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The 720 model, an inter-national registration

“There are other worlds, but they are in this” Paul Eluard There are times when our world is explained through

“There are other worlds, but they are in this”
Paul Eluard

There are times when our world is explained through many places. Well for work, for social, family or even social reasons, it is common that in different territories there are a series of spaces with which we keep a particular relationship. Relationship, which can also be recorded through different goods and forms of capital. From accounts, to real estate, through the income that some clients emit from other countries. As usual in this portal, we talk about laws and obligations. And the way to comply with the law regarding these concepts, is through the 720 model or Informative declaration on goods and rights located abroad.

the origin

The 720 model saw the light in 2012 after a modification of the tax regulations with a clear focus anti -fraud . As it was known and known, the tax burden varies according to what countries the tax is carried out, so it can result in tempting for companies and individuals to locate certain income, rights, goods and accounts in countries that are More attractions in tax matters.

Are we saying with this that you cannot have goods or rights in other countries in which less taxes are paid? No, but you have to declare them.

who is directed

Thus, things are taken as reference Law 58/2003, which marks as forced to present the 720 model to the following cases:

– natural and legal persons residing in Spanish territory.
– Permanent establishments in Spain of non -resident persons or entities.
– Communities of goods, inheritances and other cases in article 35.4 of Law 58/2003.

In this regard, he will be the holder, representative, authorized, beneficiary, person or entity with disposition powers or real holder, who will have the obligation to inform about accounts in financial entities located abroad, values, rights, rights, Insurance and income deposited, managed or obtained abroad and real estate and rights on real estate located abroad.

On the other hand, there will be no obligation to inform any good of those groups in which the sum of the goods that integrate it does not exceed € 50,000. Regarding the group of accounts in financial entities, it will be enough to exceed it, or the sum of the balances on December 31 of the corresponding year, or that of the middle balances, do the same.

Subsequently, in successive years, only those groups of taxpayers will have to present an increase of more than € 20,000 compared to the last statement presented.

what concepts enter

Thus, within the 720 model the following concepts or items enter:

  • Open accounts and deposits in banking entities located abroad: it will be necessary last quarter, account balance …
  • Higher rights representative of the participation in any type of entity, that is, those representative rights of the transfer to third parties of own capitals, insurance in which it is a policyholder and income, temporary or life provided that it has been deposited, managed or Obtained abroad. In this sense, the values ​​provided for administration or management are also included to any legal instrument and contributions in collective investment institutions located abroad.
  • Real estate and rights over them located abroad: record with the corresponding identification and situation of the property, that is, indications about the country, locality, street and number. It will also be necessary to include the date and value of its acquisition.

How and when does the statement be presented?

The Informative Declaration on Goods and Rights abroad must be completed between January 1 and March 31 of the year following the one to which the information to be provided is referred to, and although it is an informative document, The non -presentation or erroneous application of model 720 can lead to important legal and economic consequences.

for direct fines:

  • Fine of € 5,000 for each data or data set that would have been included in the statement or have been contributed incompletely, inaccurately or false, with a minimum of € 10,000.
  • Fine of € 100 for each data or data set, with a minimum of € 1,500, when the statement has been submitted out of time without prior requirement of the Tax Administration.

for undeclared patrimonial gain or not declared income:

  • Natural persons: The possession of the good or right abroad not declared, will be considered the gain of non -justified heritage, which will be integrated into the general liquidable base of your IRPF, of the oldest exercise among the non -prescribed susceptible to regularization.
  • LEGAL PERSONALS: It will be considered an unpleasant income, which will be charged to the Tax on Corporations of the oldest tax period among the non -prescribed susceptible to regularization.

In the assumptions of unjustified patrimonial profits, a specific sanction of 150% of the full quota (of income or societies tax) corresponding to the aforementioned profit of unjustified assets is established.

Now is when we ask: what if you save this last point?


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