Lorraine Williamson
The Modelo 720 Spain deadline is one of those dates that catches people out because it isn’t your annual income tax return. It’s a separate, mandatory information filing that Spain’s tax agency uses to map assets held abroad by Spanish tax residents.
For 2026, the filing window runs from 1 January to 31 March 2026, according to the Agencia Tributaria (AEAT).
If you are a resident in Spain for tax purposes and still have a bank account in another country, shares held through a foreign broker, or property outside Spain, this is the form that can apply.
It’s not a tax bill — it’s a disclosure
Modelo 720 is an informative declaration (declaración informativa). Filing it doesn’t automatically mean you owe extra tax. What it does is put the AEAT on notice about the existence of foreign accounts, investments, and overseas property. The form is filed online through the AEAT’s electronic office.
The €50,000 rule that confuses almost everyone
The headline threshold is €50,000, but the detail matters: the limit is assessed by category, not as one combined total.
In broad terms, the declaration covers three “blocks”: foreign bank accounts, foreign securities/financial assets (including certain insurance and annuities), and property located outside Spain. The AEAT’s own FAQs set out how values are calculated, including year-end balances and, for accounts, average balances over the last quarter.
This is where people often make the wrong call. You can be under €50,000 in one category and still have to file because you exceed it in another.
You might not need to file every year
Another common misunderstanding: filing Modelo 720 once does not automatically mean you file it annually forever.
The AEAT explains that you usually file again only if the total value within a category rises by more than €20,000 compared with the last declaration that triggered the obligation (or if you stop being the holder of something you previously declared).
Who this hits hardest: “new” residents with old financial ties
This is why the form is especially relevant to foreign residents, including long-term expats who kept a “back home” bank account open for convenience, or who still hold investments through a foreign platform.
Spain’s system is more disclosure-heavy than many northern European tax setups. If you are a tax resident here, foreign assets can remain taxable (depending on the asset and any treaty rules), but even when tax isn’t due, disclosure may still be required.
What happens if you ignore it?
The penalties attached to Modelo 720 have a long history — and they’ve also been heavily criticised. In 2022, the EU’s top court ruled that parts of Spain’s former penalty regime were disproportionate, and Spain later adjusted its rules.
Even so, fines can still be significant if you are required to file and don’t. Recent reporting in Spain has highlighted potential sanctions that can reach €20,000 in serious non-compliance cases.
The practical takeaway is less about scary numbers and more about timing: if you think you might be in scope, leave yourself enough breathing room to check values, ownership percentages, and the correct reference data before the deadline.
How to file in real life
You’ll need a way to identify yourself online (a certificado digital, DNIe, or Cl@ve for individuals), and you file through the AEAT’s online system. The tax agency’s help pages explain the two main routes: a web form (for most people) or uploading a file if the declaration is unusually large.
Many residents use a gestor, but responsibility still sits with the taxpayer, which is why it’s worth getting clarity on what you hold abroad, and whether any category crosses the threshold.
A simple way to sanity-check your situation before 31 March
Think of Modelo 720 as a spring clean for your “outside Spain” finances. Make a note of what you hold abroad, check the year-end values, and compare them to the €50,000 thresholds by category. If you’ve filed before, check whether any category has risen by more than €20,000 since your last declaration.
That’s what keeps the Modelo 720 Spain deadline from becoming a nasty surprise.