Spain has mandated its residents to declare their cryptocurrency holdings on non-Spanish platforms. This requirement, announced by the Agencia Tributaria, Spain’s Tax Administration Agency, comes into effect from January 1, 2024, with a deadline of March 31, 2024. The announcement, first made in the Boletín Oficial del Estado on July 29, 2023, introduces form 721, dedicated to the declaration of virtual assets held abroad.
Focus on High-Value Portfolios
However, this directive targets a specific group since only those individuals whose balance sheets exceed 50,000 euros in crypto assets are bound to declare their foreign holdings. This threshold, translating to approximately $55,000, earmarks the move as one targeting substantial investors in the digital currency space. Those possessing self-custodied wallets are not exempt but must report their holdings through the standard wealth tax form 714.
Additionally, the Agencia Tributaria has significantly ramped up its efforts to enforce
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