Modelo 720
The declaration of assets held outside Spain over €50,000, required from Spanish tax residents (not non-residents).
Modelo 720 is the Spanish declaration of foreign assets — bank accounts, securities, and property held outside Spain — for any individual asset category that exceeds €50,000. It applies only to Spanish tax residents, not to non-resident property owners.
You become a Spanish tax resident if you spend 183+ days a year in Spain, or if your centre of economic interest is in Spain. Most foreign apartment buyers who use their property as a holiday home are not tax residents and therefore do not file Modelo 720.
In 2022 the European Court of Justice ruled that Spain's previous Modelo 720 penalty regime was disproportionate and contrary to EU law. Spain has since reformed the penalties, but the declaration obligation itself still applies for tax residents.
If you are considering relocation to Spain — even partial relocation — speak to an asesor fiscal (Spanish tax advisor) about Modelo 720 implications before triggering tax residency. The form has filing deadlines (typically March each year) and the asset rules are stricter than they look.