FAQs
(Updated as of March 2022)
A single form for three different information duties
Yes, each one of the three groups of assets represents a different reporting obligation, but the three reporting obligations are expressed using the same information form.As a result, the three reporting obligations are complied with using Form 720, where taxpayers must report all assets and rights for which there is an obligation to report.
Regulations: Each of the following blocks of information constitutes a separate reporting obligation:
- Accounts in financial institutions abroad.This reporting obligation is governed by Article 42 bis of the General Regulations on the actions and procedures of tax management and inspection and on implementation of the common rules of procedures for the application of taxes, approved by Royal Decree 1065/2007, of 27 July.(In form 720, it corresponds to the value of the 'Type of asset or right code' 'C').
- Securities, rights, insurance and income deposited, managed or earned abroad.This reporting obligation is governed by Article 42 ter of the above-mentioned General Regulations approved by Royal Decree 1065/2007, of 27 July.(In form 720, it corresponds to the values of the field 'Type of asset or right code' 'V', 'I' and 'S').
- Real estate assets and rights on real estate situated abroad.This reporting obligation is governed by Article 54 bis of the General Regulations approved by Royal Decree 1065/2007, of 27 July.(In form 720, it corresponds to the value of the 'Type of asset or right code' 'B')