We have develop this test to help you assess your situation in Spain and the need to file a Modelo 720 for the tax year 2016. (period from January 1st 2016 to December 31st 2016) Please complete the test to the best of your knowledge. Once completed we will carefully review it and send you a response with further details.
This new declaration is not only for the owners of foreign assets but also for those who are authorized signatories co-signatories or beneficiaries.
So, for example, even if you are only an authorized signatory on your father’s bank account, you are still required to report this account.
The reporting period is first quarter of the following yer. for 2016 deadline is March 31st 2017.
All kinds of assets will have to be reported:
• Real estate
• Bank accounts
• Shares and securities
• Life insurance policies, pensions or any kind of insurance…
• All incomes (for example if you are receiving payments on loans…)