What they are (and what they're not)
Modelo 720 is the informative return for assets and rights held abroad: accounts, securities and property outside Spain. Modelo 721 is its cousin, specific to crypto assets held abroad. Both share two important things:
- They're informative: you don't pay tax for filing, you're just reporting. Any tax owed, if any, goes through other forms.
- They only apply to Spanish tax residents, and above certain thresholds —generally €50,000 per asset category—.
The direct consequence for someone who moves: if you stop being a Spanish tax resident, you stop having to file them. It's one of the burdens that drops away with a well-done move.
| Modelo 720 | Modelo 721 | |
|---|---|---|
| What it reports | Accounts, securities, property abroad | Crypto assets outside Spain |
| Type | Informative | Informative |
| Threshold | €50,000 per category | €50,000 in crypto assets |
| Applies to | Spanish tax residents | Spanish tax residents |
The year of the move
Here's the nuance most people miss. In Spain tax residency runs by full calendar year: you don't become a non-resident "halfway through the year." If you stop being a Spanish tax resident with effect from a given year, that's the first year without 720/721; but the year in which you were still a resident still carries the obligation. That's why the timing of the move matters, and why exiting Spanish tax residency properly is the step that puts everything else in order.
Crypto: the 721 and the Thai exemption
If your wealth is in crypto, the 721 and your exit from Spain are side A; side B is that in Thailand, capital gains on regulated exchanges are exempt until 2029. The combination —closing things properly in Spain, realizing gains once already a Thai resident— is exactly what needs to be planned on a calendar, not improvised. Prior portfolio hygiene (documenting balances and acquisition cost) is what protects you against automatic information exchange.
CRS and CARF: why hiding doesn't work
Spain doesn't find out about your foreign accounts by chance: there's CRS (automatic exchange of financial information between countries) and its crypto equivalent, CARF. The snapshot of your assets travels on its own. That's why the strategy isn't to hide, but to organize and document: it's legal, it's peace of mind, and it's the sensible path.
Where Bexpat fits in
We give you the map —this— and handle the full move (visa, flight, arrival and apartment). The visa test tells you which route fits your case to get started.
Frequently asked questions
Do I file modelo 720 if I live in Thailand?
It only applies to Spanish tax residents. Once you fully stop being one, it disappears. The tricky part is the year of the move, which is mixed and has its own fine print.
What's the difference with modelo 721?
Modelo 721 is specific to crypto assets held abroad; modelo 720 covers accounts, securities and property. Both are informative and apply to Spanish tax residents above €50,000 per category.
What if I don't file?
They have their own penalty regime, and Spain receives information through CRS and CARF. An orderly exit and documenting your assets before you move protect you if a review comes years later.