(Updated March 2022)
A single form for three different information duties
Yes, each of the three blocks of property constitutes a different reporting obligation, but the three reporting obligations are articulated through the same informative 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 reporting obligation:
- Accounts in financial institutions abroad. This information obligation is regulated in Article of the General Regulation on tax management and inspection actions and procedures and the development of the common rules of the tax application procedures, approved by Royal Decree 42/1065 of 2007 July. 27 (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. (Form 720 corresponds to the values of the field "Type code 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')