Last updated: 2026-02

Modelo 720: Foreign Asset Declaration

What is Modelo 720?

Modelo 720 is an informative declaration (not a tax payment) that Spanish tax residents must file to report assets held outside Spain. It was introduced by Law 7/2012 and developed by Real Decreto 1558/2012.

The declaration applies when the total value of assets in any of the three defined categories exceeds 50,000 euros. It is purely informational: filing Modelo 720 does not result in any tax payment by itself, but failure to file can trigger significant penalties.

Who Must File?

Any individual who is a tax resident of Spain and who holds assets abroad exceeding the thresholds must file Modelo 720. This includes CERN employees who maintain their fiscal residence in Spain.

CERN-specific considerations apply: if you live and work in Geneva or Pays de Gex but remain a Spanish tax resident (for example, because your family stays in Spain or your centre of vital interests is there), you are subject to this obligation.

Non-residents of Spain do NOT need to file Modelo 720. If you have transferred your tax residence abroad, this declaration does not apply to you.

The Three Categories

Modelo 720 groups foreign assets into three independent categories, each with its own 50,000 euro threshold.

Category 1 covers bank accounts: current accounts, savings accounts, term deposits, and any other accounts held at financial institutions located outside Spain. Category 2 covers securities, insurance, and annuities, including shares, investment funds, life insurance policies, and pension rights held abroad. For CERN employees, the CERN Pension Fund falls under this category. Category 3 covers real estate: any property (land, buildings, apartments) located outside Spain, including property in France or Switzerland.

Each category is evaluated independently. You only need to declare the categories where your total holdings exceed 50,000 euros. For example, if you have 60,000 euros in Swiss bank accounts but only 30,000 euros in French property, you would only declare Category 1.

Filing Deadlines & Re-filing Rules

The initial Modelo 720 declaration must be filed between 1 January and 31 March of the year following the one in which you first exceeded the 50,000 euro threshold in any category.

In subsequent years, you only need to re-file for a given category if the total value of assets in that category has increased by more than 20,000 euros compared to the last declaration you submitted for that category.

CERN-Specific Considerations

CERN employees who are Spanish tax residents typically have several types of foreign assets that may need to be declared.

If you hold accounts at Swiss or French banks (e.g. UBS, Credit Suisse, BNP Paribas) with combined balances exceeding 50,000 euros, these Swiss and French bank accounts must be declared under Category 1. Your accumulated rights in the CERN Pension Fund are generally considered to fall under Category 2 (securities, insurance, and annuities), and when the accumulated value exceeds 50,000 euros, you should declare it. Finally, if you own an apartment or house in France or Switzerland, this foreign property must be declared under Category 3 when its acquisition value exceeds 50,000 euros.

Post-2022 ECJ Ruling

In January 2022, the Court of Justice of the European Union (Case C-788/19) ruled that the penalty regime associated with Modelo 720 was disproportionate and contrary to EU law. The court found that the fines and the presumption of unjustified capital gains were excessive.

Following the ruling, Spain reformed the penalty system through Law 5/2022. The disproportionate fines were removed, and the regime was aligned with standard tax infraction penalties. However, the obligation to declare foreign assets through Modelo 720 remains fully in force.

Modelo 721: Crypto Assets

Since 2024, Spanish tax residents must also file Modelo 721 to declare cryptocurrency holdings on foreign exchanges. This new form follows the same logic as Modelo 720, with an independent 50,000 euro threshold for crypto assets held on platforms located outside Spain.

Step-by-Step Filing Walkthrough

1. Access the Agencia Tributaria electronic office at sede.agenciatributaria.gob.es.
2. Authenticate using your digital certificate (certificado digital), DNIe, or Cl@ve PIN.
3. Navigate to the Modelo 720 form and fill in the relevant categories with details of your foreign assets, including account numbers, ISIN codes, property references, and balances as of 31 December.
4. Review the declaration carefully and submit it electronically. Save or print the confirmation receipt for your records.

Sources & Documentation

• Law 7/2012 - Anti-fraud measures (BOE)
• Agencia Tributaria - Electronic Office
• Court of Justice of the EU - Case C-788/19