The European Union Court of Justice (EUCJ) declares illegal the penalty regime of Model 720 (declaration of assets abroad).
The EUCJ has declared that the Spanish regulation on the Model 720 “is contrary to law” and that “the restrictions on the free movement of capital that it imposes are disproportionate”.
However, it should be noted that the European Court has not annulled the Model, so it is still alive, meaning that it is still compulsory to file it.
Nevertheless, as the formal penalties and their consequences have been declared illegal, taxpayers affected in the past by penalty procedures will be able to claim the refund of the fines paid.
Therefore, if at any time in the past you were fined for failure to file or late filing of Form 720, we encourage you to contact us so that we can help you to claim the refund of said fines.