All those tax residents in Spain, (i.e.:-those living in Spain for more than 183 days a year or when Spain is the main base for your business), should be aware that as a result of legislation passed on 29th October, 2012 for the prevention and control fraud, all natural or legal persons resident in Spain who have any assets outside of Spain with a value of €50,000 or more, are required to submit this declaration form to the Spanish authorities.
This declaration can be made on line, through the Tax Office`s web page www.agenciatributaria.es
where the Modelo 720 (Statement of Assets Outside Spain) can be located and completed. It must be filed between January 1 and March 31, of the first year of residence, to avoid being investigated or fined by the Spanish authorities.