It is filed between January 1 and March 31 of the following year, and you file again when new assets appear, when an already reported block grows significantly, or when you cease to hold something you previously reported (a closed account or a sale). After the 2022 ruling of the Court of Justice of the EU, Spain scrapped the disproportionate penalty regime that used to accompany this form, and the general penalties of Spanish tax law apply instead; crypto held abroad has its own informative declaration, modelo 721.
In practice it affects many autónomos and SL partners who came from abroad and keep bank accounts, brokers or an apartment in their home country. Each block is assessed separately: if your accounts exceed the threshold but your property does not, you report only the accounts. It is filed online at the AEAT electronic office, asset by asset.
The typical mistake is thinking that, since nothing is paid, skipping it does no harm, or believing that filing in the first year is enough forever. Another frequent error: forgetting accounts where you are an authorised signatory or beneficiary, which also count.
It is linked to tax residency, since only residents file it, and to the resident income tax return, where you report the income those assets generate.
Guides that use this term
- Modelo 720 and modelo 721: what you report, when, and what really happens if you do not file
- Are you a Spanish tax resident? The 183-day rule, and the other two almost nobody looks at
- Non-resident tax in Spain: which taxes you pay and when
Related terms
Rather have this calculated for you?
kontora generates your tax forms box by box, tells you how much to set aside and reminds you before every deadline.