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If you own real estate abroad, the income generated (e.g., rental income) and the property's value must be declared in Spain. Important aspects include:

• Real estate capital income: If you have rented out the property, you must declare the income as real estate capital income. The Tax Agency allows certain expenses (maintenance, repairs, local taxes) to be deducted from these earnings.
• Imputed real estate income: If the property is not rented, you must declare an imputed real estate income, which is a percentage of the cadastral value or purchase price in the country where the property is located.

Modelo 720: Additionally, if the property’s value exceeds €50,000, you must also report it through Modelo 720, an informational report on assets and rights held abroad.