Spanish citizens will declare cryptocurrency holdings on foreign platforms by the end of March next year

On November 28th, under the new law regulating the taxation of virtual assets, Spanish residents are required to declare any cryptocurrency assets held on non-Spanish platforms by March 31, 2024. In response, the Spanish Tax Agency (AEAT) has previously released Form 721, which is the overseas virtual asset tax declaration form, first published in the Official Gazette on July 29, 2023.
The deadline for submitting Form 721 starts on January 1, 2024 and ends on the last day of March. Individual and corporate taxpayers need to declare the amount of funds held in foreign cryptocurrency accounts as of December 31. However, only individuals with cryptocurrency assets worth over 50,000 euros (approximately 55,000 US dollars) on their balance sheets have an obligation to declare their overseas assets. Those who store their assets in a self-managed wallet must declare their holdings using the standard wealth tax form 714.