Spanish residents with high-value overseas assets need to submit the annual Modelo 720 tax form by 31 March to avoid potential penalties.

Spanish residents with high-value overseas assets need to submit the annual Modelo 720 tax form by 31 March to avoid potential penalties.
There may be some relief ahead for taxpayers in Spain as an EU institution challenges the severe penalties imposed on residents who fail to declare their overseas assets correctly or on time.
New measures announced by the Spanish tax office will make it much easier to investigate the tax affairs of wealthy individuals and crack down on tax fraud.
Latest data on the Spanish Modelo 720 regime to target tax avoidance shows it has proved costly for many… and that ignorance is no defence.