Foreign accounts and deposits on Modelo 720

The ideas in this guide are there to explain which foreign accounts and deposits belong on Modelo 720 and what data it asks for. With Aitax you upload the documents: the AI takes care of the heavy lifting. You check that the figures are right. If a question comes up, you ask the specialised AI, trained on the law as it stands.

Holding cash with a foreign institution — a current account, a savings account or a deposit — does not, by itself, mean you must file Modelo 720. Raisin, Revolut, Wise, N26 or PayPal are examples; there are many more. What matters is the accounts block (the cash): what you add up at 31 December and the average balance of the last quarter, across all those accounts. Shares or funds the same platform may also hold belong to another block. If the accounts block stays under the threshold, holding cash abroad does not open a 720. The detail is in the threshold guide.

Modelo 720 is an informative return: a snapshot for Hacienda of the cash you hold abroad. Because it is informative it has no tax due.

Some of those platforms may already keep the cash account in Spain. Then it does not go in this block. The statement says so, not the brand.

Updated 11 October 2026. Sources: Royal Decree 1065/2007 (article 42 bis), Order HAP/72/2013 and the AEAT Modelo 720 FAQ (Agencia Estatal de Administración Tributaria, Spain’s tax agency), including the item marked “Novedad” on account migrations.

What Modelo 720 asks for on cash accounts: 31 December balance and last-quarter average

Modelo 720 does not look at the year’s peak. It asks for two figures per account: the 31 December balance and the average of the last quarter. The block crosses the threshold if either of those combined totals exceeds €50,000. A deposit that matures in November and leaves the account at zero on 31 December can still trigger the duty if the quarter’s average was high. The AEAT illustrates this with an account at €45,256 on 31 December and a €58,900 average: it must be reported.

If the statement does not give that average, you rebuild it from each day’s balance (or, if there are no jumps, from the monthly ones). By hand that means adding them up and converting each currency at the European Central Bank (ECB) rate.

What belongs here: the cash, not the shares

This guide is about money in an account: current, savings or a deposit. Not the shares, ETFs or funds the same platform may also offer. That is another block.

The app does not decide either. What matters is whether that cash account sits abroad. If it sits in Spain, it is not added here. The Spanish-branch test is the same as for Trade Republic.

An account at zero

If you file Modelo 720 because the accounts block exceeds €50,000, you must report all accounts in that block, including those at zero.

If that account already appeared on a 720:

• It stays open and the balance goes to zero: that is not an extinction. You report it as a change — the new balance and the quarter’s average.
• It is closed: that is an extinction. You report the cancellation.

If the block never crossed the threshold, leaving it at zero or closing it does not open a 720. The AEAT is plain: with no earlier duty, a cancellation is not reported.

IBAN changes, mergers and migrations

A new number is not, by itself, a new account. The AEAT FAQ marked “Novedad” puts it this way: if a foreign account already declared migrates to an institution in Spain, that migration is not reported. It is reported only if the migration ended ownership and a new account was opened.

That also covers mergers where they change the IBAN without ending your ownership. If they close the account and open another, that cancellation is declared.

What Aitax does with those statements

If you have only one account, with few movements and easy to follow, doing this by hand is feasible with time and effort. With several platforms, several currencies and a quarterly average the statement does not give, rebuilding every movement and every figure stops being realistic.

Aitax reads the account statements. It builds the history. It calculates the two figures Hacienda asks for — the 31 December balance and the last-quarter average, in euros — and leaves them ready. You review the result and file it on the AEAT site.

Frequently asked questions

Does an account at zero have to be declared?
If the block exceeds €50,000, yes: every account goes in, including that one. If it was already on a 720 and stays open, you report it as a change; if you close it, as an extinction. If there was never a duty, no.

Does cash at Revolut or N26 always go on Modelo 720?
No. If the cash account is in Spain, no. If it is abroad and the block reaches the threshold, yes. Shares or funds in the same app are another block.

Does an IBAN change mean I must file Modelo 720 again?
No, if it is a migration to an institution in Spain without ending ownership. The AEAT marks this as new. If they close the account and open another, the cancellation is reported.

Are several currencies in the same account several accounts?
No. It is one account with several balances. They are converted to euros and the two figures are added.

Does a fund or a “flexible account” go with the cash?
No. It is a fund, not a cash account. It is looked at in the securities block, not here.

How to prepare Modelo 720 with Aitax

With Aitax you upload the account statements. You get the 720 document ready for Hacienda, with the 31 December balance and the last-quarter average in euros. You review the result, then file it on the AEAT site.

Prepare Modelo 720