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The short answer
Yes, if you are tax resident in Spain and your Nigerian assets in any one block pass the limit the AEAT uses, €50,000 in its examples. Modelo 720 has three blocks: accounts (including Nigerian bank accounts), securities and funds (NGX shares, Nigerian mutual funds, bonds), and real estate (land or houses in Nigeria). The window is 1 January to 31 March for the year before.
Modelo 720 is an information return, not a tax bill. It tells the Agencia Tributaria what you hold outside Spain at the end of the year. Many Nigerians in Spain only learn about it when a gestor asks, by which time there may be several years to catch up. This guide explains, from the AEAT's own pages, who must file and which Nigerian holdings count.
Who must file
The AEAT's FAQ says the obligation covers, among others, "las personas físicas residentes en territorio español". Two exceptions are relevant to some readers: people taxed under the article 93 regime for displaced workers (the "Beckham law") do not have to file, although family members who are ordinary Spanish residents may; and heirs must report from the moment they accept an inheritance. If you are not tax resident in Spain, the general rule does not apply to you.
The three blocks
| Block | Key on the form | Nigerian examples |
|---|---|---|
| Accounts in financial institutions abroad | C | Naira current or savings accounts, domiciliary accounts, fixed deposits at a Nigerian bank or microfinance bank |
| Securities, rights, insurance and income held abroad | V, I, S | NGX shares held in CSCS, Nigerian mutual fund units, FGN bonds, Eurobonds held by a foreign custodian, life policies |
| Real estate and rights over it | B | Land or houses in Lagos, Abuja or elsewhere in Nigeria |
The AEAT's FAQ says each block is a separate obligation, though all can go on one form. The form does not cover cryptocurrency: the Modelo 720 page states "En el modelo 720 no se informa de monedas virtuales", and crypto held abroad has its own return, Modelo 721.
How the limit is tested
The AEAT's worked examples apply a €50,000 limit block by block:
- Accounts are tested on the 31 December balance and the average balance for the last quarter. A peak earlier in the year does not count, but a fourth-quarter average above €50,000 triggers filing even if the 31 December balance is lower.
- Accounts where you are only authorised, not the owner, still count: the AEAT's example adds a €40,000 account held as owner and a €30,000 account where the person is an authorised signatory.
- Negative balances are netted against positive ones.
- Funds are valued at their 31 December unit value.
- Property is tested on the joint value of the items: three garages worth €45,000 together were not reportable, but at €55,000 all three had to be declared.
Nigerian balances must be expressed in euros. The AEAT instructions set the exchange rate to use; check them, or ask your gestor, rather than using an app rate.
A worked example
Example only. Ngozi in Zaragoza has, at 31 December, naira and dollar accounts in Nigeria worth €18,000 in total, NGX shares and a Nigerian money market fund worth €22,000, and a plot in Ogun State bought for the equivalent of €60,000. Her accounts block (€18,000) and securities block (€22,000) are each under €50,000. Her real estate block is over it, so she files Modelo 720 for the plot only.
Later years
After the first filing you file again for a block only when its total has risen by more than €20,000 compared with the last return, or when a reported asset has been sold or cancelled. In Ngozi's case, buying a second plot worth €25,000 would mean filing again; a €5,000 rise in value would not.
Deadline and penalties
The AEAT's deadlines page gives the window for the 2025 return as 1 January to 31 March 2026. On penalties, the FAQ says the regime was changed to comply with the Court of Justice of the EU judgment of 27 January 2022, through Ley 5/2022 of 9 March. Failures are now penalised under the general rules of the Ley General Tributaria (articles 198 and 199), applied separately for each block. The page gives no amounts, so ask an adviser what applies to a late return.
Modelo 720 is separate from the income on those assets, which goes on your Renta return. See tax on Nigerian T-bill interest and declaring income from Nigeria on the Renta. For property held in Nigeria, see also wealth tax and Nigerian property.
Situations Nigerians in Spain often miss
- Signatory on a parent's account. The AEAT's example counts an account where you are only an authorised signatory alongside your own, so a Nigerian account you operate for a parent can matter.
- Family land in your name. A plot registered to you counts in the real estate block even if relatives use it.
- Old dormant accounts. A forgotten account with a balance still counts at 31 December.
- Inherited assets. Reporting starts once you accept the inheritance.
Where Pryme fits
Ask your adviser how each balance in any multicurrency app should be classified for Modelo 720. Naira held through Pryme is held by a licensed Nigerian microfinance bank, and verifiable statements from VerifyDoc.ai give your gestor year-end balances they can check.
This is general information, not tax advice.
Questions people ask
What is the Modelo 720 threshold?
The AEAT's worked examples use €50,000 per block: accounts, securities, and real estate, each tested separately.
Do I declare a Nigerian bank account on Modelo 720?
Yes, if you are tax resident in Spain and your foreign accounts together pass the limit on 31 December or on the fourth-quarter average.
Does land in Nigeria go on Modelo 720?
Yes, it is in the real estate block if the block's value passes the limit.
When is the Modelo 720 deadline?
Between 1 January and 31 March for the previous year; for 2025 the window closed on 31 March 2026.
Sources
- Agencia Tributaria: Modelo 720, declaración sobre bienes y derechos situados en el extranjero (updated 23 Oct 2026) · accessed Oct 2026
- Agencia Tributaria: Modelo 720 preguntas frecuentes (three information blocks) · accessed Oct 2026
- Agencia Tributaria: Modelo 720 FAQ, forma de calcular el límite (updated 8 Sep 2026) · accessed Oct 2026
- Agencia Tributaria: Modelo 720 FAQ, frecuencia en la presentación (updated 8 Sep 2026) · accessed Oct 2026
- Agencia Tributaria: Modelo 720 FAQ, contribuyentes obligados a declarar (updated 8 Sep 2026) · accessed Oct 2026
- Agencia Tributaria: Modelo 720 FAQ, sanciones y efectos (updated 8 Sep 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.