When is the 720 model deadlines?
Form 720 is filed between January 1st and March 31st, 2022, of the fiscal year following that to which the information in the form refers, 2021.
What is the 720 model and what is it for?
The Tax Form 720 is an informative declaration on assets and rights located abroad. In other words, if you have shares, securities, accounts, or real estate abroad, you must file form 720. You should know that this form was created with the aim of preventing and fighting tax fraud.
The 720 model has several objectives:
- Inform about the accounts in financial institutions located abroad.
- Inform about real estate and rights over real estate located abroad.
- Report on securities, rights, insurance, and income deposited, managed, or obtained abroad.
The value of 50,000 euros shall be considered by each category in total (i.e. 2 properties for 30,000 Euros each, individually does not reach the limit of 50,000 Euros, but it shall be considered in total, so both make more than 50,000 Euros and there is obligation to make the Tax Declaration). Also, no matter the number of owners, the Tax Declaration should be made individually anyway, later it must be stated the percentage of ownership.
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