Form 720 Guide and Crypto Assets Separation

The obligation to file this informative return applies to individuals and legal entities resident in Spanish territory, as well as permanent establishments in Spain of non-resident persons or entities, and entities under Article 35.4 of the General Tax Law (lying estates, communities of property, etc.).

Specifically, it must be filed by those who are holders, representatives, authorized signatories, beneficiaries, or have powers of disposal over assets abroad grouped into these three categories:

1. Accounts in financial institutions located abroad

   • Must be declared if the sum of the balances as of December 31, or the average balance of the last quarter, exceeds €50,000.

   • The obligation arises if this figure is exceeded by the aggregate of all accounts.

2. Securities, rights, insurance, and income deposited or managed abroad

   • Includes shares, interests in collective investment schemes (funds), life or disability insurance, and temporary or lifetime annuities.

   • The obligation exists if the combined value as of December 31 exceeds €50,000.

3. Real estate and rights over real estate located abroad

   • Information must be provided regarding ownership or rights in rem (such as use or usufruct) over apartments, houses, or commercial premises.

   • The obligation is triggered if the acquisition value or the value as of December 31 exceeds €50,000.

Key points to consider for 2026:

• The Cryptocurrency Exception: Remember that, since the reform two years ago, virtual currencies are excluded from Form 720 and must be reported, if applicable, through Form 721.

• Subsequent Filings: If you have already filed Form 720 in previous years, you are only required to file again if the value of any of the asset categories has increased by more than €20,000 compared to the last return, or if you have ceased to be a holder of any previously declared asset.

• Joint Ownership: If an account with €100,000 has two resident holders, both are obliged to file the form, reporting the total value without pro-rating (although the percentage of ownership must be specified).