This document discusses Spain's Modelo 720, an annual tax return required for Spanish tax residents with assets abroad over €50,000. It covers who must file, how to determine tax residency, what assets must be reported in each block, penalties for noncompliance, and recent changes. Specifically, the European Commission found Spain's penalties for late filing to be disproportionate, and a new ruling says late filers who voluntarily report and pay taxes owed will face a 15-20% surcharge rather than the usual 150% penalty.
Status of non-habitual tax resident both for EU/EEA non-residents who plan
on establishing permanent residency in Portugal, and for temporary residents.
Status of non-habitual tax resident both for EU/EEA non-residents who plan
on establishing permanent residency in Portugal, and for temporary residents.
The Portuguese Golden Visa provides free travel within the European Schengen area and the possibility to reside in Portugal. The beneficiaries of this Visa can also ensure that their family members obtain a fully valid residence permit in Portugal. Please take a look at RPBA’s infographic on the types of investment and requirements to obtain a Golden Visa in Portugal.
Real estate, as an immovable factor, tends to be overtaxed in most countries and Portugal is no exception. Tax structuring and optimizing is crucial to minimize total acquisition costs and maximize investment returns.
RPBA’s updated presentation deals with this challenging topic incorporating the latest developments, including tax incentives on rehabilitation, the OECD Multilateral Instrument rules on “real estate rich” companies and also the brand new SIGI company (the Portuguese equivalent of the REIT – Real Estate Investment Trust).
Pérez Parras Economists & Lawyers is a firm located in Nerja town centre and Málaga town centre, comprised of highly qualified and specialised Lawyers, Economists and Engineers. This presentation was made to general public and professionals, at Nerja Town Hall, to explain the law and fiscal matters that apply to Holiday Rentals in Andalucia.
Pérez Parras Economistas y Abogados works in many different areas: conveyancing, inheritance and wills, non.residents, accounting, contracts, civil law, fiscal and (international) taxation, holiday rentals, criminal law, labour law, family law, procedures, leases, etc.
Our website: www.perezparras.com
Contact: international@perezparras.com
The elective residence visa (residenza elettiva) allows entry into Italy for an open long-term visit to foreigners who intend to relocate to Italy and who are able to do so by financially supporting themselves autonomously, without the need for employment.
De Micco & Friends Lawyers & Auditors are meanwhile represented with their lawyers, tax consultants, finance and real estate experts in all major cities in Europe. The Spanish Group's headquarters are in Palma de Mallorca. As a client of De Micco & Friends, you will receive local and international legal and tax advice from a network of 300 lawyers and tax consultants providing the best quality at very good conditions.
Take a look at our following overview about the process of immigration to Europe.
Legal and tax implications when purchasing real estate in Spain, EnglishDe Micco & Friends Group
Here you will get all important information when you sell or buy real estates in Spain and Mallorca,
It is generally recommended that buyers of real estate in Spain instruct a qualified lawyer to represent them and hire a financial advisor knowledgeable in local and international taxes and dues to take care of the tax aspects. Spain does meanwhile provide a relatively high amount of legal protection for real estate purchases, but there are still cases in which the buyer has to battle enormous problems or unexpected expenses after the acquisition because certain processes were not adhered to, documents weren't checked or contracts were drafted which include substantial disadvantages for the buyer. It still happens more often than not that acquired objects or extensions have to be dismantled because renovations or extensions were not properly authorised or the authorisation was not registered with the different agencies involved. Subsequent permits are possible in some cases, but they do require a special process and incur substantial expenses.
Getting an EU Residence Permit through Real Estate InvestmentAdam Lorts
XT Enterprises specializes individuals and their families acquire residence permits in the EU through real estate investment. This deck shows the process and how we help our customers in addition to illuminating the real estate investment upside of Spain.
The Portuguese Golden Visa provides free travel within the European Schengen area and the possibility to reside in Portugal. The beneficiaries of this Visa can also ensure that their family members obtain a fully valid residence permit in Portugal. Please take a look at RPBA’s infographic on the types of investment and requirements to obtain a Golden Visa in Portugal.
Real estate, as an immovable factor, tends to be overtaxed in most countries and Portugal is no exception. Tax structuring and optimizing is crucial to minimize total acquisition costs and maximize investment returns.
RPBA’s updated presentation deals with this challenging topic incorporating the latest developments, including tax incentives on rehabilitation, the OECD Multilateral Instrument rules on “real estate rich” companies and also the brand new SIGI company (the Portuguese equivalent of the REIT – Real Estate Investment Trust).
Pérez Parras Economists & Lawyers is a firm located in Nerja town centre and Málaga town centre, comprised of highly qualified and specialised Lawyers, Economists and Engineers. This presentation was made to general public and professionals, at Nerja Town Hall, to explain the law and fiscal matters that apply to Holiday Rentals in Andalucia.
Pérez Parras Economistas y Abogados works in many different areas: conveyancing, inheritance and wills, non.residents, accounting, contracts, civil law, fiscal and (international) taxation, holiday rentals, criminal law, labour law, family law, procedures, leases, etc.
Our website: www.perezparras.com
Contact: international@perezparras.com
The elective residence visa (residenza elettiva) allows entry into Italy for an open long-term visit to foreigners who intend to relocate to Italy and who are able to do so by financially supporting themselves autonomously, without the need for employment.
De Micco & Friends Lawyers & Auditors are meanwhile represented with their lawyers, tax consultants, finance and real estate experts in all major cities in Europe. The Spanish Group's headquarters are in Palma de Mallorca. As a client of De Micco & Friends, you will receive local and international legal and tax advice from a network of 300 lawyers and tax consultants providing the best quality at very good conditions.
Take a look at our following overview about the process of immigration to Europe.
Legal and tax implications when purchasing real estate in Spain, EnglishDe Micco & Friends Group
Here you will get all important information when you sell or buy real estates in Spain and Mallorca,
It is generally recommended that buyers of real estate in Spain instruct a qualified lawyer to represent them and hire a financial advisor knowledgeable in local and international taxes and dues to take care of the tax aspects. Spain does meanwhile provide a relatively high amount of legal protection for real estate purchases, but there are still cases in which the buyer has to battle enormous problems or unexpected expenses after the acquisition because certain processes were not adhered to, documents weren't checked or contracts were drafted which include substantial disadvantages for the buyer. It still happens more often than not that acquired objects or extensions have to be dismantled because renovations or extensions were not properly authorised or the authorisation was not registered with the different agencies involved. Subsequent permits are possible in some cases, but they do require a special process and incur substantial expenses.
Getting an EU Residence Permit through Real Estate InvestmentAdam Lorts
XT Enterprises specializes individuals and their families acquire residence permits in the EU through real estate investment. This deck shows the process and how we help our customers in addition to illuminating the real estate investment upside of Spain.
International Indirect Tax - Global VAT/GST update (June 2018)Alex Baulf
High level slides from Grant Thornton's VAT Club seminar in London held in June 2018.
Topics covered include:
ECJ decision - C-580/16 Hans Bühler - Triangulation
Netherlands - VAT rate change
Russia - VAT rate change
Bahamas - VAT rate change
Angola - New VAT system
Liberia - New VAT system
Costa Rica - New VAT system
Costa Rica - e-invoicing requirements
Hungary - Electronic Invoicing
Italy - Mandatory e-invoicing
Australia - GST on hotel accommodation
Poland - VAT split payments
Spain - First penalties in relation to SII
Greece - SAF-T & E-Invoicing?
Argentina - VAT on digital services
Columbia VAT on digital services
Canada - Quebec: New QST obligations for non-resident suppliers of digital services
USA: Wayfair – the Decision
India - “Happy Birthday GST" - what's next
New Zealand - Low value consignment relief
Malaysia - GST to 0% and transition to SST
United Arab Emirates - Exchange Rates for VAT purposes
Kuwait - VAT postponed until 2021?
GCC - Bahrain, Oman, Qatar VAT implementation latest
Guide for a successful establishment in Spain from ChinaAGM Abogados
Practical guide for all those Chinese companies that would like to establish in Spain:
•Major Corporate Structures.
•Example of a Process Type.
•Regulation regarding Subsidiaries.
•Main Taxes.
•Double Taxation.
•Workplace.
•Helps to attract investments.
•Residence in Spain.
•Other aspects to consider.
•Obtaining NIE (Foreigner Identity Number).
New regulations 2015: Immigration to Spain - Golden Visa Program, Company SetupDe Micco & Friends Group
New regulations 2015 regarding immigration to Spain for Non EU countries. Golden Visa Program Spain for investors, company formation process, immigration and investment criterias.
Investments and Trade in Spain - October 2015TAG Alliances
Bufete Escura is one of the most well known and respected Law firms in Barcelona. A client centered service, coupled with high quality ethical standards form the basis of our mission. Our longstanding service ethic has resulted in us becoming the reference Law firm for a wide range of business associations who trust our firm as the Law firm they recommend to their associates. Bufete Escura delivers legal services to a great number of global companies, who trust in us to supervise and advise their subsidiaries due to our specialist knowledge of the regulatory and business framework both in Catalonia and throughout Spain. We must emphasize our special relationship with Italian companies based or willing to be based in the Barcelona area, given that we have several collaboration agreements signed with different Italian Chambers of Commerce.
The Legal 500 and The In-House Lawyer Comparative Legal Guide Ireland: Privat...Matheson Law Firm
Private Client Partner, John Gill and Private Client Solicitor, Maeve Lochrie provide an overview to private client law in Ireland. The chapter covers taxes, succession laws, wills, trusts and their structures.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
2. Modelo 720
• Annual informative tax return.
• For tax residents in Spain with assets abroad.
• Introduced in tax year 2012 by Fraud Prevention
Law 7/2012.
• To reinforce the cooperation in the exchange of
information between countries needed for the
liquidation of taxes.
3. Modelo 720 legality
• Investigation of the European Commission (EC):
▫ Disproportionate penalties for the non-
submission or incorrect submission
▫ No statute of limitation on submission
• Meanwhile, there is the obligation to declare.
4. Who must declare
• All Spanish tax residents on 2017.
• Spanish permanent establishments
owned by non-residents.
• All Spanish entities such as
community properties and estates.
5. Tax residency in Spain
Tax year: from January 1st to December 31st.
Who is tax resident in Spain?
1. Individuals that are present in the Spanish territory for more that 183
days during the calendar year, or
2. Those who have the main center of their economic interest in Spain.
3. Thus, there is a presumption of tax residency when the spouse and
children are tax resident in Spain.
The status of resident or non resident will be held during all the
natural year
6. How to determine your residence
• Anyone who resides in Spain over 183 days is
presumed to be a Spanish tax resident.
▫ EXCEPTION: Those certified by the IRS as US
Tax Residents. Form 8802
▫ Certificate of tax residency issued by another
country (US)
• Those granted special non-resident five years tax
status (Beckham Law), NOT obliged to file 720,
7. If you have residence in Spain
Tax residents in Spain
Taxed for their worldwide income regardless where the
income has been generated or the tax residency of the tax
payer.
Tax obligations:
• Personal Income Tax return (IRPF)
• Informative return for assets and rights held abroad (720)
• Other taxes for residents:
▫ Impuesto de patrimonio. Wealth Tax
▫ Impuesto de trasmisiones/donaciones. Gift Tax.
8. 720 Assets outside Spain
Informative annual return Form 720 from January 1st to March 31st.
Spanish tax residents with assets abroad when any of the following blocks exceed 50.000 €
1. Accounts (deposits, credit, etc)
1. Complete identification of the bank and domicile
2. Complete identification of the account
3. Date of opening/cancelation
4. Balance at December 31st and last quarter.
2. Stocks, bonds, values, financial rights, insurance, shares.
1. Complete identification of the entity
2. Value at December 31st number and type of shares
3. Real Estate and rights over real estate.
1. Complete identification of property
2. Date of acquisition
3. Value of acquisition
9. Reporting assets outside Spain
• Once Form 720 has been filed this form should
only be filed again when, in relation to one or
more of these obligations, there is an increase of
the overall limit established for each information
block above 20,000 euros compared with what
the last declaration determined.
• If you sold and asset/closed and account that
was previously been declared.
10. Reporting assets outside Spain
Year ACCOUNT 1 ACCOUNT 2 TOTAL INCREASE FILING
31/12 LAST Q 31/12 LAST Q 31/12 LAST Q 31/12 LAST Q
2012 20,000 18,000 40,000 23,000 60,000 41,000 NA NA YES
2013 20,000 21,000 50,000 38,000 70,000 59,000 10,000 18,000 NO
2014 20,000 24,000 45,000 38,000 65,000 62,000 5,000 21,000 YES
2015 30,000 35,000 50,000 35,000 80,000 70,000 15,000 8,000 NO
2016 36,000 35,000 50,000 40,000 86,000 75,000 21,000 13,000 YES
11. Exchange rate
• Accounts: exchange rate applicable at 31/12. For accounts
canceled, exchange rate at the day of cancellation.
• Real Estate: the acquisition value will be updated at the
exchange rate applicable at 31/12.
For real estate, variations in the exchange rate that take place in
the following years will not be taken into account to determine
an increase in the value for the purposes of filing a new
informative Tax return.
For the rest of goods and rights, changes in exchange rates must
be taken into account for the purpose of valuing the entirety of
each group of goods and determining if they should be re-
declared.
12. Estimated value
When the assets belong to more
than one owner / beneficiary,
all owners must declare the
assets for the full amount,
indicating percentage of
ownership.
13. Exceptions
When the assets have already
been declared in Spain,
individually identified, as part
of a business.
14. BLOCK 1 Bank accounts
Accounts in financial
institutions abroad, which
includes current accounts,
savings accounts, term
deposits, credit accounts…
15. BLOCK 1 Bank accounts
Information on each account
should include the balance of these
accounts on December 31st, the
average balance for the last quarter
of the year and the date of opening.
Also if you are account holder,
authorized…
16. BLOCK 1 Bank accounts
Holders and authorized
holders, who have ceased to be
during the year, must indicate
only the balance of the day
ceased to be holders or
authorized holders.
17. BLOCK 2 Stock and investments
Stocks, bonds, values,
financial rights, and savings
in insurance companies,
deposited, managed or
obtained abroad.
18. BLOCK 2 Stock and investments
Information on the investments
should include the acquired date,
purchase price and value at
December 31, sale price and date of
disposition, capitalization and
rescue value at December 31.
19. BLOCK 2 Stock and investments
• Section 1
Securities or rights located overseas
representative of participation in any type of legal
entity; values located overseas representative of
the transfer of capital to third parties or provided
for its management or administration to any legal
instrument, including trusts though lacking legal
personality, capable of acting in the course of
trade.
20. BLOCK 2 Stock and investments
• Section 2
Shares and participations in share capital or
equity fund of collective investment institutions
located abroad.
21. BLOCK 2 Stock and investments
• Section 3
Life insurance (savings not risk) or pensions or
annuities, whose insurance companies are located
overseas.
22. BLOCK 3 Real Estate
All types of Real Estate and rights over
Real Estate abroad, which include
ownership of the property, actual use
or enjoyment and bare ownership
rights over real estate, timeshares,
timeshares shifts, part-time property
or similar formulas on real estate,
other rights over real estate.
23. Due date
• March 31, 2018.
• Applications can be completed only
OnLine by authorized tax consultants
or those with digital signature or PIN.
• Heavy sanctions for noncompliance
24. Fines
Penalty for not filling:
• 5,000 € per data (minimum of 10,000 €)
• Penalty for: filling incomplete, filing with
non-accurate data 100 euros per data
(minimum of 1,500 €)
Assets not declared, that cannot be proved its
ownership arising from declared income or assets,
will be considered income to be taxed, and up to
150% penalty over its value.
25. Consulta vinculante V1434-17
This recent CV of 6/6/2017, which seems to be the
consequence of the very hard Motivated Opinion
that the European Commission sent to Spain in
February 2017 demanding the modification of
Model 720, contradicts what the AEAT had said in
that other CV V3243-13 of 4/11/2013 and what the
Law itself clearly establishes: that declaring out of
time implies imputing the goods as a profit in
IRPF the last year not prescribed and also, always,
a sanction of 150%.
26. Consulta vinculante V1434-17
What the AEAT intends with this Consultation is
to be well with the European Commission, which
censured very hard that the Law will treat
practically the same as the one that does not
present the Modelo 720 and the one that does it
voluntarily but out of time and clarifies that
people who regularize their situation after the
deadline voluntarily, without prior notice,
presenting the pending Modelo 720 and paying
the IRPF will be required a surcharge (15-20%)
and will not be applied the sanction of 150%.
27. Consulta vinculante V1434-17
The AEAT reminds that declaring late can demand
a formal penalty of 100€ x data
An account has 5 data, a value has 2 data and a property has 4 data
with a minimum of 1,500€ for each block
(accounts, values, real estate), while for not
declaring or doing incorrectly that FORMAL
penalty is 5,000€ x data, with a minimum of
10.000€ for each group.
150% penalti IRPF + 15-20% penalti
28. Consulta vinculante V1434-17
The AEAT also reminds that people
who can prove that their property
abroad comes from declared income
(in Spain) or from income obtained by
being non-residents, can "get out of the
trench" without fear, without being
able to demand personal income tax,
surcharges or sanctions.
29. Consulta vinculante V1434-17
• If the assets come from prescribed periods.
▫ Capital gains on 2013 at IRPF 150% assets.
• If the assets come from periods NOT prescribed.
▫ IRPF of 2013, 2014, 2015 and 2016
Nothing is said on assets from
inheritances and donations
30. Questions
Sagardoy Abogados
Tutor, 27 - 28008 Madrid
Teléfono: +34 915 429 040
www.sagardoy.com
US Tax Consultants
Travesía de las Cañas, 2 - 28043 Madrid
Teléfono: +34 915 194 392
www.ustaxconsultants.net