Model 720 Spain: Foreign Assets Declaration — Complete Guide 2026

Model 720 (Declaración Informativa sobre Bienes y Derechos en el Extranjero) is an annual informational declaration required by Spanish tax residents who hold assets abroad exceeding €50,000 per category. The obligation was introduced by Law 7/2012 (DA 18ª LGT). The three categories are: (1) accounts at foreign financial institutions; (2) securities, rights, insurance policies and income held abroad; (3) real estate outside Spain. You must file if ANY category exceeds €50,000 at 31 December.

The filing period is 1 January to 31 March of the year following the reference year. For example, Model 720 for assets held at 31 December 2025 must be filed between 1 January and 31 March 2026. There is no automatic extension. Late filing triggers a fixed penalty of €100 per data item (minimum €1,500) under DA 18ª LGT — although the 2023 reform eliminated the most disproportionate penalties following the 2022 ECJ ruling (Case C-788/19).

The three blocks: Block 1 — bank accounts at foreign institutions (checking, savings, term deposits) where the joint balance exceeds €50,000 at year-end OR where the average balance in Q4 exceeds €50,000. Block 2 — shares, bonds, investment funds, life insurance and annuities with a foreign custodian or insurer, exceeding €50,000. Block 3 — real estate outside Spain, if the acquisition value exceeds €50,000. Cryptocurrency held on foreign exchanges has been subject to debate; the AEAT has issued guidance that it falls under Block 2 via "derechos".

Before the 2023 reform (Royal Decree-Law 5/2022, implementing the ECJ ruling in C-788/19), the penalties were confiscatory: 150% of the value of undeclared assets if you had not declared them in time, plus a fixed penalty of €5,000 per item (minimum €10,000). The ECJ ruled these penalties disproportionate under EU free movement of capital. Since 2022/2023, the regime now applies standard LGT penalties: €100 per data item for late filing (minimum €1,500), and the 150% penalty for tax evasion has been eliminated for EU/EEA assets.

No — you only need to file a new Model 720 in subsequent years if: (a) a new category crosses the €50,000 threshold for the first time; or (b) the value of assets already declared has increased by MORE than €20,000 compared to the last declaration filed. If nothing changes significantly, you do NOT need to refile. However, you must always file when you add a new category or first exceed the threshold.

No. Under Art. 93.2 LIRPF, individuals under the Beckham Law are treated as non-residents for income tax purposes, which means they are generally not subject to Model 720 (which is an obligation for Spanish tax residents). However, if you have elected the Beckham Law but ALSO have Spanish-tax-resident status for other purposes (e.g. family members, social security), you should seek specific advice. The interaction between the Beckham Law and Model 720 is one of the most common sources of confusion.