{"id":52899,"date":"2025-08-29T21:06:00","date_gmt":"2025-08-29T19:06:00","guid":{"rendered":"https:\/\/entretramites.com\/en\/?p=52899"},"modified":"2025-08-29T16:07:24","modified_gmt":"2025-08-29T14:07:24","slug":"modelo-721-in-spain-crypto-report","status":"publish","type":"post","link":"https:\/\/entretramites.com\/en\/fiscal-tax\/modelo-721-in-spain-crypto-report","title":{"rendered":"Modelo 721 in Spain: Who Must File and How to Do It"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><strong>What Is Modelo 721 in Spain?<\/strong><\/h2>\n\n\n\n<p><strong>Modelo 721 in Spain<\/strong> is an<a href=\"https:\/\/entretramites.com\/en\/fiscal-tax\/declare-cryptocurrency-spain-income\"> <strong>informative annual declaration<\/strong><\/a> for residents who hold <a href=\"https:\/\/entretramites.com\/en\/economy-finance\/cryptocurrency-taxation-spain\"><strong>cryptocurrencies<\/strong><\/a> or other virtual assets abroad.<\/p>\n\n\n\n<p>It was first required for the <strong>2023 holdings<\/strong>, with the filing window from <strong>1 January to 31 March 2024<\/strong>. The model aims to provide transparency on foreign crypto holdings and prevent tax evasion.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Who Must File <\/strong><a href=\"https:\/\/sede.agenciatributaria.gob.es\/Sede\/procedimientoini\/GI55.shtml\" rel=\"nofollow noopener\" target=\"_blank\"><strong>Modelo 721<\/strong><\/a><strong> in Spain?<\/strong><\/h2>\n\n\n\n<p>The obligation applies to all <strong>Spanish tax residents<\/strong>:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Individuals.<br><\/li>\n\n\n\n<li>Companies and permanent establishments of foreign entities.<br><\/li>\n\n\n\n<li>Entities without legal personality (such as undivided estates).<br><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>You must file if, on <strong>31 December<\/strong>, your crypto holdings abroad exceed <strong>\u20ac50,000 in total value<\/strong>.<\/p>\n\n\n\n<p>You must also file if you <strong>disposed of your crypto<\/strong> during the year, reporting data until the date of disposal.<\/p>\n\n\n\n<p>In following years, you must file again if your holdings increase by more than <strong>\u20ac20,000<\/strong> compared to the last filed declaration.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Who Is Exempt from Filing?<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Residents with foreign crypto assets worth <strong>under \u20ac50,000<\/strong>.<br><\/li>\n\n\n\n<li>Entities subject to Corporate Tax that record crypto assets in their accounting under the Spanish Commercial Code.<br><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>When Is the Deadline for Modelo 721 in Spain?<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The filing period is from <strong>1 January to 31 March<\/strong> of the year following the fiscal year.<br><\/li>\n\n\n\n<li>For example: crypto holdings as of <strong>31 December 2024<\/strong> must be reported between <strong>1 January and 31 March 2025<\/strong>.<br><\/li>\n\n\n\n<li>If technical issues arise, the deadline may be extended by <strong>up to 4 calendar days<\/strong>.<br><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key Aspects of Modelo 721<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Valuation<\/strong>: balances declared in euros as of 31 December, using the official exchange or average market value.<br><\/li>\n\n\n\n<li><strong>Coverage<\/strong>: includes cryptocurrencies, stablecoins, and tokens held abroad.<br><\/li>\n\n\n\n<li><strong>Custody<\/strong>: both hot wallets (online) and cold wallets (hardware) must be declared if the custodian is a foreign entity.<br><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Penalties for Not Filing or Filing Incorrectly<\/strong><\/h2>\n\n\n\n<p>The Spanish Tax Law sets heavy penalties for non-compliance:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Minimum fine of <strong>\u20ac10,000<\/strong> for not filing.<br><\/li>\n\n\n\n<li>Additional fines of <strong>\u20ac150 per incorrect item<\/strong> or <strong>\u20ac300 for late filing<\/strong> not required by the Tax Agency.<br><\/li>\n\n\n\n<li>Extra surcharges of <strong>\u20ac20 per omitted record<\/strong> if corrected upon request by the Tax Agency.<br><\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Frequently Asked Questions<\/strong><\/h2>\n\n\n\n<p><strong>Do I have to declare cold wallets abroad in Modelo 721?<\/strong><strong><br><\/strong> Yes. Even if stored in hardware devices, if custody involves a foreign provider, they must be declared.<\/p>\n\n\n\n<p><strong>If I already filed last year, do I need to file again?<\/strong><strong><br><\/strong> Only if your foreign crypto holdings increased by more than \u20ac20,000 or if you disposed of previously declared assets.<\/p>\n\n\n\n<p><strong>Does Modelo 721 generate taxes?<\/strong><strong><br><\/strong> No. It is informative only, but failure to comply carries significant fines.<\/p>\n\n\n\n<p>Understanding your obligations under <strong>Modelo 721 in Spain<\/strong> is crucial to avoid sanctions. Even though it does not generate direct taxes, it ensures transparency and compliance with anti-fraud measures. Staying on top of this obligation protects your assets and prevents unexpected penalties.\u00a0<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p>You can also contact us directly through this<a href=\"https:\/\/entretramites.com\/en\/contact\"> <strong>contact Form<\/strong><\/a> for us to call you, or if you prefer, you can<a href=\"https:\/\/entretramites.com\/en\/consultancy\/free-tax-consultation\"> <strong>schedule a free consultation<\/strong><\/a> or write to us on<a href=\"https:\/\/api.whatsapp.com\/send\/?phone=34644034481&amp;text=Hola%21+Quisiera+saber+m%C3%A1s+sobre+sus+servicios&amp;type=phone_number&amp;app_absent=0\" rel=\"nofollow noopener\" target=\"_blank\"> <strong>WhatsApp<\/strong><\/a>. We&#8217;re here to make the process easier for you!.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Learn who must file Modelo 721 in Spain, deadlines, exemptions, and penalties for cryptocurrency held abroad.<\/p>\n","protected":false},"author":25,"featured_media":52900,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-52899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fiscal-tax"],"acf":[],"_links":{"self":[{"href":"https:\/\/entretramites.com\/en\/wp-json\/wp\/v2\/posts\/52899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/entretramites.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/entretramites.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/entretramites.com\/en\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/entretramites.com\/en\/wp-json\/wp\/v2\/comments?post=52899"}],"version-history":[{"count":2,"href":"https:\/\/entretramites.com\/en\/wp-json\/wp\/v2\/posts\/52899\/revisions"}],"predecessor-version":[{"id":52913,"href":"https:\/\/entretramites.com\/en\/wp-json\/wp\/v2\/posts\/52899\/revisions\/52913"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/entretramites.com\/en\/wp-json\/wp\/v2\/media\/52900"}],"wp:attachment":[{"href":"https:\/\/entretramites.com\/en\/wp-json\/wp\/v2\/media?parent=52899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/entretramites.com\/en\/wp-json\/wp\/v2\/categories?post=52899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/entretramites.com\/en\/wp-json\/wp\/v2\/tags?post=52899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}