Why Must You Declare Cryptocurrency in Spain?
The Spanish Tax Agency (Agencia Tributaria) considers cryptocurrencies as taxable assets. You must declare cryptocurrency in your 2024 income tax return if you:
- Have earned profits from sales or exchanges.
- Have carried out any operation that generated income.
- Hold significant balances abroad.
This obligation is based on Law 11/2021 on anti-fraud measures, which requires reporting ownership and operations with virtual currencies.
How to Declare Cryptocurrency in the 2024 Tax Return
- Include transactions in boxes 1624 and following of Modelo 100 (capital gains and losses).
- Keep a detailed record of dates, purchase prices, sales values, and proof of transactions.
- Gains are calculated as the difference between purchase and sale prices. They are taxed as savings income at rates between 19% and 28% in 2024.
- Cryptocurrency exchanges (crypto-to-crypto) are also considered taxable swaps.
What’s New for 2024
- From January 2024, exchanges and service providers must report balances and operations to the Tax Agency.
- The Modelo 721 is now mandatory for crypto holdings abroad over €50,000 as of December 31.
So, you must file:
- Modelo 100 if you traded or generated profits/losses.
- Modelo 721 if your foreign balance exceeds €50,000.
Example: Declaring Cryptocurrency Gains
If you sell Bitcoin in 2024 and make a profit of €5,000, that gain must be included in your income tax return. It will be taxed according to the savings tax scale.
What Happens If You Don’t Declare?
Failing to declare cryptocurrency can lead to:
- Fines of up to 150% of the unpaid tax plus late-payment interest.
- Fixed penalties for incorrect or missing Modelo 721, starting at €300.
- Additional surcharges for incomplete or inaccurate reporting.
The Tax Agency now has direct data from exchanges, so undeclared operations are easier to detect.
Do You Need to Declare Even Without Profit?
Yes. Even if you had no gains, you must declare if you operated with crypto. And if you hold more than €50,000 abroad, filing Modelo 721 is compulsory.
Frequently Asked Questions
Which models must I use to declare cryptocurrency?
Modelo 100 for capital gains/losses and Modelo 721 if you hold over €50,000 abroad.
Are crypto-to-crypto exchanges taxable?
Yes. They are treated as asset swaps and generate taxable events.
What are the penalties for not declaring cryptocurrency?
Up to 150% of unpaid tax, plus fines for incorrect or missing Modelo 721.
In 2024, declaring cryptocurrency in Spain is unavoidable if you trade, earn profits, or hold significant amounts abroad. The Tax Agency has reinforced its monitoring, so filing correctly is the only way to avoid fines and keep your investments safe.
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