Declaration of assets, rights and cryptocurrencies held abroad. Meet your reporting obligations correctly and avoid penalties.
Modelo 720 is a mandatory information return for Spanish tax residents who hold assets or rights abroad worth more than 50,000 euros. At JAIZME we advise you on your obligation and handle the entire filing process.
Modelo 721 is the specific information return for cryptocurrencies and virtual currencies held on exchanges or platforms located abroad. If you hold Bitcoin, Ethereum or other cryptocurrencies worth more than 50,000 euros on foreign platforms, you are required to file this return.
Although the penalty regime for Modelo 720 has been amended following the ruling of the Court of Justice of the EU, filing both returns remains mandatory. We help you comply correctly and, if necessary, regularise past situations.
Modelo 720 covers three categories of traditional assets: bank accounts, securities/insurance and real estate. Modelo 721, introduced in 2024, is dedicated exclusively to crypto-assets. Both share the same threshold (50,000 euros) and filing period, but declare different assets.
Spanish tax residents who hold assets or rights abroad whose combined value exceeds 50,000 euros in any of the three categories: bank accounts, securities and insurance, or real estate.
The filing period runs from 1 January to 31 March of the year following the one the information refers to. For example, for assets held on 31 December 2024, the deadline is 31 March 2025.
Modelo 721 is the specific information return for cryptocurrencies and virtual currencies located abroad. While Modelo 720 covers bank accounts, securities and real estate, Modelo 721 focuses exclusively on crypto-assets held on foreign exchanges or platforms.
Modelo 721 is filed from 1 January to 31 March of the following year. The reporting threshold is 50,000 euros in cryptocurrencies as of 31 December. You only need to file again if the value increases by more than 20,000 euros or you cease to be the holder.
Failure to file may lead to penalties. Although the penalty regime for Modelo 720 was eased following the 2022 ruling of the Court of Justice of the EU (CJEU), filing both returns remains mandatory and fines may apply for late filing.
You only need to file again if the value of the assets has increased by more than 20,000 euros compared with the last return filed, or if you have ceased to hold previously declared assets. The same applies to Modelo 721.
You must declare all virtual currencies (Bitcoin, Ethereum, etc.) and crypto-assets held on exchanges, platforms or third-party wallets located abroad. Non-custodial wallets (where you control the private keys) are not subject to Modelo 721.
No, cryptocurrencies held on exchanges based in Spain are not declared on Modelo 721, since this return only applies to assets abroad. However, you will need to declare them in your personal income tax (IRPF) return if you realise gains when selling them.
We help you declare your assets and cryptocurrencies abroad correctly.
