(Updated as of March 2022)
A single form for three different information duties
Yes, each of the three blocks of assets constitutes a different information obligation, but the three information obligations are articulated through the same information model. 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 information blocks constitutes a different information obligation:
- Accounts in financial institutions abroad. This information obligation is regulated in article 42 bis of the General Regulation of actions and procedures for tax management and inspection and for the development of common standards for tax application procedures, approved by RD 1065/2007, of 27 of 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 Model 720 it corresponds to the values of the field “Key type of good or right”, “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')