2v2zm-4 4v-2h2v2zm-4 0v-2h2v2zm8 0v-2h2v2zM3 22V4h3V2h2v2h8V2h2v2h3v18zm2-2h14V10H5zM5 8h14V6H5zm0 0V6z\"><\/path><\/svg>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<span  >\n\t\t\t\t\t\t\tDate and deadline for submitting Form 720\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<p class=\"elementor-icon-box-description\">\n\t\t\t\t\t\tForm 720 must be submitted between <strong>1 January and 31 March<\/strong> of the year following the one to which the information on the form refers. Tax residents in Spain must file an informative declaration of their assets outside the country using <strong>Form 720.<\/strong> At <strong>Pellicer &amp; Heredia,<\/strong> we can answer any questions you may have regarding this process. \t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-976deca e-flex e-con-boxed e-con e-parent\" data-id=\"976deca\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7d0cb57 elementor-widget elementor-widget-heading\" data-id=\"7d0cb57\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">What assets outside Spain must I declare?<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1d8250b elementor-widget elementor-widget-text-editor\" data-id=\"1d8250b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Once the details of tax <strong>residence in Spain<\/strong> have been clarified, this information form must be submitted by anyone who has at least \u20ac50,000 in any of the following three categories of assets covered by this information return:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8bdc0a3 e-grid e-con-full e-con e-child\" data-id=\"8bdc0a3\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-4f81998 e-con-full e-flex elementor-invisible e-con e-child\" data-id=\"4f81998\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-aa2c7f6 e-con-full e-flex e-con e-child\" data-id=\"aa2c7f6\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1396a95 e-con-full e-flex e-con e-child\" data-id=\"1396a95\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1facc4b elementor-widget elementor-widget-heading\" data-id=\"1facc4b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Accounts held with financial institutions located abroad.<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a653b50 e-con-full e-flex elementor-invisible e-con e-child\" data-id=\"a653b50\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-e58fb46 e-con-full e-flex e-con e-child\" data-id=\"e58fb46\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c694872 e-con-full e-flex e-con e-child\" data-id=\"c694872\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b1632c0 elementor-widget elementor-widget-heading\" data-id=\"b1632c0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Securities, rights, insurance policies and income deposited, managed or obtained abroad.<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-78eb5a4 e-con-full e-flex elementor-invisible e-con e-child\" data-id=\"78eb5a4\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-ca91972 e-con-full e-flex e-con e-child\" data-id=\"ca91972\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3042a8f e-con-full e-flex e-con e-child\" data-id=\"3042a8f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f7b244b elementor-widget elementor-widget-heading\" data-id=\"f7b244b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Real estate and rights over real estate located abroad.<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f1c21ed e-flex e-con-boxed e-con e-parent\" data-id=\"f1c21ed\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7d9fcec elementor-position-inline-start elementor-view-stacked elementor-shape-circle elementor-mobile-position-block-start elementor-widget elementor-widget-icon-box\" data-id=\"7d9fcec\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<span  class=\"elementor-icon\">\n\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"24\" viewBox=\"0 0 24 24\"><path fill=\"currentColor\" d=\"M6.5 11L12 2l5.5 9zm11 11q-1.875 0-3.187-1.312T13 17.5t1.313-3.187T17.5 13t3.188 1.313T22 17.5t-1.312 3.188T17.5 22M3 21.5v-8h8v8zM17.5 20q1.05 0 1.775-.725T20 17.5t-.725-1.775T17.5 15t-1.775.725T15 17.5t.725 1.775T17.5 20M5 19.5h4v-4H5zM10.05 9h3.9L12 5.85zm7.45 8.5\"><\/path><\/svg>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<span  >\n\t\t\t\t\t\t\tDo I need to submit a Form 720 for each type of asset?\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<p class=\"elementor-icon-box-description\">\n\t\t\t\t\t\tAlthough the three reporting obligations constitute different reporting obligations, <strong>they are declared using the same form,<\/strong> reporting all assets and rights for which there is a reporting obligation.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-231b1a8 elementor-position-inline-start elementor-view-stacked elementor-shape-circle elementor-mobile-position-block-start elementor-widget elementor-widget-icon-box\" data-id=\"231b1a8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<span  class=\"elementor-icon\">\n\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"24\" viewBox=\"0 0 24 24\"><path fill=\"currentColor\" d=\"M12 12q-1.65 0-2.825-1.175T8 8t1.175-2.825T12 4t2.825 1.175T16 8t-1.175 2.825T12 12m-8 8v-2.8q0-.85.438-1.562T5.6 14.55q1.55-.775 3.15-1.162T12 13t3.25.388t3.15 1.162q.725.375 1.163 1.088T20 17.2V20z\"><\/path><\/svg>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h3 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<span  >\n\t\t\t\t\t\t\tDoes the restriction apply exclusively to those accounts, properties or rights of which I am the sole owner?\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h3>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<p class=\"elementor-icon-box-description\">\n\t\t\t\t\t\tSpanish regulations stipulate that when a resident of Spain is the holder or authorised user of one or more current accounts located abroad, which individually or collectively total \u20ac50,000, <strong>it is irrelevant whether there are other holders of such accounts or assets<\/strong>: <strong>the balance as at 31 December must be reported<\/strong>, without limitation to the percentage of ownership of the declarant.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-fc8726c e-flex e-con-boxed e-con e-parent\" data-id=\"fc8726c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-23c9f33 elementor-widget elementor-widget-heading\" data-id=\"23c9f33\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Penalties for failing to submit Form 720<\/h3>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-898bc78 e-grid e-con-full e-con e-child\" data-id=\"898bc78\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-c6b2411 e-con-full e-flex e-con e-child\" data-id=\"c6b2411\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-08cbb85 elementor-view-stacked elementor-shape-circle elementor-position-block-start elementor-mobile-position-block-start elementor-widget elementor-widget-icon-box\" data-id=\"08cbb85\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<span  class=\"elementor-icon\">\n\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"24\" viewBox=\"0 0 24 24\"><path fill=\"currentColor\" d=\"M1 21L12 2l11 19zm11-3q.425 0 .713-.288T13 17t-.288-.712T12 16t-.712.288T11 17t.288.713T12 18m-1-3h2v-5h-2z\"><\/path><\/svg>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h4 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<span  >\n\t\t\t\t\t\t\tPenalty for failing to submit Form 720 on time\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h4>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<p class=\"elementor-icon-box-description\">\n\t\t\t\t\t\tPenalties ranging from \u20ac200 to \u20ac20,000, depending on the severity and number of omitted details (Art. 198 LGT).\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b257cd8 e-con-full e-flex e-con e-child\" data-id=\"b257cd8\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-57b39cd elementor-view-stacked elementor-shape-circle elementor-position-block-start elementor-mobile-position-block-start elementor-widget elementor-widget-icon-box\" data-id=\"57b39cd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<span  class=\"elementor-icon\">\n\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"24\" viewBox=\"0 0 24 24\"><path fill=\"currentColor\" d=\"M12 17q.425 0 .713-.288T13 16t-.288-.712T12 15t-.712.288T11 16t.288.713T12 17m-1-4h2V7h-2zm1 9q-2.075 0-3.9-.788t-3.175-2.137T2.788 15.9T2 12t.788-3.9t2.137-3.175T8.1 2.788T12 2t3.9.788t3.175 2.137T21.213 8.1T22 12t-.788 3.9t-2.137 3.175t-3.175 2.138T12 22m0-2q3.35 0 5.675-2.325T20 12t-2.325-5.675T12 4T6.325 6.325T4 12t2.325 5.675T12 20m0-8\"><\/path><\/svg>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h4 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<span  >\n\t\t\t\t\t\t\tPenalty for incorrect or incomplete submission\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h4>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<p class=\"elementor-icon-box-description\">\n\t\t\t\t\t\tFixed and proportional penalties of up to 2% of the value of undeclared assets or transactions, with a minimum of \u20ac500 (Art. 199 LGT).\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-b10717f e-con-full e-flex e-con e-child\" data-id=\"b10717f\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-c67ea79 elementor-view-stacked elementor-shape-circle elementor-position-block-start elementor-mobile-position-block-start elementor-widget elementor-widget-icon-box\" data-id=\"c67ea79\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<span  class=\"elementor-icon\">\n\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"24\" viewBox=\"0 0 24 24\"><path fill=\"currentColor\" d=\"M5 19V5zM21 7.5h-2V5H5v14h14v-2.5h2V21H3V3h18zM11 17V7h11v10zm5-3.5q.625 0 1.063-.437T17.5 12t-.437-1.062T16 10.5t-1.062.438T14.5 12t.438 1.063T16 13.5m4 1.5V9h-7v6z\"><\/path><\/svg>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h4 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<span  >\n\t\t\t\t\t\t\tClassification as unjustified capital gains\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h4>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<p class=\"elementor-icon-box-description\">\n\t\t\t\t\t\tUndeclared assets may be considered unjustified capital gains.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1b45765 e-con-full e-flex e-con e-child\" data-id=\"1b45765\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9d0beec elementor-view-stacked elementor-shape-circle elementor-position-block-start elementor-mobile-position-block-start elementor-widget elementor-widget-icon-box\" data-id=\"9d0beec\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-box.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-icon-box-wrapper\">\n\n\t\t\t\t\t\t<div class=\"elementor-icon-box-icon\">\n\t\t\t\t<span  class=\"elementor-icon\">\n\t\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"24\" height=\"24\" viewBox=\"0 0 24 24\"><path fill=\"currentColor\" d=\"M7.5 11q-1.45 0-2.475-1.025T4 7.5t1.025-2.475T7.5 4t2.475 1.025T11 7.5T9.975 9.975T7.5 11m0-2q.625 0 1.063-.437T9 7.5t-.437-1.062T7.5 6t-1.062.438T6 7.5t.438 1.063T7.5 9m9 11q-1.45 0-2.475-1.025T13 16.5t1.025-2.475T16.5 13t2.475 1.025T20 16.5t-1.025 2.475T16.5 20m0-2q.625 0 1.063-.437T18 16.5t-.437-1.062T16.5 15t-1.062.438T15 16.5t.438 1.063T16.5 18M5.4 20L4 18.6L18.6 4L20 5.4z\"><\/path><\/svg>\t\t\t\t<\/span>\n\t\t\t<\/div>\n\t\t\t\n\t\t\t\t\t\t<div class=\"elementor-icon-box-content\">\n\n\t\t\t\t\t\t\t\t\t<h4 class=\"elementor-icon-box-title\">\n\t\t\t\t\t\t<span  >\n\t\t\t\t\t\t\t150% tax\t\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/h4>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<p class=\"elementor-icon-box-description\">\n\t\t\t\t\t\tApplication of a penalty surcharge of 150% on the tax liability resulting from said capital gain.\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-26c9b6f e-flex e-con-boxed e-con e-parent\" data-id=\"26c9b6f\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6424afc elementor-widget elementor-widget-heading\" data-id=\"6424afc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Significant changes to the regulation of Form 720<\/h3>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-85dd497 e-con-full e-flex e-con e-child\" data-id=\"85dd497\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1ea5fc1 elementor-widget elementor-widget-text-editor\" data-id=\"1ea5fc1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><em>In its judgment of 27 January 2022, case C-788\/19, the Court of Justice of the European Union (CJEU) ruled on the action for failure to fulfil obligations brought by the European Commission on 23 October 2019. The CJEU has argued that Form 720 is contrary to EU law, that the conditions and penalties set out in the regulations are \u2018disproportionate\u2019 and that Spain has failed to fulfil its obligations under the free movement of capital, as they may discourage the acquisition of property abroad. <\/em><\/p><p><strong><em>Form 720 <\/em><\/strong><em>was introduced in 2013 and will now <strong>remain in force<\/strong> with significant changes to the limitation periods and amounts of penalties. The changes introduced will mean that the penalties and limitation periods set out in the General Tax Law will apply to this regulation, so that offences under Form 720 will be <strong>time-barred after four years,<\/strong> as is customary for tax offences, and penalties may not exceed 50% of the amount defrauded, in accordance with the general regime of the regulation. Fines will be subject to the general regime, <strong>but the obligation to report remains<\/strong>. These fines range from 150 to 250 euros.<\/em><\/p><p><em>The Minister of Finance, Mar\u00eda Jes\u00fas Montero, explained that the CJEU does not question the model, which will remain in force. <strong>The plenary session of Congress unanimously approved the new penalty regime for the Declaration of Assets Abroad, Form 720,<\/strong> modified through an amendment in the Senate to eliminate its imprescriptibility and reduce its penalties, following the ruling of the Court of Justice of the European Union (CJEU).<\/em><\/p><p><em>Taxpayers may recover the <strong>amount of penalties<\/strong> under this <strong> tax model<\/strong>. The Treasury will have to refund the penalties even if they are final and uncontested, by way of the State&#8217;s financial liability. <\/em><\/p><p><em>The Tax Agency has already confirmed that there is no obligation to file an informative declaration on the form without the relevant regulatory development on cryptocurrencies. Therefore, <strong>there is no need to report cryptocurrencies on Form 720 for 2021. <\/strong> <\/em><\/p><p>For further information, please do not hesitate to <strong>contact a multidisciplinary<\/strong> professional firm specialising in international taxation. At <a href=\"https:\/\/www.pellicerheredia.com\/en\">Pellicer &amp; Heredia<\/a>, we can analyse your tax situation on an individual basis and advise you on the best course of action to suit your needs. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ce3442f e-flex e-con-boxed e-con e-parent\" data-id=\"ce3442f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-32d6444 elementor-widget elementor-widget-heading\" data-id=\"32d6444\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Form 720 frequently asked questions<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-dc73a62 elementor-widget elementor-widget-n-accordion\" data-id=\"dc73a62\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;default_state&quot;:&quot;expanded&quot;,&quot;max_items_expended&quot;:&quot;one&quot;,&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:400,&quot;sizes&quot;:[]}}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2310\" class=\"e-n-accordion-item\" open>\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"true\" aria-controls=\"e-n-accordion-item-2310\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h5 class=\"e-n-accordion-item-title-text\"> In the event that the pension plan is redeemed, must the income obtained be reported? <\/h5><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2310\" class=\"elementor-element elementor-element-c9e54c4 e-con-full e-flex e-con e-child\" data-id=\"c9e54c4\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f6b10d8 elementor-widget elementor-widget-text-editor\" data-id=\"f6b10d8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>There is no obligation to provide information on pension plans <\/strong> (or contributions thereto) until the event giving rise to the payment of the pension in the form of a temporary or life annuity occurs.<\/p><p>The definition of pension schemes under <strong>Spanish law<\/strong> is as follows:<\/p><p>Rights of persons who are entitled to receive income or capital for retirement, survival, widowhood, orphanhood or disability.<\/p><p>Therefore, and in accordance with this definition, <strong>such rights are not included in any of the three categories<\/strong> of assets and rights located abroad that must be reported (accounts\/deposits, securities\/insurance and real estate, in general).<\/p><p>In summary, <strong>in order for a foreign financial product to qualify as a pension plan,<\/strong> for the purposes of its exclusion from Form 720, the requirement must be met that the contingency covered must be exclusively for retirement, survival, widowhood, orphanhood or disability, <strong>and contributions may not be available without any of these circumstances occurring.<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2311\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"2\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2311\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h5 class=\"e-n-accordion-item-title-text\"> Is there an obligation to file a tax return when joint ownership of a bank account opened abroad is shared, where the balance as at 31 December exceeds \u20ac50,000 but ownership is shared between several people? <\/h5><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2311\" class=\"elementor-element elementor-element-f451594 e-con-full e-flex e-con e-child\" data-id=\"f451594\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-46f4c41 elementor-widget elementor-widget-text-editor\" data-id=\"46f4c41\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>There is an obligation<\/strong> to report the bank account when this limit is exceeded (and none of the other exceptions to the reporting obligation apply), regardless of the number of account holders. The total balances shall be reported without apportionment, indicating the percentage share. <\/p><p>The same shall apply to any of the types of assets and rights covered by these three reporting obligations where there are several owners.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2312\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"3\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2312\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h5 class=\"e-n-accordion-item-title-text\"> Is there an obligation to report stock options? <\/h5><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2312\" class=\"elementor-element elementor-element-753514a e-con-full e-flex e-con e-child\" data-id=\"753514a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9ea26b6 elementor-widget elementor-widget-text-editor\" data-id=\"9ea26b6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>No.<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2313\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"4\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2313\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h5 class=\"e-n-accordion-item-title-text\"> Is there an obligation to report assets such as works of art, boats, gold bullion (physical), jewellery, and cash not deposited in accounts? <\/h5><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2313\" class=\"elementor-element elementor-element-a676462 e-con-full e-flex e-con e-child\" data-id=\"a676462\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-35a6e73 elementor-widget elementor-widget-text-editor\" data-id=\"35a6e73\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>There is no obligation<\/strong> to provide information on these assets as such.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2314\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"5\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2314\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h5 class=\"e-n-accordion-item-title-text\"> Is there an obligation to report on: loans granted to foreign entities, credits from commercial or service operations, joint accounts or any other type of loan or credit? <\/h5><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2314\" class=\"elementor-element elementor-element-097522f e-con-full e-flex e-con e-child\" data-id=\"097522f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-794450f elementor-widget elementor-widget-text-editor\" data-id=\"794450f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>There is only<\/strong> an obligation to report the transfer of own capital to third parties <strong>if this capital is represented by securities.<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2315\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"6\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2315\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h5 class=\"e-n-accordion-item-title-text\">  If a person owns a property that they have acquired as a result of a donation or inheritance, what is the acquisition value that should be taken into account for the purposes of determining (and, where applicable, declaring) whether they are required to declare it? <\/h5><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2315\" class=\"elementor-element elementor-element-389b783 e-con-full e-flex e-con e-child\" data-id=\"389b783\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7f8a502 elementor-widget elementor-widget-text-editor\" data-id=\"7f8a502\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>In the event that the property was acquired through donation or inheritance, the acquisition value shall be recorded, understood as <strong>the actual value of the property<\/strong> at the time of acquisition.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2316\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"7\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2316\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h5 class=\"e-n-accordion-item-title-text\"> If a person holds an account abroad whose balance is in a currency other than the euro and is required to file a Form 720 information return, what exchange rate should be applied to determine each of the balances to be reported? <\/h5><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2316\" class=\"elementor-element elementor-element-31ad3e1 e-con-full e-flex e-con e-child\" data-id=\"31ad3e1\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ea709ce elementor-widget elementor-widget-text-editor\" data-id=\"ea709ce\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>You must report the balances corresponding to the current account using <strong>the exchange rate in force on 31 December<\/strong> of the financial year to which the reported information corresponds. This same reference shall be used in relation to the valuation of the average balance for the last quarter corresponding to each account. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2317\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"8\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2317\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h5 class=\"e-n-accordion-item-title-text\"> Should taxes and incidental expenses related to the purchase be included in the acquisition value of a property? <\/h5><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2317\" class=\"elementor-element elementor-element-04700c4 e-con-full e-flex e-con e-child\" data-id=\"04700c4\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-feb85d6 elementor-widget elementor-widget-text-editor\" data-id=\"feb85d6\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><strong>Yes, the acquisition value will include expenses inherent to the purchase and taxes. <\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-2318\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"9\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-2318\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><h5 class=\"e-n-accordion-item-title-text\"> When should the value of assets located abroad be calculated in order to apply the \u20ac50,000 limit? What must be declared in these cases?  <\/h5><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-2318\" class=\"elementor-element elementor-element-da88a4d e-con-full e-flex e-con e-child\" data-id=\"da88a4d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-cd1dd3a elementor-widget elementor-widget-text-editor\" data-id=\"cd1dd3a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>With regard <strong>to bank accounts:<\/strong> Account balances as at 31 December and average balances for the last quarter.<\/p><p>With regard <strong>to securities:<\/strong> The balances of securities as at 31 December.<\/p><p>With regard <strong>to shares or units<\/strong> in Collective Investment Institutions: Net asset values as at 31 December.<\/p><p>With regard to <strong>insurance<\/strong>: Surrender values as at 31 December.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"In the event that the pension plan is redeemed, must the income obtained be reported?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"There is no obligation to provide information on pension plans  (or contributions thereto) until the event giving rise to the payment of the pension in the form of a temporary or life annuity occurs.The definition of pension schemes under Spanish law is as follows:Rights of persons who are entitled to receive income or capital for retirement, survival, widowhood, orphanhood or disability.Therefore, and in accordance with this definition, such rights are not included in any of the three categories of assets and rights located abroad that must be reported (accounts\\\/deposits, securities\\\/insurance and real estate, in general).In summary, in order for a foreign financial product to qualify as a pension plan, for the purposes of its exclusion from Form 720, the requirement must be met that the contingency covered must be exclusively for retirement, survival, widowhood, orphanhood or disability, and contributions may not be available without any of these circumstances occurring.\"}},{\"@type\":\"Question\",\"name\":\"Is there an obligation to file a tax return when joint ownership of a bank account opened abroad is shared, where the balance as at 31 December exceeds \\u20ac50,000 but ownership is shared between several people?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"There is an obligation to report the bank account when this limit is exceeded (and none of the other exceptions to the reporting obligation apply), regardless of the number of account holders. The total balances shall be reported without apportionment, indicating the percentage share. The same shall apply to any of the types of assets and rights covered by these three reporting obligations where there are several owners.\"}},{\"@type\":\"Question\",\"name\":\"Is there an obligation to report stock options?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"No.\"}},{\"@type\":\"Question\",\"name\":\"Is there an obligation to report assets such as works of art, boats, gold bullion (physical), jewellery, and cash not deposited in accounts?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"There is no obligation to provide information on these assets as such.\"}},{\"@type\":\"Question\",\"name\":\"Is there an obligation to report on: loans granted to foreign entities, credits from commercial or service operations, joint accounts or any other type of loan or credit?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"There is only an obligation to report the transfer of own capital to third parties if this capital is represented by securities.\"}},{\"@type\":\"Question\",\"name\":\"If a person owns a property that they have acquired as a result of a donation or inheritance, what is the acquisition value that should be taken into account for the purposes of determining (and, where applicable, declaring) whether they are required to declare it?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"In the event that the property was acquired through donation or inheritance, the acquisition value shall be recorded, understood as the actual value of the property at the time of acquisition.\"}},{\"@type\":\"Question\",\"name\":\"If a person holds an account abroad whose balance is in a currency other than the euro and is required to file a Form 720 information return, what exchange rate should be applied to determine each of the balances to be reported?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"You must report the balances corresponding to the current account using the exchange rate in force on 31 December of the financial year to which the reported information corresponds. This same reference shall be used in relation to the valuation of the average balance for the last quarter corresponding to each account.\"}},{\"@type\":\"Question\",\"name\":\"Should taxes and incidental expenses related to the purchase be included in the acquisition value of a property?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Yes, the acquisition value will include expenses inherent to the purchase and taxes.\"}},{\"@type\":\"Question\",\"name\":\"When should the value of assets located abroad be calculated in order to apply the \\u20ac50,000 limit? What must be declared in these cases?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"With regard to bank accounts: Account balances as at 31 December and average balances for the last quarter.With regard to securities: The balances of securities as at 31 December.With regard to shares or units in Collective Investment Institutions: Net asset values as at 31 December.With regard to insurance: Surrender values as at 31 December.\"}}]}<\/script>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Model 720 &#8211; Declaration of assets and ownership overseas Declaration of wealth outside Spain: Form 720 We know that Form 720 for declaring your foreign assets can be complicated and can result in severe penalties if filed incorrectly. At Pellicer&amp;Heredia, a law firm specialising in tax advice and international law, we understand the challenge of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1436,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-1438","page","type-page","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/v3.pellicerheredia.com\/en\/wp-json\/wp\/v2\/pages\/1438","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/v3.pellicerheredia.com\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/v3.pellicerheredia.com\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/v3.pellicerheredia.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/v3.pellicerheredia.com\/en\/wp-json\/wp\/v2\/comments?post=1438"}],"version-history":[{"count":5,"href":"https:\/\/v3.pellicerheredia.com\/en\/wp-json\/wp\/v2\/pages\/1438\/revisions"}],"predecessor-version":[{"id":2476,"href":"https:\/\/v3.pellicerheredia.com\/en\/wp-json\/wp\/v2\/pages\/1438\/revisions\/2476"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/v3.pellicerheredia.com\/en\/wp-json\/wp\/v2\/media\/1436"}],"wp:attachment":[{"href":"https:\/\/v3.pellicerheredia.com\/en\/wp-json\/wp\/v2\/media?parent=1438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}