{"id":4460,"date":"2020-03-28T20:22:47","date_gmt":"2020-03-28T19:22:47","guid":{"rendered":"https:\/\/somniumlegal.com\/?p=4460"},"modified":"2023-11-21T12:18:33","modified_gmt":"2023-11-21T11:18:33","slug":"modelo-720-discover-what-it-is-and-when-you-should-file-it","status":"publish","type":"post","link":"https:\/\/somniumlegal.com\/en\/modelo-720-discover-what-it-is-and-when-you-should-file-it\/","title":{"rendered":"Modelo 720: discover what it is and when you should file it."},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"4460\" class=\"elementor elementor-4460 elementor-52\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2b84498d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2b84498d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e6364f4\" data-id=\"e6364f4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-70b7af6f elementor-widget elementor-widget-text-editor\" data-id=\"70b7af6f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.5.5 - 03-02-2022 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p class=\"justified\" style=\"text-align: justify;\">Many of our clients, especially foreigners, wonder when they should file the famous Model 720.<\/p>\n<p class=\"justified\" style=\"text-align: justify;\">To temporally contextualize this tax form from the Spanish Tax Agency, it&#8217;s relatively modern as it was introduced in 2013. It&#8217;s known as the &#8220;Information Return on Assets and Rights Located Abroad.&#8221;<\/p>\n<p class=\"justified\" style=\"text-align: justify;\">It&#8217;s essential to be aware that this tax form carries high penalties for non-filing or late filing.<\/p>\n<p class=\"justified\" style=\"text-align: justify;\">Regarding its <strong>purpose<\/strong>, it aims to prevent capital fraud, and the <strong>filing deadline<\/strong> is three months, <strong>from January 1 to March 31<\/strong>.<\/p>\n<p class=\"justified\" style=\"text-align: justify;\">As for who is required to file Model 720, it includes\n&#8220;any person who is the account holder, authorized, representative, beneficiary, or has disposal power over accounts located abroad.&#8221; In addition, according to Law 58\/2003, Art. 35.4, &#8220;Individual or legal entity must file Model 720 when the total amount of their assets located outside of Spain exceeds \u20ac50,000.&#8221;<\/p>\n<p class=\"justified\" style=\"text-align: justify;\">The total amount of assets located outside of Spain is the sum of these three categories:<\/p>\n<ul style=\"text-align: justify;\">\n \t<li style=\"margin-left: 25px;\">Bank account in a foreign bank.<\/li>\n \t<li style=\"margin-left: 25px;\">Rights, securities, income, or insurance in foreign entities.<\/li>\n \t<li style=\"margin-left: 25px;\">Properties located outside the Spanish territory.<\/li>\n<\/ul>\n<p class=\"justified\" style=\"text-align: justify;\">It&#8217;s important to know that once you have filed Model 720, you <strong>do not need to file it again unless<\/strong>:<\/p>\n<ul style=\"text-align: justify;\">\n \t<li style=\"margin-left: 25px;\">You close a bank account.<\/li>\n \t<li style=\"margin-left: 25px;\">The value of your assets increases by more than \u20ac20,000.<\/li>\n<\/ul>\n<p class=\"justified\" style=\"text-align: justify;\">Regarding the <strong>filing<\/strong> of Model 720, it can be done electronically with a digital certificate.<\/p>\n<p class=\"justified\" style=\"text-align: justify;\">If you need help or advice on this matter to ensure the correct filing, please remember that we are at your complete disposal for assistance.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Many of our clients, especially foreigners, wonder when they should file the famous Model 720. To temporally contextualize this tax form from the Spanish Tax Agency, it&#8217;s relatively modern as it was introduced in 2013. It&#8217;s known as the &#8220;Information Return on Assets and Rights Located Abroad.&#8221; It&#8217;s essential to be aware that this tax &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/somniumlegal.com\/en\/modelo-720-discover-what-it-is-and-when-you-should-file-it\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Modelo 720: discover what it is and when you should file it.&#8221;<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":6139,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[53],"tags":[],"rttpg_featured_image_url":{"full":["https:\/\/somniumlegal.com\/wp-content\/uploads\/2023\/11\/modelo-720.gif",1191,759,false],"landscape":["https:\/\/somniumlegal.com\/wp-content\/uploads\/2023\/11\/modelo-720.gif",1191,759,false],"portraits":["https:\/\/somniumlegal.com\/wp-content\/uploads\/2023\/11\/modelo-720.gif",1191,759,false],"thumbnail":["https:\/\/somniumlegal.com\/wp-content\/uploads\/2023\/11\/modelo-720-150x150.gif",150,150,true],"medium":["https:\/\/somniumlegal.com\/wp-content\/uploads\/2023\/11\/modelo-720-300x191.gif",300,191,true],"large":["https:\/\/somniumlegal.com\/wp-content\/uploads\/2023\/11\/modelo-720-1024x653.gif",525,335,true],"1536x1536":["https:\/\/somniumlegal.com\/wp-content\/uploads\/2023\/11\/modelo-720.gif",1191,759,false],"2048x2048":["https:\/\/somniumlegal.com\/wp-content\/uploads\/2023\/11\/modelo-720.gif",1191,759,false],"twentyseventeen-featured-image":["https:\/\/somniumlegal.com\/wp-content\/uploads\/2023\/11\/modelo-720.gif",1191,759,false],"twentyseventeen-thumbnail-avatar":["https:\/\/somniumlegal.com\/wp-content\/uploads\/2023\/11\/modelo-720-100x100.gif",100,100,true]},"rttpg_author":{"display_name":"Joel","author_link":"https:\/\/somniumlegal.com\/en\/author\/joel\/"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/somniumlegal.com\/en\/category\/uncategorized\/\" rel=\"category tag\">Uncategorized<\/a>","rttpg_excerpt":"Many of our clients, especially foreigners, wonder when they should file the famous Model 720. To temporally contextualize this tax form from the Spanish Tax Agency, it&#8217;s relatively modern as it was introduced in 2013. It&#8217;s known as the &#8220;Information Return on Assets and Rights Located Abroad.&#8221; It&#8217;s essential to be aware that this tax&hellip;","_links":{"self":[{"href":"https:\/\/somniumlegal.com\/en\/wp-json\/wp\/v2\/posts\/4460"}],"collection":[{"href":"https:\/\/somniumlegal.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/somniumlegal.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/somniumlegal.com\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/somniumlegal.com\/en\/wp-json\/wp\/v2\/comments?post=4460"}],"version-history":[{"count":5,"href":"https:\/\/somniumlegal.com\/en\/wp-json\/wp\/v2\/posts\/4460\/revisions"}],"predecessor-version":[{"id":5698,"href":"https:\/\/somniumlegal.com\/en\/wp-json\/wp\/v2\/posts\/4460\/revisions\/5698"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/somniumlegal.com\/en\/wp-json\/wp\/v2\/media\/6139"}],"wp:attachment":[{"href":"https:\/\/somniumlegal.com\/en\/wp-json\/wp\/v2\/media?parent=4460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/somniumlegal.com\/en\/wp-json\/wp\/v2\/categories?post=4460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/somniumlegal.com\/en\/wp-json\/wp\/v2\/tags?post=4460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}