Just checking. If you have had a change to your foreign assets last month ( Feb 2025) you don't need to submit the 720 by march 31 2025. This is only for Jan - Dec 2024. Is this correct?

Yes that is my understanding I had to cancel an entry a couple of years ago as I closed an account and moved the money to different account. I could remove the account I closed in the current year but couldn't add the new account details until the January of the following year. Basically it works in line with tax so in the January you can add assets for the tax year you will be declaring that June .

The declaration is only based on the assets you held on December 31st of the previous year and the value in Euros is calculated entirely on the official exchange rate on that date. Any changes during the current year will only be taken into account on thenext annual declaration. If you sold 20k in the year and reinvested 20k in the same asset category, you would not need to declare any changes unless the total in that category had changed significantly.

Thank you.