As previously published, on the 27th January 2022 the European Courts of Justice finally pronounced that Spain has violated article 63 of the European Treaty by applying the penalties for late or non presentation of the form 720 (Asset Report).
We would like to point out that the form 720 continues to be an obligation, which must be presented between the months January and March.
Last year it was announced that there would be an obligation to declare “Cripto Investments”, however the current form 720 has not been modified to include this. It is likely a new form 721 will be created for this declaration.
We strongly advise that anyone who has an obligation to declare Assets out of Spain presents their declaration. Spain has not yet published its internal legislation eliminating the penalty regime but the sentence from the European Courts gives you legal protection.
For those people who have paid penalties, we advise that that they begin a legal process to apply for a full refund.
Any taxpayer that has assets outside of Spain exceeding an accumulated value of 50.000 euros in any one of the following blocks must present the report:
- Bank accounts
- Values (stocks & shares, investment portfolios, trusts, bonds etc.)
- Cripto Investments – pending.
Please do not hesitate to contact us at firstname.lastname@example.org for assistance. We are here to help!
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Information by E.B.F Consulting S.L. E.B.F Consulting has been providing tax and accounting services to expatriates in Europe since 1999. Office is based in Lanzarote, Spain. Visit www.ebfconsulting.com for more details. Copyright© E.B.F Consulting 2022 All Rights Reserved.