Modelo 720: Declaring Foreign Assets in Spain 2026

Modelo 720 is an informative declaration (with no direct tax assessment) that Spanish tax residents must file when the value of foreign assets in a given category exceeds €50,000. Categories include bank accounts, securities and investment portfolios, and real estate. The declaration is filed annually by 31 March for assets held during the previous year, and only needs to be refiled if there’s a significant change in value (generally over €20,000) compared with the last declaration filed. Although the harshest non-filing penalties were struck down after EU court rulings found them disproportionate, the filing obligation remains in force, and Modelo 720 data must be consistent with the IRPF return and any potential wealth tax. Ukrainians who have recently become Spanish residents and hold accounts or property back home should check this obligation as early as possible.