Reporting Foreign Assets in Spain: Bank Accounts, Investments and Modelo 720

Moving to Spain does not mean that foreign bank accounts, investments or property disappear from view for Spanish tax purposes.

Spanish tax residents may have separate obligations to report certain assets held outside Spain, even when those assets produce no income and even when no money is transferred to Spain.

The best-known form is Modelo 720, but it is not the only one. Foreign-custodied virtual currencies may fall under Modelo 721, while foreign income must still be considered separately in the annual Spanish income tax return.

This guide explains the main reporting categories, the commonly cited €50,000 threshold, repeat-filing rules, CRS information exchange and practical examples involving foreign banks, brokers, property and crypto exchanges.

Who Must Report Foreign Assets in Spain?

The obligation primarily concerns people and entities that are resident in Spain for tax purposes.

For individuals, the first question is therefore not where the asset is held, but whether the person is a Spanish tax resident for the relevant year.

A non-resident does not generally file Modelo 720 merely because they own foreign assets. A Spanish tax resident, however, may have a filing obligation depending on:

• The type of asset
• Where it is legally located
• The value of the relevant category
• Whether the person is owner, beneficiary or authorised user
• Whether an exemption applies
• Whether the asset was previously reported
• Whether a reportable change occurred during the year

Ownership is not limited to having your name as the sole legal owner. Joint holders, beneficial owners and people with certain powers of disposal may also need to be considered.

What Is Modelo 720?

Modelo 720 is Spain's information return for certain assets and rights located abroad.

It is not a tax payment form. Its purpose is to disclose information to the Agencia Tributaria.

The form combines three legally separate reporting obligations:

These categories are analyzed separately. This distinction is essential when applying the €50,000 threshold.

The €50,000 Threshold Explained

The most common misunderstanding is that a person must add every foreign asset together and file Modelo 720 once the grand total exceeds €50,000.

That is generally not how the initial threshold works.

Each of the three Modelo 720 categories is a separate information obligation. The relevant values are normally grouped within that category and compared with the threshold using the valuation rules for that category.

The exact calculation depends on the asset type. For example, foreign bank accounts commonly require attention to both the 31 December balance and the average balance for the final quarter.

Foreign Bank Accounts

Foreign accounts are one of the most common reasons people need to review Modelo 720.

Relevant accounts may include:

• Current accounts
• Savings accounts
• Term deposits
• Multi-currency accounts
• Cash accounts held through certain foreign providers
• Joint accounts
• Accounts where you are an authorised person

A zero or low balance at year-end does not always end the analysis because the average balance during the final quarter may also be relevant.

Accounts opened and closed during the year can also create reporting questions, particularly if a previously reported account was cancelled.

Wise, Revolut and Similar Accounts

People often ask whether Wise or Revolut is automatically reportable.

The brand name alone is not enough to answer the question.

You need to identify:

• The legal entity providing your account
• The country in which the account is legally maintained
• The account's IBAN or other account identifier
• Whether the provider is operating through a Spanish entity
• The type of balance or financial product you hold
• Whether the relevant category exceeds the threshold

Two customers using the same app can have different legal account arrangements depending on when and where they registered.

Foreign Brokerage Accounts and Investments

Foreign brokerage accounts can contain several different assets, including cash, shares, exchange-traded funds, mutual funds and bonds.

The reporting analysis is not always based on the brokerage account as one single object. The underlying securities, funds, rights and cash balances may fall into different categories or require different valuation methods.

Examples of brokers that commonly raise questions include:

• Interactive Brokers
• Charles Schwab
• Fidelity
• Trading 212
• DEGIRO
• Foreign bank investment platforms

Do not assume that a broker's international brand determines the account location. Check the contracting entity shown in your account agreement and annual statements.

Foreign Shares, ETFs, Funds and Bonds

Shares, bonds and investment funds held through foreign institutions may fall within the securities and rights category.

Valuation normally depends on the type of instrument. Listed shares, fund units, insurance products and annuities do not all use the same value.

Keep annual statements showing:

• Security name
• ISIN or other identifier
• Number of units
• 31 December value
• Custodian or broker
• Country of custody
• Acquisition and disposal dates

Foreign Property

Real estate outside Spain forms the third Modelo 720 category.

This may include:

• Residential property
• Commercial property
• Land
• Partial ownership
• Usufruct or similar rights
• Property inherited or received as a gift

The value used for Modelo 720 is not necessarily the current market price. Acquisition value and the legal nature of the right are generally important.

Joint ownership can be especially confusing because threshold testing and the information reported may require more than simply using your percentage of the value without adjustment.

Insurance Policies and Annuities

Certain life-insurance policies and annuity rights held abroad can fall within Modelo 720.

The relevant value may be the policy's surrender value or the capitalisation value of the annuity at 31 December.

Ordinary travel, health or property insurance should not be assumed to fall into this category merely because the insurer is foreign. The legal nature of the product matters.

What Is Modelo 721?

Modelo 721 is the information return for certain virtual currencies situated abroad.

It applies separately from Modelo 720.

The obligation generally concerns virtual currencies held through a foreign custodian that safeguards private cryptographic keys on behalf of clients.

The commonly referenced initial threshold is €50,000 for the combined value of the relevant foreign virtual currencies at 31 December.

After a first Modelo 721 filing, a new filing is generally required when the combined balance increases by more than €20,000 compared with the balance that triggered the previous filing.

Crypto Exchange Accounts and Self-Custody

Crypto reporting depends heavily on custody.

A foreign exchange that controls the private keys may create a Modelo 721 issue. A self-custodied wallet, where the individual controls the private keys, requires a different analysis.

Fiat currency held on a foreign crypto exchange is not itself a virtual currency for Modelo 721. However, the associated fiat account may require separate consideration under Modelo 720.

Because exchange structures and custody models change, verify the provider and the legal custody arrangement for the relevant year.

Do You Need to File Every Year?

Modelo 720 is not automatically an annual filing after the first declaration.

In general, a later filing for a previously reported category is required when the combined value for that category increases by more than €20,000 compared with the value that triggered the last filing.

A filing may also be required when a previously reported asset is disposed of, cancelled or otherwise ceases to be held in a way that must be disclosed.

Filing Deadline

Modelo 720 and Modelo 721 are generally filed between 1 January and 31 March of the year following the year to which the information relates.

For example, information relating to 31 December 2025 was due during the filing period ending 31 March 2026.

Always verify the current-year filing calendar because technical extensions or procedural changes can occur.

Can Hacienda See Foreign Accounts Through CRS?

The Common Reporting Standard, or CRS, is an international system for the automatic exchange of financial-account information between participating jurisdictions.

Financial institutions identify reportable account holders and provide information to their local tax authority. That information can then be exchanged with the account holder's jurisdiction of tax residence.

Depending on the account and institution, exchanged information may include:

• Name and address
• Tax identification number
• Date of birth
• Account number
• Account balance or value
• Interest, dividends or other reportable income
• Gross proceeds in certain cases

CRS does not mean that every foreign asset appears instantly in Hacienda's systems. It also does not replace your obligation to file Modelo 720, Modelo 721 or an income tax return where required.

CRS and FATCA Are Not the Same

CRS and FATCA are both information-exchange frameworks, but they are not identical.

FATCA is a United States regime focused primarily on identifying accounts connected with US persons. CRS is a multilateral OECD standard based largely on tax residence.

A US citizen living in Spain may therefore face overlapping Spanish, CRS and FATCA-related reporting issues.

Foreign Asset Reporting Is Separate from Foreign Income Tax

Reporting an asset and declaring income from that asset are two different obligations.

A bank account below the Modelo 720 threshold can still generate taxable interest. A property already reported on Modelo 720 can still generate annual rental income or a taxable capital gain.

Learn more in our guide to foreign income in Spain.

Common Mistakes

Practical Examples

Example 1: Two foreign bank accounts

A Spanish tax resident has €32,000 in a UK account and €24,000 in a US account.

Because both accounts belong to the same reporting category, the values may need to be combined. The category exceeds €50,000, so the person should review whether Modelo 720 is required.

Example 2: Foreign brokerage account

A resident holds €70,000 of shares and ETFs through a foreign broker and €8,000 in brokerage cash.

The securities and cash should not automatically be treated as one identical asset. The underlying investments and cash account may require separate classification and valuation.

Example 3: Apartment inherited abroad

A person living in Spain inherits part of an apartment outside Spain.

The date of acquisition, percentage ownership, acquisition value and total value used for threshold purposes must be reviewed. Rental income, if any, is a separate income-tax issue.

Example 4: Crypto on a foreign exchange

A Spanish resident holds €65,000 of crypto on a foreign custodial exchange at 31 December.

The person should review Modelo 721. Any euros or dollars held in a separate fiat account with the exchange may also require a Modelo 720 analysis.

Documents to Collect

Start collecting documents before the filing period. Foreign institutions may not provide statements in the format expected by Spanish tax software.

• Year-end bank statements
• Final-quarter average balances
• IBANs and account numbers
• Legal name and country of the financial institution
• Broker annual statements
• ISINs and security identifiers
• Insurance surrender-value statements
• Property purchase or inheritance documents
• Evidence of ownership percentages
• Crypto exchange custody information
• 31 December crypto valuations
• Copies of previous Modelo 720 and Modelo 721 filings

Official Sources

• Agencia Tributaria: Modelo 720 procedure
• Agencia Tributaria: Modelo 720 frequently asked questions
• Agencia Tributaria: Modelo 721 procedure
• OECD: Common Reporting Standard

Frequently Asked Questions

Who must report foreign assets in Spain?

Spanish tax residents may have to report certain foreign bank accounts, investments, insurance products, property and crypto assets. The obligation depends on the asset type, value, ownership rights and exemptions.

What is the €50,000 Modelo 720 threshold?

Modelo 720 contains three separate categories. The initial filing threshold is generally tested separately for each category using the valuation rules that apply to that category.

Do I need to file Modelo 720 every year?

Not necessarily. After the first filing, a later filing is generally required when the category increases by more than €20,000 compared with the last amount that triggered a filing, or when certain reportable changes occur.

Are Wise and Revolut accounts reportable?

Potentially. Check the legal entity, account location and product type. The brand name alone does not determine the answer.

Are Interactive Brokers or Schwab accounts reportable?

They can be. The underlying cash, shares, funds and other investments must be classified and valued under the applicable Modelo 720 rules.

Does Modelo 720 include crypto?

Foreign-custodied virtual currencies are generally considered under Modelo 721. Fiat balances associated with a foreign crypto exchange may still need separate Modelo 720 analysis.

Can Hacienda see foreign accounts through CRS?

Spain receives financial-account information from participating jurisdictions through CRS. This may include account details, balances and reportable income.

Is Modelo 720 a tax return?

No. It is an information return. Taxable foreign income must be considered separately in the annual Spanish income tax return.

What is the deadline for Modelo 720 and Modelo 721?

Both are generally filed between 1 January and 31 March of the following year. Verify the official calendar for the relevant filing year.

Related Guides

• Foreign Income in Spain: Tax Rules for Spanish Tax Residents
• Can Hacienda See Your PayPal Balance?
• Can Hacienda See Your Upwork Income Through DAC7?
• Can I Use Wise as an Autónomo in Spain?
• How to File Modelo 130 Yourself in Spain
• How to File Modelo 303 Yourself in Spain