With the shut of the primary quarter of 2026, 1000’s of Spanish taxpayers as soon as once more face the fiscal calendar of the State Tax Administration Company (AEAT).
This yr’s tax course of once more consists of the declaration of Type 721, used to report holdings (exterior Spain) of bitcoin (BTC) and cryptocurrencies from final yr. And one of many doubts that traders have is whether or not they need to repeat the method of declaring their belongings overseas.
In that sense, the technical rules open a window of aid. Not everybody who filed in 2025 is required to take action in 2026.
In line with the AEAT pointers, the presentation of Type 721 in successive years will not be computerized. The rule establishes that the duty solely persists if the joint stability of cryptocurrencies overseas, valued in euros as of December 31, experiences a rise of greater than 20,000 euros concerning the declaration submitted in 2024, which ought to have been better than 50,000 euros in cryptocurrencies.
Because of this the fastened declaration earlier than the Treasury It is just up to date when asset development is important.
If a bitcoin consumer in Spain reported a holding valued at 60,000 euros in 2025 and, on account of market fluctuations or reasonable purchases, their stability on the finish of this yr is 75,000 euros, is exempt from presenting the mannequin this yr. Even when the quantity was exceeded sooner or later in 2025, however on December 31 it was once more under the margin, the place will not be reportable to the Treasury.
Type 721 is a compulsory informative declaration in Spain that requires tax residents element the holding of cryptocurrencies situated overseas. That’s, on exchanges like Binance, KuCoin, ByBit or Coinbase. However it’s only executed when their joint worth exceeds 50,000 euros. Moreover, digital belongings saved in exchanges registered in Spain or cryptocurrencies which can be below self-custody aren’t declared on this mannequin.
The rules got here into drive in January 2024 (to report on the 2023 monetary yr) as a cut up from the previous Mannequin 720. The aim is for the Tax Company to have particular management over digital belongings exterior the nationwide territory, as CriptoNoticias has reported.
Bitcoin liquidation and account closure should be declared
There may be, nevertheless, a state of affairs the place the worth of bitcoin and cryptocurrency holdings on overseas exchanges takes a backseat. That is the extinction of the possession of these digital belongings.
This suggests that if a bitcoin and cryptocurrency consumer in Spain bought all of their belongings, closed their account on a overseas alternate or transferred their funds to a self-custody pockets earlier than December 31, 2025, You have to report this earlier than the Treasury of Spain.
The AEAT is categorical about this. It signifies that solely the cancellation of possession of these digital currencies that had been the topic of a previous declaration must be declared.
Even in instances of instant reinvestment, the rules have nuances. If the extinction of possession happens as a result of sale of an asset to purchase one other, which can also be situated overseas, Solely the ultimate balances as of December 31 should be declared. Which simplifies the method for energetic merchants.
If Type 721 will not be declared there are sanctions
Though 721 is an info mannequin that doesn’t entail a direct fee of taxes, in contrast to the Private Earnings Tax (IRPF), Failure to conform does have financial and authorized penalties.
The sanctions for not submitting Type 721, or doing so incompletely or after the deadline, They presently vary between 150 and 300 euros. This depends upon how severe the error is and whether or not the consumer corrects the state of affairs on their very own earlier than the Treasury claims it.
Due to this fact, for traders in digital belongings, transparency is the perfect technique. As economist Jesús Lorente, the CEO of the agency specializing in cryptocurrency taxation CL Cripto, recollects, that is essential as a result of The Treasury desires to know that these belongings are not off their radar.
With March 31 approaching, customers of platforms akin to Binance, Kraken or Coinbase should overview their statements on the finish of the yr and examine them with their 2025 declaration to find out if they’ve crossed the brink of 20,000 euros or if they’ve extinguished positions that should be reported.
