Modelo 720 and 721: declaring what you hold outside Spain

Spanish tax residents report the assets they hold outside Spain every year, between 1 January and 31 March, for the position at 31 December. It is an information return: it does not create a payment, but it tells the tax office what you own.

What goes on Modelo 720

Three groups, each with its own €50,000 threshold: accounts with foreign banks; securities, funds, insurance and annuities; and property abroad. Once a group has been reported, you file again only if its total grows by more than €20,000, or if you sell or close something in it.

Crypto: Modelo 721

Crypto-assets held with providers outside Spain go on a separate return, Modelo 721, with the same €50,000 threshold and the same dates. Assets in a wallet you control yourself are not on it, but they still count for wealth tax.

The penalties, since 2022

In 2022 the EU Court of Justice found the old penalties disproportionate, and Spain removed them. Late or incomplete returns now follow the general penalty rules. Filing correctly still matters: the information is exchanged with other countries and checked against what you declare.

When a client moves to Spain, we list what they hold abroad in the first month and file both returns before the first March deadline.