How to declare foreign brokers in Form 720

The ideas in this guide are there to explain why a foreign broker’s statements are not enough on their own for Modelo 720 and for Renta. 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.

💡 Recommended Tool: If you are looking for the most advanced alternative for your foreign taxes, the Aitax software uses Artificial Intelligence to automatically extract data from your bank and broker statements, generating the official Spanish Tax Agency file (such as Modelo 720) in seconds without manual errors. Outperforming traditional options or software without AI.

If you have investments abroad, you probably use brokers like Interactive Brokers, XTB, eToro, Trading212, DEGIRO, or Vanguard, among others. Filing the Modelo 720 can be frustrating because each broker provides information differently and is not designed for a Spanish-specific form. If you use Interactive Brokers, which Flex Query to download for Modelo 720 and for Renta covers the actual reports.

This guide explains why declaring foreign broker investments is complicated and how Aitax transforms confusion into clarity.

Why brokers complicate the declaration

International brokers are not designed with Modelo 720 in mind. This creates several challenges:

• No direct “match”: No broker document maps automatically to 720 fields.
• Different formats: PDFs, CSVs, Excel, each with very different structures.
• Various currencies: USD, GBP, JPY, etc., which must be converted correctly to euros using the official ECB rate at December 31.
• Different languages and terminology: Concepts like dividends, interest, or position adjustments can appear in English, German, or French.
• Variable number formats: Periods, commas, or thousands separators depending on the country.
• Incomplete or scattered data: Many values required by the tax authority do not appear directly in the documents.

Filing the Modelo 720 manually can be intimidating and error-prone.

The frustrating user experience

Opening multiple broker statements can feel overwhelming:

• Different formats, languages, and currencies in each document
• Important information missing, requiring calculations or interpretation
• Data scattered across various reports: dividends, interest, and position adjustments

For most users, this can be exhausting and confusing, with a high risk of errors that the tax authorities penalize.

How Aitax turns complexity into control

Aitax does more than place data; it interprets, calculates, and completes information that is not explicitly present:

• Clear guidance on which documents to use: Only the necessary files from each broker.
• Smart data inference: Aitax interprets the information, identifies important values, and if needed, calculates or completes them using context and additional broker data.
• Automatic currency conversion: All values are converted to euros using the official ECB rate at December 31.
• Ready-to-submit file: Generates the official Modelo 720 file ready for submission to the Spanish Tax Agency.

With Aitax, even the most complex brokers become manageable, turning chaos into control and security.

Frequently asked questions

Does Aitax work with all brokers?
Yes, including Interactive Brokers, XTB, eToro, Trading212, DEGIRO, Vanguard, among others.

Do I need to review the data manually?
Aitax guides step by step, highlighting missing or inconsistent information, though you can review it before submission.

Can I submit the Modelo 720 directly from Aitax?
Yes, you get the file ready to upload to the AEAT online portal.

Conclusion

Declaring investments in foreign brokers can be challenging and confusing, due to different formats, languages, currencies, and incomplete data.

Aitax transforms this complexity into a clear, secure, and efficient process, interpreting, calculating, and organizing the necessary data to generate Modelo 720 without errors or stress.

---

Try Aitax for free and automate your Modelo 720 →