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A client who became a Spanish tax resident held accounts in Ukrainian and Cypriot banks worth over €50,000 and was unaware of the obligation to file Modelo 720. We audited all foreign assets by category (accounts, securities, property), prepared and filed the declaration by the deadline (31 March), and checked its consistency with his future IRPF return and potential wealth tax exposure. Thanks to the complete, on-time filing, the client avoided penalties for non-disclosure, and the old disproportionate penalty regime, struck down by EU court rulings, no longer applies when the declaration is filed correctly and on time.
