📝 Description
Declaration of cryptocurrency holdings abroad 🇪🇸
Waltio helps you complete your tax return step by step! To find out everything about cryptocurrency taxation in Spain and your obligations, check out our dedicated article.
If you are a tax resident in Spain and have more than €50,000 in cryptocurrencies abroad, this guide is for you! We explain everything about Model 721, step by step. 😊
📌 Who must declare?
All Spanish tax residents
If you reside in Spain and your cryptocurrencies held outside of Spain exceed €50,000 in total, even at a single point during the year, you must complete form 721.
⚠️ This threshold is global: it applies to all your wallets, not per platform or token.
No declaration required:
Cryptocurrencies held on platforms or wallets based in Spain.
If your total assets outside Spain are less than €50,000.
📋 What information must be provided?
To complete form 721, you must provide the following information:
Which tokens? 🪙
List of cryptocurrencies you hold (BTC, ETH, etc.).
Where are they stored? 🌍
Location: country where the platform or wallet is based.
Blockchain addresses 📤
Account identifiers on exchanges.
Valuation, amount stored and acquisition price 💰
Total value as of December 31st.
💡 Important: Each cryptocurrency held on a platform must be declared separately. For example, if you hold ETH and BTC on the same platform, you will need to complete two forms. If you hold 5 different cryptocurrencies on a single platform, you must fill in 5 separate forms.
📅 Important dates
Deadline: March 31st to declare the previous year's holdings.
Declaration method: online only, via the Tax Agency platform.
📂 How Waltio simplifies Model 721
Waltio transforms cryptocurrency tax declaration in Spain into a simple and seamless experience! With our software, everything is easier: collecting and organising the necessary information, even for complex situations, has never been so intuitive.
From the moment you enter the interface, you are guided step by step. In the "Declare my foreign accounts" section, you simply need to select a platform (such as Paymium, for example) and indicate the cryptocurrencies you hold (BTC, ETH, etc.). Values are automatically calculated and displayed in euros, avoiding any complications.
Waltio then gathers all the data required for the form:
The name of the platform or entity (e.g.: Paymium);
Identification details (tax ID or other supporting document);
The full address of the foreign entity;
Detailed information on your cryptocurrencies: number of coins, value in euros, total balance, etc.
With a clear and intuitive interface, each field is pre-filled or easy to complete. This process allows you to declare each cryptocurrency you hold on a platform individually, complying with regulations and saving valuable time. In just a few clicks, your summary is ready for the official form.
With Waltio, declaring your cryptocurrencies is a breeze: simple, fast and reliable, even for investors with diversified portfolios. 🌟
❓ Frequently asked questions
🧐 What happens if I don't declare?
⚠️ Failure to comply with this obligation can lead to severe penalties, from significant fines to an in-depth tax investigation. Better to stay compliant!
🤔 How do I calculate the value of my cryptocurrencies?
Use market values as of December 31st. Tools like Waltio can help you automate these calculations and make your life easier. 🚀
🛠 Are there exceptions?
Yes, if your cryptocurrencies are deposited in Spain or if their total value is less than €50,000, you are exempt from this declaration. 🎉