DECLARATION OF WORLDWIDE ASSETS - FORM 720

With the new European Regulation being enforced, Spain introduced the obligation of the Declaration of World Wide Assets held with a value of 50,000€ or more. The European Savings Directive together with the new bilateral exchange of information agreements that member states have signed during recent years, has led to these states of the European Union to integrate them into their own internal regulations. Spain created the informative declaration of World Wide Assets, the Form 720 and the UK has also carried out various campaigns in recent years, encouraging the declaration of income which some residents of the UK have omitted from their annual income tax return, facing penalties for failure to do so.

The countries within the European Union are intending to collaborate intensely in the exchange of information and thus fight against tax fraud. So it is advisable to fulfill the requirements of the country in which you hold the status as a tax resident to avoid the sanction for failure to comply with the obligations of each European country