{"id":574,"date":"2017-03-20T16:02:20","date_gmt":"2017-03-20T16:02:20","guid":{"rendered":"http:\/\/www.leyton-abogados.com\/en\/?p=574"},"modified":"2017-03-20T16:02:20","modified_gmt":"2017-03-20T16:02:20","slug":"term-model-720-annual-information-return-on-assets-and-rights-located-abroad","status":"publish","type":"post","link":"https:\/\/www.leyton-abogados.com\/en\/2017\/03\/20\/term-model-720-annual-information-return-on-assets-and-rights-located-abroad\/","title":{"rendered":"Term model 720: Annual Information Return on assets and rights located abroad"},"content":{"rendered":"

LEYTON LAW FIRM would like to remind our clients that the deadline for the\u00a0ANNUAL INFORMATION STATEMENT ON GOODS AND RIGHTS situated abroad<\/strong>\u00a0,\u00a0Model 720<\/strong>, for the\u00a0year 2016<\/strong>\u00a0ends on\u00a0March 31, 2017<\/strong>.<\/p>\n

\n

Natural and legal persons resident in Spanish territory, permanent establishments in that territory of persons or entities and non-resident entities from Article 35.4 of the LGT (recumbent inheritance, community property, etc.) must supply the tax administrations, except in certain cases or exemptions, the following information:<\/p>\n

\n

    \n
  1. Information on accounts located abroad<\/strong>opened in entities engaged in banking credit or are holders or beneficiaries or those listed as authorized or otherwise to dispose bearing.<\/li>\n
  2. Information on securities or rights representing participation in the capital or equity<\/strong>of any type of legal entity,\u00a0of securities representing the transfer to third parties of capital<\/strong>\u00a0, on provided for management or administration values any legal instrument ,\u00a0including trusts and “trusts” or pools of<\/strong>\u00a0<\/strong>assets<\/strong>\u00a0that, despite lacking legal personality can act in trade, and stocks and shares in the equity or equity fund of collective investment they hold and are deposited or located abroad, as well as life insurance or disability<\/strong>\u00a0of those who are takers and\u00a0life or temporary income<\/strong>\u00a0of which they are beneficiaries as a\u00a0result of the delivery of a capital in money, real or personal\u00a0property, contract with entities established abroad.<\/li>\n
  3. Information on real estate <\/strong>and real property rights of ownership located abroad.<\/li>\n<\/ol>\n

    \n

    These obligations extend<\/strong>\u00a0to those who are deemed to be\u00a0beneficial owners\u00a0according to the Law 10\/2010 art.4.2 prevention of money laundering and terrorist financing.<\/p>\n

    \n

    There shall be no obligation to report any account balances as at 31 December\u00a0\u00a0not exceed<\/strong>\u00a0jointly\u00a0the 50,000 \u20ac,<\/strong>\u00a0and the same circumstance concurs in relation to average balances in\u00a0the last quarter.\u00a0This quantitative limit also applies to the cases referred to\u00a0in paragraph b) and\u00a0c).<\/p>\n

    \n

    The presentation of the statement in subsequent years<\/u>\u00a0will only be mandatory when either set at December 31, or the average balance had experienced\u00a0an increase of<\/strong>\u00a0<\/strong>over 20,000 \u20ac<\/strong>\u00a0for which determined the submission of the final statement.\u00a0This quantitative limit also applies to the values of paragraph b) and\u00a0c).<\/p>\n

    \n

    The legislation establishes a system of offenses and penalties, with\u00a0fines<\/strong>\u00a0<\/strong>pecuniary<\/strong>\u00a0relating to failure to follow\u00a0these reporting obligations.\u00a0For example, the minimum sanction for the failure to submit the model with\u00a0respect to one of the three reporting obligations would be \u20ac 10,000.<\/p>\n

    \n

    In addition, it\u00a0establishes a\u00a0penalty<\/strong>\u00a0proportionate pecuniary of\u00a0150% of the share resulting from regularizing <\/strong>unjustified capital gains (income or IS), to bring cause defaults on the obligation of information on goods and rights located abroad.<\/p>\n

    \n","protected":false},"excerpt":{"rendered":"

    LEYTON LAW FIRM would like to remind our clients that the deadline for the\u00a0ANNUAL INFORMATION STATEMENT ON GOODS AND RIGHTS situated abroad\u00a0,\u00a0Model 720, for the\u00a0year 2016\u00a0ends on\u00a0March 31, 2017. Natural and legal persons resident in Spanish territory, permanent establishments in that territory of persons or entities and non-resident entities from Article 35.4 of the LGT […]<\/p>\n","protected":false},"author":2,"featured_media":576,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"acf":[],"yoast_head":"\nTerm model 720: Annual Information Return on assets and rights located abroad - Leyton<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.leyton-abogados.com\/en\/2017\/03\/20\/term-model-720-annual-information-return-on-assets-and-rights-located-abroad\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Term model 720: Annual Information Return on assets and rights located abroad - Leyton\" \/>\n<meta property=\"og:description\" content=\"LEYTON LAW FIRM would like to remind our clients that the deadline for the\u00a0ANNUAL INFORMATION STATEMENT ON GOODS AND RIGHTS situated abroad\u00a0,\u00a0Model 720, for the\u00a0year 2016\u00a0ends on\u00a0March 31, 2017. 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