Modelo 720 is the form which has to be completed by Spanish residents to declare overseas assets to the Tax Authorities. The requirement applies to anyone who lives in Spain, who owns, or is beneficiary to overseas assets worth €50,000 or more.
The Modelo 720 overseas assets reporting requirement, was introduced to clamp down on tax fraud being committed by Spanish residents who have acquired, or intend to acquire, assets, and or hide wealth outside of Spain in order to evade paying tax. You can read more about this in our article – Overseas Assets Declaration.