The tax form 720 must be completed, the same as last year, by all tax residents in Spain with a deadline of 31st March 2015, reporting assets held as of the 31.12.2014 with a value of more than 50,000 Euros.

  1. Accounts in foreign banks: Balance at 31st December 2014 and average balance in the last quarter.
  2. Properties and property rights owned in any other country.
  3. Shares, rights, life insurances and incomes deposited, handled or obtained abroad.

Tax evaders will incur a penalty of 5K for every asset not declared after the deadline with a minimum penalty of 10,000. In addition, non-declared assets might be considered by the Tax Office as capital gains and could incur an additional penalty up to 150% over the total taxable amount.

For more information please feel free to contact Corral&Alcaraz Law Firm. Please seek expert advice as it is not worth the risk.


corralalcarazASSETS DECLARATION 2015