Spanish Tax Form 720 Deadline March 30th

 

Citizens or Spanish companies that are legal tax residents of Spain are now obliged to file a declaration disclosing the ownership of all non-Spanish assets to include foreign bank accounts and real estate.

This disclosure is not just for direct ownership of foreign assets but also for persons or Spanish companies who are beneficial owners, or have 50,000 euros or more in foreign assets. This is clearly meant to catch not only private individuals but beneficiaries, settlors of trusts and other legal structures.

Fines for not filing or failing to disclose an asset start at the rate of 10,000 euros, so it is imperative to check if this applies to you!

www.blaw.es

 

Tags: Expatriate tax advice, international tax advisor, Expatriate Tax Consultant, form 720