By John Smith • 24 January 2020 • 11:03
EXPATRIATES living in Spain who are considered Tax Residents are required to submit Form 720 to the tax authorities listing assets held overseas if their value amounts to €50,000 or more in certain categories.
There are three groups which are relevant and you only need submit the declaration for any group where your assets exceed the €50,000 limit.
The three groups are;
If this is the case, you need to submit Form 720 which must be completed and presented no later than the end of March listing assets owned in the previous year and you do not have to submit further forms unless;
There are quite heavy fines for those who knowingly or unknowingly don’t submit this form to the authorities and the form itself is relatively complicated, so in the first instance it may be advisable to take professional advice concerning completion.
The information provided in this article is not intended to be legal advice but merely conveys general information related to legal issues.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica.
Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene.
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