Determine if you must file

Confirm you are a Spanish tax resident183+ days in Spain per calendar year, OR Spain is your center of economic interests, OR your spouse/dependent children live in Spain.
Check Beckham Law status — beneficiaries are FULLY EXEMPTFor the 6 tax years under the Beckham Law, you do NOT need to file Modelo 720 (or Modelo 721, or pay wealth tax on foreign assets). Stop here if you qualify.
Calculate totals in each of the 3 categoriesYou only file a category if its total > €50,000. Categories are independent: a single category exceeding the threshold triggers filing.

Category 1 — Bank accounts abroad

List every foreign bank account where you are holder, authorized signatory, or beneficiaryInclude checking, savings, term deposits, joint accounts, employer-held accounts.
Record the balance at December 31Use the closing balance for the tax year.
Record the average balance for Q4 (October-December)Required separately from the year-end balance.
Convert to EUR using the official Bank of Spain rate at December 31The AEAT publishes the year-end exchange rates each January.

List all shares, bonds, ETFs, mutual funds held with foreign brokersInclude the issuer, ISIN, number of units, market value at Dec 31.
List life insurance policies and annuities held with foreign insurersSurrender value or capitalisation value at Dec 31.
Convert all values to EUR at the Dec 31 exchange rate

List every property and real-property right held abroadInclude partial ownership, usufruct, bare ownership.
Record acquisition value AND acquisition dateOriginal purchase price and date — NOT current market value. Keep purchase contract and deed handy.
Note property type and addressRequired on the form.

Log into the AEAT Sede Electrónica with Cl@ve or digital certificateModelo 720 is electronic-only. Paper filings are not accepted.
Complete the form per categoryCategories are entered separately. You can save drafts and return.
Review totals and submitOnce submitted, you receive a justificante de presentación. Save the PDF.
File by March 31 (hard deadline)Late filing carries penalties under the post-2022 regime (€20 per data item, minimum €300).

Only re-file if any category increased by > €20,000 from last reported value (optional)Stable asset position = no re-filing required.
Re-file if you closed/sold/disposed of any previously reported asset (optional)Even if the category total has not changed materially.
Re-file if you newly cross the €50,000 threshold in a category not previously reported (optional)