What is happening in Spain Big Brother?

Nothing new about the Asset tax - the return using Form 720 has been the law for many years - since November 2012 in fact. I have never heard it called "The Modelo", the word simply means a form - there are modelo 720 modelo 790 and so on.

What is being challenged in the European courts is the punitive fines for non-disclosure - or even for a late return.

It was brought in to try to frighten the fiddlers who were and are failing to declare all their world-wide income, and any group of assets worth over 50,000 Euros.

It's the Modelo 720.  Do you have to pay tax on overseas holdings?

Spain levies a wealth tax on worldwide assets.

To be taxed, you need to be pretty well off.

I think you (individually) need to have worldwide assets of around 700k Euros or more