The presentation of model 720, Declaration on assets and rights located abroad, is an essential procedure for some taxpayers in Spain to continue receiving their benefits without interruption. This document is required by the Tax Agency for residents in Spain who hold bank accounts, securities, rights, insurance, or real estate abroad, allowing the Tax Agency to monitor these assets and is mandatory for those who exceed the established limits.
In this sense, Social Security has reminded pensioners of the importance of complying with this procedure before the end of March to ensure the collection of their benefits. Non-compliance with this obligation can lead to economic sanctions and, in special cases, affect the continuity of non-contributory pensions. Therefore, it is crucial to submit model 720 before March 31 to avoid problems with the Administration.
Social Security is alerting non-contributory pension beneficiaries about the need to submit this document within the established deadline. If it is not sent before March 31, there is a risk that the pension may be suspended. To carry out this procedure, one can choose the online route through the website of the State Agency for Tax Administration (AEAT) or go to the appropriate offices to submit the required documentation.
