CRYPTO HOLDERS IN SPAIN: PAY ATTENTION! NEW TAX REPORTING RULES! 💰
🚨 Breaking news for crypto owners abroad! 🚨 Spain has just dropped Form 721, a brand-new mandatory tax declaration for anyone holding cryptocurrency outside of Spain
CRYPTO HOLDERS IN SPAIN: PAY ATTENTION! NEW TAX REPORTING RULES! 💰
🚨 Breaking news for crypto owners abroad! 🚨 Spain has just dropped Form 721, a brand-new mandatory tax declaration for anyone holding cryptocurrency outside of Spain. If you have digital assets overseas, you need to know who must file this report and what happens if you don’t. Spoiler: fines are involved!
💡 What is Form 721?
It’s a new tax reporting requirement ensuring transparency for crypto holdings abroad. Since most digital assets are stored on foreign exchanges, Spanish tax authorities now require residents to declare them—if they exceed a set threshold.
✅ Who must file?
📌 Individuals and businesses who are tax residents in Spain
📌 Permanent establishments of foreign organizations in Spain
📌 Other entities considered an economic unit subject to taxation
💰 When does it apply?
If the total value of your crypto assets abroad exceeded €50,000 on December 31, you must file Form 721. In the following years, you only need to report again if your holdings increase by €20,000 or more.
📅 Deadline to file?
Between January 1 and March 31 each year for the previous tax year.
⚠️ What happens if you don’t?
Missing the deadline or submitting incorrect info can lead to fines ranging from €150 to €300 or more. And with Spain tightening its grip on virtual assets, it’s best not to risk it.
📞 Need help?
Tax rules are tricky, but Avenida Invest has your back! Our experts will help you navigate the new regulations, file your declaration correctly, and avoid fines. Don’t wait—reach out today!
