Spain Citizens to Start Declaring Foreign Crypto Assets

Spain's governments are taking major steps towards crypto taxes.  As a citizen of Spain, If you have crypto on platforms like an Exchange outside Spain, you need to tell the government by March 31, 2024. This is part of the new rules made for taxing virtual assets.

The Spanish Tax Agency, or Agencia Tributaria, introduced a new form, form 721, this form's purpose is to help citizens declare their foreign virtual assets. This announcement was made in Spain's official gazette on July 29, 2023. Spain citizens can start submitting form 721 from January 1, 2024, and they are to submit it before the last day of March. This applies to both individual and company taxpayers, and you must report the value of your crypto as of December 31, 2023.

But, this only applies to citizens with more than 50,000 euros (about $55,000) in crypto. If you keep your crypto in your own wallet (Self Custody), you will have to report it differently, using the wealth tax form 714.

Spain’s Tax agency, The Agencia Tributaria is getting strict with crypto taxes. In April 2023, they sent out 328,000 warning notices to people who didn’t pay crypto taxes for 2022, a huge increase from 150,000 in 2022 and just 15,000 in 2021.

Spain is also a leading country in terms of crypto regulations. In October, the Spanish Ministry of Economy said that the European Union’s crypto rules will start in Spain in December 2025, six months early. And in November, Spain's main financial regulator started its first case against a company for breaking crypto promotion rules.