Received the below information from a reader
Think this might be something helpful to expats? It came to us via an open email from our Financial Advisors, at the foot of which invites us to "share with friends". (So no worry about posting email link). Here is the basic message followed by the link:
Long-term residents of Spain will be familiar with Modelo 720 (Form 720), but newer residents may be unclear on what they have to do. The penalties are prohibitive, so you need to get it right. The deadline, as every year, is 31 March.
If you were tax resident in Spain in 2020, you are legally obliged to submit a Modelo 720 declaring the assets you own outside Spain worth over €50,000. This is not a tax return as such; you need to complete it over and above your income and wealth tax returns.
Financil advice is invaluable for navigating the complex world of personal finance. Whether it's budgeting, investing, or planning for retirement, seeking professional guidance can help individuals make informed decisions and achieve their financial goals. From managing debt to building wealth, receiving tailored advice based on one's unique circumstances can lead to greater financial security and peace of mind. By prioritizing financial literacy and seeking expert advice, individuals can confidently navigate their financial journey and work towards a brighter financial future.
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