What you need to complete the Spanish 720 asset declaration formSpanish Law Wed, 12 Feb 2014
You’ve got your ticket, you’ve waited in the queue, you get to the ‘funcionario’, and guess what? You haven’t got the right paper work. There always seems to be something you’ve forgotten; not had copied; that’s out of date or you didn’t realise you needed.
It’s become a bit of a preoccupation with the expat in Spain and a cause of anxiety too - what exactly do I need to take with me when applying for an official Spanish document?
We’ve noticed the same problem with people declaring their 720 too. The 720 asset declaration form is the one you must complete if you are a resident in Spain and have assets abroad. We might not be funcionarios and we are on your side, but we do notice that clients still seem to go into a cold sweat and document overkill when they arrive at our offices to complete it.
So, we thought it might be a good idea to provide a list of the documents needed to complete the 720 before March 31st. It’s also a little reminder of the three different asset groups you are required to declare against. Remember, you only need to complete a 720 in Spain this year if you haven’t done one before or your circumstances have changed.
Information you need to bring with you:
For Group 1- bank accounts held abroad where the total balance of all the accounts exceeds 50,000€:
- Name of the bank, branch address and company registration number
- IBAN and BIC
- Type of account and date of opening
- Bank statements for the months of October 2013 to January 2014
- If the account was closed – a bank statement showing the closing balance
For Group 2- other assets and pensions held abroad exceeding 50,000€ in value:
- Company name and address and ISIN code
- Number and value at 31st December 2013
- Annuities and pensions
- Company name and address and identification code or policy number
- Value as of 31st December 2013 or for private pensions or works pensions, the amount received between January and December 2013
For Group 3 - property or business premises abroad:
- Documentation to confirm:
- the full address of the property
- date of purchase
- purchase value
- percentage of ownership
- If you have sold a property that you declared last year – the date and sale price
If you are completing a 720 in Spain because you have closed or sold an asset you previously declared you only need to bring the documentation relating to that asset. Similarly if there has been an increase or decrease of 20,000€ to any of your assets.
So, hopefully the list is not too long and our explanation is clear. There are enough times when providing the right documentation is confusing, we wouldn’t want to add the 720 to one of these.