Originally Posted by Palmerston (Post 12988982)

Hi Bob

Yes, I'm aware that if the property was less than 50k euros when purchased, it doesn't have to be declared. I admit, this is where I get confused with the 720:- you could have purchased (and still hold) a shabby 2 bed Kensington mews in the 80s for just under that, yet today it'd be into 7 figures, with an increase in value over the last couple of years comfortably running into 6 figures.

Surely that increase would have to be declared because it's an asset that has grown by more than 20k euros? But there's no record of the property because it didn't have to be declared in the first place, owing to its original sub-50k purchase price (?)

Are you sure you wouldn't have to declare that hefty increase in value and, hence, introduce that asset to the authorities? Or does it remain an invisible asset to the Spanish authorities? Sounds a bit risky to me, if it remains invisible, but I'm happy to be corrected.

Originally Posted by bobd22 (Post 12988962)

This link if you read under property declaration clearly outlines it in the questions asked as do a number of other articles I read when the 720 came into being .
https://www.spenceclarke.com/articles/m720-faqs/

Originally Posted by Lagoo (Post 12989055)

From that page:
What information has to be declared for properties?
You will have to declare the type of property (urban or rural) and percentage of ownership, full property address, date of purchase and total purchase price (ignoring the percentage of ownership)
...
What is the value I have to declare in the M720 for my UK property?
For properties, you need to declare its cost value, not its current market value.

Phew! :thumbsup:

Originally Posted by Lagoo (Post 12989058)

Regarding excahnge rates, according to xe.com the was 1.17 on 31 Dec 2019 and 1.11 on 31 Dec 2020, so assets will have decreased in value in terms of €.

Phew again :thumbsup: :thumbsup: