If you have assets in Spain then read on.
Since the Spanish Tax Authorities (AEAT) put in place in 2012 the World-Wide Assets Declaration (Modelo 720) it has become a headache for ex-pats with offshore wealth, and unfortunately even a reason to think twice
Since the Spanish Tax Authorities (AEAT) put in place in 2012 the World-Wide Assets Declaration (Modelo 720) it has become a headache for ex-pats with offshore wealth, and unfortunately even a reason to think twice before buying a home in Spain.
This form states that a tax resident in Spain who has assets and property located overseas has the obligation to inform of these on Form 720 that has to be declared now once a year.
However, there is help at hand as our recommended Tax advisors UK Tax Refund in El Campello have gained enough expertise in this field so they can help and assist you throughout the entire process. Find below how it works and what they can do for you.
LIMITS WHICH ESTABLISH THE OBLIGATION TO SUBMIT THE WORLDWIDE ASSET DECLARATION (FORM 720) FOR THE FIRST TIME
You are liable to submit the Form 720 if you have Oversea Assets and the following apply:
- All balances on 31st December in Bank/Building Society accounts which together are the equivalent of 50,000€ or more.
- Values, Rights, Shares and Investment Trusts, Insurance Premiums when the balance of these, the liquidation value of the fund, the surrender value or capitalization value on the 31st December is the equivalent of 50,000€ or more.
- Purchase or acquisition value of Real Estate/Property or Rights on Real Estate that is the equivalent of 50,000€ or more.
- Having previously submitted the Form 720 you may also have the obligation to report certain changes if they occur. For example, closure of bank accounts, variation/increase in the value of 20,000€ or more of assets previously declared, disposal of assets previously declared.
WHAT TO DO NEXT?
If you need to complete the Form 720 either for the first time or report changes in assets previously declared and /or have any queries or questions then it is important you get in touch with UK Tax Refund as you will find dedicated professionals specializing in international taxation and, more specifically in tax Form Modelo 720 Spain.
Thanks to their experience they have gained in-depth knowledge of the characteristics, case studies, and consequences of submitting the information return on assets held abroad or not doing so.
They submit this form for all kinds of clients every year for both individuals and provide tax consultancy and there are management firms who also ask for their assistance or outsource them their more complicated Form 720 Spain cases as they are truly experts in this field but it is the kind caring nature of the staff there from Silvia the owner to her colleagues who will take all the worries away from you.
Therefore if you have assets call them today they will be the ideal call to make.
Please note, the material published is for informative purposes only is general in nature, and is to be used as guidance only.
Calle Gabriel Miró, 1, El Campello – 03560 (Alicante)
Phone: +34 965 636 938