Modelo 721: report your crypto held abroad, correctly
If you hold more than €50,000 on Coinbase, Kraken, Revolut or other exchanges that do not report to the Spanish tax authority, you are required to file. We make it straightforward.
Modelo 721: report your crypto held abroad, correctly
If you hold more than €50,000 on Coinbase, Kraken, Revolut or other exchanges that do not report to the Spanish tax authority, you are required to file. We make it straightforward.
Modelo 721: report your crypto held abroad, correctly
If you hold more than €50,000 on Coinbase, Kraken, Revolut or other exchanges that do not report to the Spanish tax authority, you are required to file. We make it straightforward.
What is the Modelo 721?
The Modelo 721 is a mandatory informational return for Spanish tax residents holding crypto on foreign exchanges.
- It is not a tax – you are only reporting; filing it costs you nothing
- Mandatory since 2023 – introduced by Royal Decree 249/2023
- Custodial platforms only – cold wallets are NOT reported
- Annual deadline – 1 January to 31 March
Reporting threshold
50.000€
Combined value on foreign exchanges as at 31 December
Who has to file the 721?
You must file the Modelo 721 if you meet all of these conditions:
Spanish tax resident
You spend more than 183 days a year in Spain
Crypto on foreign exchanges
Coinbase, Kraken, Revolut, eToro and similar
Over €50,000 on 31/12
Adding up ALL of your foreign exchanges
Worked example:
Coinbase
30.000€
Kraken
25.000€
Total
55.000€
✓ Required to file
Which exchanges require the 721?
Reporting required (they do not inform)
- Coinbase
- Kraken
- Bitstamp
- Bitpanda
- Revolut
- eToro
- Gemini
- Bitvavo
- KuCoin
- Bybit
Not required (they do inform)
- Binance
- Bit2Me
- Criptan
- Bitbase
- Bitnovo
- Atani
- Rebellion Pay
- Prosegur Crypto
- Nebeus
- GBTC Finance
Deadlines and penalties
Not filing the 721, or filing it badly, can get expensive
Filing window
1 January – 31 March
Of the year following the tax year
Penalties
- • Not filing: €5,000 per omitted item (minimum €10,000)
- • Incorrect data: €150 per field
- • Filing late: €300 (voluntary)
How we help with the 721
We handle everything so all you have to do is sign
We check whether it applies, free
We review your situation and exchanges to confirm the obligation
We gather your balances
We collect the data from your foreign exchanges as at 31/12
We prepare the draft
We complete the form with every piece of required information
We file with the AEAT
We submit the return and hand you the receipt
Frequently asked questions about the Modelo 721
The questions that come up most often
Yes. The Modelo 721 is an informational return, not a tax. You are simply telling the authority what you hold, whether or not you have sold. If you exceed €50,000 on foreign exchanges as at 31 December, you must file it.
Some exchanges already report to the Spanish tax authority, so you do not need to declare them on the 721. That includes Binance, Bit2Me, Criptan, Bitbase and Bitnovo. Coinbase, Kraken, Revolut, eToro and others, however, do require the 721.
Cold wallets are NOT reported on the Modelo 721. This return only covers crypto held in custody by a third party (an exchange). If you hold the private keys, there is no reporting obligation.
Yes, but with a penalty. If you file voluntarily after the deadline (before the authority contacts you), the penalty is €300. If they contact you first, penalties can reach €5,000 per omitted item (minimum €10,000).
The Modelo 721 is filed annually, between 1 January and 31 March of the following year. You only have to file again if your balance has grown by more than €20,000 since your last return.
You need: the exchange’s identification (name, country), the types of crypto you hold (BTC, ETH and so on), the balance as at 31 December for each, and its value in euros on that date.
Ready to file your Modelo 721?
We resolve your case in under 24 hours. No complications, no errors.
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