Modelo 721: Crypto Assets Abroad
Last updated: 2026-03-04
Modelo 721 is the informative declaration in which Spanish tax residents report to Hacienda all cryptocurrencies held on foreign platforms when their value exceeds 50,000€ as of December 31. Introduced in 2023 (Orden HFP/886/2023, first filing in 2024 for tax year 2023), it is purely informational: no tax payment is made.
Important: Modelo 721 is a mandatory declaration when the threshold is met. Although it does not involve any payment — it is purely informative — failure to file can result in penalties and serious tax consequences.
Who must file Modelo 721
All Spanish tax residents who meet the following conditions must file:
- They hold cryptocurrencies (Bitcoin, Ethereum, stablecoins, and any other crypto assets)
- Held on platforms or exchanges located abroad (Binance, Coinbase, Kraken, etc.)
- With a total value exceeding 50,000€ as of December 31
Cryptocurrencies in self-custody wallets (hardware or software) or on Spanish exchanges are not included in Modelo 721.
Filing deadlines
Modelo 721 is filed once per year:
- Deadline: March 31 (if it falls on a weekend or public holiday, it extends to the next business day)
- Period covered: Cryptocurrency balances as of December 31 of the previous year
Relationship with Modelo 720
Modelo 721 is completely independent from Modelo 720:
- Cryptocurrencies are not included in Modelo 720
- Each modelo has its own 50,000€ threshold
- Both share the same filing deadline (March 31)
When you need to refile
After the initial filing, you only need to refile Modelo 721 when the value of your cryptocurrencies has increased by more than 20,000€ compared to the last declaration filed.
Penalties
Modelo 721 is subject to the standard penalty regime under Ley General Tributaria (it was introduced after the 2022 reform that eliminated the disproportionate penalties of Modelo 720). The main risk of not declaring is that Hacienda can treat undeclared cryptocurrencies as ganancia patrimonial no justificada (unjustified capital gains), taxed at the general rate plus surcharges and late-payment interest. Late filing carries the standard penalties established in the Ley General Tributaria.
Online filing
Modelo 721 is filed exclusively online through the Agencia Tributaria Sede Electrónica. You will need:
- Digital certificate or Cl@ve PIN for identification
- Detailed information on each crypto asset: type of cryptocurrency, quantity, value in euros as of December 31, and the platform where it is held
Note: Only tax residents of Spain must file Modelo 721. Beckham Law beneficiaries are exempt from this obligation.
FAQ
What is the difference between Modelo 720 and Modelo 721?
Modelo 720 covers traditional foreign assets (bank accounts, securities, real estate). Modelo 721 is exclusively for cryptocurrencies on foreign platforms. They are separate declarations.
Is there a tax payment with Modelo 721?
No, Modelo 721 is purely informational. It does not involve any tax payment. Its purpose is to inform the tax authority about cryptocurrencies you hold on foreign exchanges.
If I hold crypto on a Spanish exchange, do I need to file Modelo 721?
No. Modelo 721 only applies to cryptocurrencies held on platforms located abroad. Spanish exchanges already report directly to the tax authority.
What are the penalties for not filing Modelo 721?
The standard penalty regime under Ley General Tributaria applies. The main risk is that Hacienda can treat undeclared cryptocurrencies as ganancia patrimonial no justificada (unjustified capital gains), taxed at the general rate plus surcharges.