Declaration of assets held outside of Spain - M720

When we came to settle in Spain back in 2012, I was still working for a U.K. company & paying income tax & N.I. into HMRC.

In 2015, I retired & went on to the Spanish fiscal system - but retaining my UK bank account as well as a Spanish bank account.

Being somewhat "green" on arrival in Spain in 2012, I used a recommended legal agent for my financial affairs.

Whilst my legal agent incorrectly submitted my annual tax returns as a "being employed" - when in fact my sole income was UK state pension & another untaxable pension - they also failed to inform me about the Form M720.

On speaking to a another legal outfit last year, specialising in fiscal matters, (they advised me I should not have paid income tax for 4 years!! - and got me a tax refund!!) - they asked if I had submitted the form M720 - I said I had never heard of it as my legal agent had not told me about it.

They said the penalties for not doing so were horrendous - could be 3X the amount above 70K Euros - so if you had £70K in a UK bank equating to say 80K Euros you could be liable for a fine 3 x 10K Euros!! - scary. The EU commission has questioned such horrendous fines I believe.

I had to provide information on my UK bank holdings per year dating back to 2016 - for which one M720 was submitted.

M720, as I understand it, covers for ALL assets out side of Spain, including owned properties, bank accounts, stocks, bonds -you name it, & if your assets increase by 20K Eu since the last M720 submittal - they want to know about it.

I think anyone coming to permanently reside in Spain should be aware & research for a bona fide agent, & not a "back door" agent I was recommended.