# What Information is needed for modelo 720



## Confuseddotcom (Feb 11, 2015)

I need to complete my first modelo 720 form as I am over the maximum amount. Is it correct that I need to fill in bank account number, IBAN, address of banks etc? Could anyone advise me as to what information I need please? Thank you


----------



## Alcalaina (Aug 6, 2010)

Yes, for accounts outside of Spain containing more than €50,000 (or sterling equivalent) you will need the IBAN and postal address of the bank.

Here's a link to the tax office website (in English) which gives you more information.

http://www.agenciatributaria.es/AEAT.internet/en_gb/Modelos_formularios/modelo_720.shtml


----------



## snikpoh (Nov 19, 2007)

Plus any financial institution holding stocks, shares, annuities etc. need to be listed with their financial details (Registration numbers etc.) plus address ...


----------



## Confuseddotcom (Feb 11, 2015)

Thank you for your replies. I had looked at the AEAT website and knew about the assets I needed to report, it was the detail they needed I wasn't sure of. Someone said I would need the date I opened my accounts. Is that correct? I can easily find the dates of a couple but my long standing Santander account might be a problem. Also I can't get my head around the average over the last 3 months of the year for an account I closed in April. Would that be nil? Maybe I haven't read it right. I know I have to report that account even though it is closed but am getting myself all muddled!


----------



## snikpoh (Nov 19, 2007)

Confuseddotcom said:


> Thank you for your replies. I had looked at the AEAT website and knew about the assets I needed to report, it was the detail they needed I wasn't sure of. Someone said I would need the date I opened my accounts. Is that correct? I can easily find the dates of a couple but my long standing Santander account might be a problem. Also I can't get my head around the average over the last 3 months of the year for an account I closed in April. Would that be nil? Maybe I haven't read it right. I know I have to report that account even though it is closed but am getting myself all muddled!


Why not ask a gestor or assesor fiscal for help - they really are quite reasonably priced (on the whole).


----------



## Confuseddotcom (Feb 11, 2015)

I think that would be the best way to go as several bank accounts have been opened and closed at varying times and 2 different people have recommended the same gestor. Thank you for your advice.


----------



## AllHeart (Nov 22, 2013)

I had to fill out the Modelo 720 last year. I used an economist, who is a little more expensive than a gestor. But before I went to my meeting, I asked questions here on the forum and I read up on the internet about it, so that I was well prepared for the meeting. The more prepared you are, the less work they have to do, so it might be cheaper. I saved the articles in my favourites that I read for my research. Here they are, in case you're interested:

https://www.blevinsfranks.com/News/BlevinsFranks/BlevinsFranksNews?ArticleID=584

Modelo 720: what do you need to do in 2015? - All about Mallorca

The 720 asset declaration form | Ábaco Advisers

Time for the Spanish 720 again | Ábaco Advisers


----------



## AllHeart (Nov 22, 2013)

I forgot to answer your question... Yes, an average of zero over three months equals zero.


----------



## AllHeart (Nov 22, 2013)

I'm a little slow on the draw here...  I just noticed your other question: Do you need to put in the date the account was opened. Yes you do. Here's the information you need for the category of bank accounts:

_"*Bank Accounts:*
Name and address of bank or financial institution including post code, account number including IBAN and BIC. What sort of bank account i.e. current, savings, deposit, etc, and also the date the account was opened. The balance as at 31st December [2015] and average account balance over last quarter of [2015]."_

From here: Modelo 720 - Assets Located Outside of Spain - Express Legal Solicitors

Are you only doing one of the three categories - bank accounts?


----------



## Helenameva (Aug 15, 2014)

Is there an official euros to pounds exchange rate somewhere for Modelo 720 forms that are being submitted for 2015, so that I can calculate what 50,000€ is in sterling? There must be a fixed figure for everyone to use but I can't find anything online and my gestor is avoiding answering the question at the moment.


----------



## AllHeart (Nov 22, 2013)

Helenameva said:


> Is there an official euros to pounds exchange rate somewhere for Modelo 720 forms that are being submitted for 2015, so that I can calculate what 50,000€ is in sterling? There must be a fixed figure for everyone to use but I can't find anything online and my gestor is avoiding answering the question at the moment.


Hi Helenameva.  Yes, there is. It's a new one each year. Here's the one for this year:

https://www.boe.es/boe/dias/2016/01/05/pdfs/BOE-A-2016-114.pdf

I found it here (second PDF document):

https://www.boe.es/boe/dias/2016/01/05/indice_departamentos.php?d=4&e=BANCO+DE+ESPA%D1A


----------



## AllHeart (Nov 22, 2013)

In case you don't know, pound sterling in Spanish is "libras esterlinas."


----------



## Helenameva (Aug 15, 2014)

Wow Allheart, super quick and super helpful, thanks very much!


----------



## Helenameva (Aug 15, 2014)

For anyone else interested in this, 50,000€ * 0.73395 = £36697.50

I have used the rate dated 31 December 2015 in Allheart's link above.


----------



## AllHeart (Nov 22, 2013)

You're most welcome. And thank you for your kind words.


----------



## Confuseddotcom (Feb 11, 2015)

Thank you for your help. Yes we are only doing bank accounts, savings and ISA,s


----------



## AllHeart (Nov 22, 2013)

Confuseddotcom said:


> Thank you for your help. Yes we are only doing bank accounts, savings and ISA,s


You're very welcome. I'm just helping others this year, as I was helped by people last year. That's what makes the forum work. Next year, maybe you'll help someone else?


----------



## skip o (Aug 1, 2011)

I assume Spain regards the "last quarter" as October 1 until December 31, correct?

Apparently some countries don't do it that way.


----------



## AllHeart (Nov 22, 2013)

skip o said:


> I assume Spain regards the "last quarter" as October 1 until December 31, correct?
> 
> Apparently some countries don't do it that way.


Yes, that's right.


----------



## skip o (Aug 1, 2011)

Thanks! Darn it, I have one more question. When I need to list a bank's address, should I list my local bank branch's address, or the central bank address?


----------



## AllHeart (Nov 22, 2013)

skip o said:


> Thanks! Darn it, I have one more question. When I need to list a bank's address, should I list my local bank branch's address, or the central bank address?


You're welcome.  I did the annuity category, which is different from bank accounts, so I don't know for sure. But logically I would think it's your local branch's address, since they're asking for the IBAN, which is particular to your local branch.


----------



## skip o (Aug 1, 2011)

Unfortunately we don't have IBANs in the US. We have account numbers which I don't think are associated with the local branch.


----------



## AllHeart (Nov 22, 2013)

skip o said:


> Unfortunately we don't have IBANs in the US. We have account numbers which I don't think are associated with the local branch.


OK. I didn't know that. Good to know. They also ask for the BIC (SWIFT) number. Here's a little info about what that is:

Swift Code & BIC Code for all Banks in the World

That includes the # for a particular branch, so I would put in the local branch address. But as I said, I'm not positive.


----------



## Andrew.in.Alora (Apr 19, 2010)

I have looked through previous post particulary the very helpful information provided by El Cid, am I correct in thinking that you only report the asset catergories which have assets over 50k euros?
I have UK bank accounts over this amount so no problem reporting, but I have very small pension pots well under the 50k limit for that asset catergory, am I correct in only reporting the bank accounts?
Thanks


----------



## AllHeart (Nov 22, 2013)

Hi Andrew. That would be the investment category. You're right: If you have less than €50,000, you do not have to report this category. You only have to report in whatever category is over €50,000. So for me, I only had one category to report (investment) and did not have to report anything else.


----------



## Andrew.in.Alora (Apr 19, 2010)

Thank you All Heart, information appreciated.


----------



## AllHeart (Nov 22, 2013)

You're most welcome, Andrew. Glad to be of help. Good luck with the form!


----------



## AllHeart (Nov 22, 2013)

I posted the wrong exchange rate info above, which was corrected in another thread by CapnBilly. Here it is:

http://www.boe.es/boe/dias/2016/01/05/pdfs/BOE-A-2016-113.pdf


----------



## banana plant (Mar 15, 2016)

let me start by saying that I am (was) totally legal over here in Spain, I had filled out all the forms etc to submit the modelo720 when Cyprus hit the news about how without warning the government quite literally stole money out of peoples bank accounts, this got me thinking that if a member state of the EU could steal off its people then what is there to stop Spain also doing the same,,, forms went straight into the bin, I feel proud that I have emigrated to a different country and have abided by their laws etc but sod this giving them free access to my hard earned money.


----------



## AllHeart (Nov 22, 2013)

banana plant said:


> ...I feel proud that I have emigrated to a different country and have abided by their laws etc but sod this giving them free access to my hard earned money.[/B]


But this is not legal to avoid filing. And if you get caught, you've set yourself up for the hacienda to have free access to your hard-earned money because the fines are stiff:

_"Penalty for not filling, filling incomplete, filing with nonaccurate data, will be punished with 100 euros per data with a minimum of 10.000 euros."_

From here: Reporting Assets Outside Spain. Form 720 | Javier Ullastres Asesores


----------



## banana plant (Mar 15, 2016)

AllHeart said:


> But this is not legal to avoid filing. And if you get caught, you've set yourself up for the hacienda to have free access to your hard-earned money because the fines are stiff:
> 
> _"Penalty for not filling, filling incomplete, filing with nonaccurate data, will be punished with 100 euros per data with a minimum of 10.000 euros."_
> 
> From here: Reporting Assets Outside Spain. Form 720 | Javier Ullastres Asesores


but if they don't know where it is then they can't get their sticky fingers on it eh!!


----------



## AllHeart (Nov 22, 2013)

banana plant said:


> but if they don't know where it is then they can't get their sticky fingers on it eh!!


Correct. I don't know what their methods are of finding out. I didn't take that risk.


----------

