The deadline for filing 2014’s Form 720, declaration of information concerning assets held abroad, is approaching since the last day to submit is March 31st 2015. In this notification we review who is required to file said Form and under which circumstances.

According to the current legislation, any individual resident in Spain for tax purposes is required to file Form 720 – also legal entities and permanent establishments resident in our Country – as long as they are holders or authorized holders of foreign accounts whose aggregate balance exceeds 50,000 euros.

Furthermore, holders of shares, stocks, bonds, life insurance, real estate or any other assets located abroad for an aggregate amount higher than 50,000 euros are required to declare the information.

In addition to legal holders – and unless a certain exemption which needs to be carefully evaluated applies – the known as beneficial owners are also required to file, meaning those who hold or control more than 25% of the referred to assets through entities with or without legal personality.

If this declaration has already been filed the previous year, submission of the Form is only required:
• If any of the aggregate balances of bank accounts, shares, real estate or goods and chattels have increased in more than 20,000 euros.
• If ownership of the asset has expired as of December 31st.

• If a new bank account has been opened or a new asset has been purchased abroad during 2014.

*Conchita Aguilar is the Director of the Advisory Services Area