It’s that time of year again! Income tax ….

First step: Complete 720 Form

It’s that time again to start your tax declarations for residents in Spain. First of all you must submit the ‘FORM 720’ – This informative declaration must be presented if you are entitled between January and the end of March.

It is mandatory to submit this form, if your assets abroad are over 50,000€ within any of the following groups:

• Accounts held abroad where the total balance of all the accounts exceeds €50,000. This total is not divisible between account holders. This includes bank, savings and deposit accounts where you are the account holder or have had authorisation over the funds during 2019.

• Pension plans and investments. This includes bonds, stocks and shares, life insurance, pension plans and annuities that are currently being paid. You are in this category if they have either a total value or a surrender value on the 31st December 2019 of €50,000 or more. Private and company pensions currently being drawn are included in this category if their capitalisation value exceeds the 50,000€ limit.

• Property or business premises abroad.

If you belong to one of these groups, we can assist you in this matter. Just send us an email to info@sgmlegalspain.com, and we will provide you with more detailed information.