Modelo 100 – Income Tax Return

This is the twenty-fifth year that we at Global Accounting have been assisting Swedes in filing their income taxes in Spain and Sweden. If you are a resident in Spain, you must declare all your worldwide income for the tax year 2024. The Spanish tax return is submitted during the period of May-June 2025.

To assist you with the tax return, we need information about pensions, dividends, securities transactions, interest income, salary income, board fees, and possibly other income. We also need to know the bank account to which any refunded tax paid in Sweden should be sent, and from which bank account in Spain the Spanish tax should be deducted. It is important to remember that you no longer receive tax statements from Sweden; instead, you must obtain these statements yourself and forward them to us. You can find the tax statements on the payers’ websites. Deductions can be made against income for certain expenses. These deductions primarily concern costs for dependent children, dependent retired parents, family member’s disability, interest and mortgage payments on housing under certain conditions, and paid rent also under certain conditions.

Spouses can freely decide whether they want to be taxed separately or jointly.

If you have a tax debt, either 100% of the tax debt must be paid by June 30 or 60% by June 30 and the remaining 40% by November 7. You can choose which of these two payment options you prefer. For those who have received a Swedish pension that has been taxed under SINK or IL, we assist with the application for a refund of double-paid tax.

For those declaring for the first time as a resident in Spain, a digital signature is required. Contact us, and we will order it for you.

If you need help with your Swedish tax return, we are happy to assist with that as well. If you want help from us at Global Accounting, you can email the documentation or book a meeting. Preferably by April 10 to ensure it is done on time.

Modelo 714

It’s time to declare your wealth, both inside and outside Spain, as of December 31, 2024. The wealth tax return should be made during the period of May to June 2025 on form 714. The wealth tax has been removed from the tax year 2022 for assets up to 3,000,000 euros, but the declaration must still be made with a 100% tax deduction for wealth up to 3,000,000 euros. For wealth from 3,000,000 euros and above, tax must be paid, according to a new decision on December 27, 2022. This applies to both residents and non-residents.

The declaration is made individually, which means that spouses are taxed separately and taxed for their own part. It is important to note that if you have assets of 700,000 euros or more, you should contact us to analyze your situation (the threshold may vary between different autonomous communities).

You are welcome to send all documentation to us via email or visit our office so we can prepare the wealth tax return in good time.

Modelo 718

Do you have wealth of 3,000,000 euros or more? Then you may need to declare using modelo 718. Modelo 718 is a wealth tax return made during July 2025.

The declaration is made individually, which means that spouses are taxed separately and taxed for their own part. It is important to note the value of the property; if the value is 2,000,000 euros or more, you should contact us to analyze your situation (the threshold may vary between different autonomous communities).

You are welcome to send all documentation to us via email or visit our office so we can prepare the wealth tax return in good time.

Modelo 720

It is time to submit form 720, which is information about the assets you have outside Spain that exceed 50,000 euros. The information pertains to the situation as of December 31, 2024, and must be presented to the Spanish Tax Agency by March 31, 2025. Assets abroad are divided into three areas: liquid assets (bank funds), securities, and real estate owned as of December 31, 2024. If any of these three groups individually exceed 50,000 euros, there is an obligation to declare the asset.

For example, if you have 20,000 euros in cash at SEB and shares in Sweden worth 35,000 euros, you do not need to submit this form. However, the form must be submitted if, for example, you have 30,000 euros in cash at SEB and 30,000 euros in cash at Swedbank. The value to be reported on the form is the market value of the assets.

If you have previously submitted form 720 to the Spanish Tax Agency, you only need to declare again if the total value of your assets in any of the three groups has increased by at least 20,000 euros. If you have disposed of any asset, you must also provide this information through form 720, even if you have already done so previously.

Form 720 has caused significant discussion due to its overwhelming and disproportionate sanctions for failure to submit or late submission of the form. The European Commission has sued Spain in the EU Court of Justice because they consider the sanctions to be discriminatory and disproportionate. Until the matter is resolved, form 720 remains in effect.

We at Global Accounting can compile and submit the information form to the Spanish Tax Agency on your behalf. To do this, we need to have all documentation regarding your assets by March 15.

You are welcome to contact us via email, phone, or visit our office.

+34 952 82 82 52

revisorn@globalaccounting.es