Pensions. Tax. - Page 5

PeterC wrote on Fri Oct 29, 2021 9:34pm:

“Every ex pat in Spain has to ….fill in the 720 as a one of.”

Not correct. Only groups of assets valued over €50,000 have to be declared.

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If this is the same accountant that told you you could choose where to be taxed, and assuming you have understood them correctly, then be ready for a full tax investigation with penalties going back 4 years (from when they discover the wrong declaration).

sdb137 wrote on Fri Oct 29, 2021 9:48pm:

Strange, we were advised by the accountant to put everything down on the 720, as we did, including accounts with only a few pounds in, we did this over 3 years ago, and declared every penny, we were told this was the best thing to do.

This also included money in Currencies Direct here in Spain, and our Spanish bank account....

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sdb137 wrote on Fri Oct 29, 2021 4:36pm:

Every ex pat in Spain has to declare every penny of pensions and earnings every year, and fill in the 720 as a one of.

They also have to declare all interest earnt on savings abroad.

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They must print of and show their p60, and fiscal bank accounts as declared on the 720.

They must also show a print of of savings, and interest earnt.

If all is declared on the 720, there is nothing to worry about.

It was interesting to talk to a couple in the solicitors, who had been here about 5 years, and never heard of a 720 declaration, and had not declared anything on savings or property abroad. 

Mags44 wrote on Sat Oct 30, 2021 1:45am:

Well I'm a British immigrant who has lived in Spain for the past 38 years and I've never filled in a 720. I do my annual Declaración de la Renta (Modelo 100) and that's that. Same for my husband who has lived here for almost 21 years.

crissywissy wrote on Sat Oct 30, 2021 9:25am:

If you have no more than 50K in overseas assets you dont need to

PeterC wrote on Fri Oct 29, 2021 10:02pm:

In my opinion you have unfortunately been dealing with one of the many dangerously incompetent gestors/abogados/accountants who seem happy to make it up as they go along.

Mags44 wrote on Sat Oct 30, 2021 1:45am:

Well I'm a British immigrant who has lived in Spain for the past 38 years and I've never filled in a 720. I do my annual Declaración de la Renta (Modelo 100) and that's that. Same for my husband who has lived here for almost 21 years.

Mags44 wrote on Sat Oct 30, 2021 11:59am:

Ah, so it's not "every British ex-pat" then? (Just the rich ones! ;-))

sdb137 wrote on Sat Oct 30, 2021 1:16pm:

Good for you, but they will come when they check up now and ask you to do one.

Mags44 wrote on Sat Oct 30, 2021 3:06pm:

Really? You must be so knowledgeable about it. Please do elaborate! I can assure you that my taxes have all been paid as per the law and my tax return is filed every May. Luckily I speak Spanish and always go to a professional Spanish gestor to file my tax returns.