FORM 720

Miranda World Tax Consulting is a company specialized in the study, preparation and presentation of form 720 (Declaration on assets and rights located abroad).

Each year between January 1 and March 31, all those people residing in Spain whose assets abroad exceed, for the first time, 50,000 euros for one or more of the 3 groups of assets differentiated by the Tax Agency ( 1- Real Estate, 2- Bank accounts and deposits and 3- Securities, Rights, Funds, Insurance and Income deposited, managed or obtained abroad,…) must report on the assets and rights they have abroad. In addition, if there has already been an obligation to present the model in a previous year, in the event of an increase of the value of any or all of the 3 groups by more than 20,000 euros regarding what was declared or in the event of any declared asset or right sale there is also an obligation to present form 720.

It is very important to highlight that the non-presentation of form 720, being obliged to do so, will entail a minimum penalty of 10,000 euros for each group of goods omitted.

Our goal of excellence in the provision of services goes beyond filling in the data of the corresponding model and that is why our clients, year after year, contact us so we can advise them not only in the preparation period of the taxes but also in those moments in which they have to make decisions that may affect their returns in the future.

New technologies and the duty to submit declarations electronically means that customers from all over Spain trust us to advise them, prepare and present their declarations.

If you are interested in receiving advice or making an appointment with us, you can do so here.