Reporting crypto held abroad (Modelo 721) and what exchanges tell Hacienda

Terms used

• Modelo 721 — Modelo 721 is the yearly information return for crypto that foreign providers hold for Spanish tax residents.
• Hacienda — Hacienda is Spain's tax authority, run through the AEAT.
• AEAT — The AEAT is Spain's tax agency, which runs the online office where you file.
• Cl@ve — Cl@ve is a Spanish government electronic ID system for online procedures.
• Modelo 172 — Modelo 172 is the yearly return in which providers report your crypto balances at 31 December.
• Modelo 173 — Modelo 173 is the yearly return in which providers report your crypto transactions.
• NIF — The NIF is your Spanish tax identification number.
• DAC8 — DAC8 is the EU rule requiring crypto providers to report user data to tax authorities, applying from 1 January 2026.

Key rules

• Threshold: You file if crypto kept with foreign providers is worth more than €50,000 at 31 December, and later only if the balance rises by more than €20,000.
• Window: File online between 1 January and 31 March for the previous calendar year; there is no paper option.
• Self-custody: A wallet where only you hold the keys is not reported on Modelo 721.
• Exchange reporting: Providers file Modelo 172 and 173 for you, so you never file those yourself.

Do you need to file Modelo 721?

You file Modelo 721 if you are a Spanish tax resident and the crypto you keep with foreign providers is worth more than €50,000 at 31 December. Value it at market price in euros on that date. The duty covers individuals and companies.

After your first filing, you only file again if the balance rises by more than €20,000 compared with the last return you filed.

What counts as "held abroad"

Modelo 721 covers crypto that a provider outside Spain holds or controls for you, for example a foreign exchange that keeps the keys. Add up everything you keep with foreign providers to compare it with the threshold.

Two things fall outside it:

• Crypto in a self-custody wallet, where only you control the keys. There is no foreign custodian, so there is nothing to report.
• Crypto with a Spanish-based exchange. That exchange reports on its own.

If you held crypto abroad during the year but no longer held it on 31 December, you may still need to report it when the thresholds are met. The rules are specific, so see the questions below and ask the AEAT or a tax adviser before skipping it.

When and how to file

File between 1 January and 31 March for the previous calendar year. Filing is online only, through the AEAT online office. You need an electronic certificate, Cl@ve or another accepted electronic ID, so set one up well before the deadline. The timeline and documents below walk you through the steps.

What exchanges tell Hacienda

You do not file these returns yourself. Providers do.

• Modelo 172 reports your crypto balances at 31 December.
• Modelo 173 reports your operations during the year: purchases, sales, swaps, transfers, payments and collections.

Spanish-established providers, and EU or foreign providers serving Spanish residents, file them in January for the previous year. They give your name, NIF, address, the type of coin, the units and their euro value. Hacienda can compare this with what you declare.

A new EU system called DAC8 adds to this. Providers started collecting user data on 1 January 2026. The first reports cover 2026 and are due in 2027, and tax authorities exchange them across the EU from 2027. Providers serving Spanish residents report to the AEAT.

Treat your crypto as visible to Hacienda. Make sure what you declare in your tax return matches what your exchange reports.

Documents you need

• An electronic certificate, Cl@ve or another electronic ID accepted by the AEAT, Spain's tax agency. You need one to file Modelo 721 in the AEAT online office, as paper filing is not available.

Frequently asked questions

Do I report crypto in a self-custody wallet on Modelo 721?

No, Modelo 721 does not cover crypto in a self-custody wallet where only you control the keys, because there is no foreign custodian. Exchanges based in Spain are also outside it, since they report separately.

Do I have to file Modelo 172 or 173 myself?

No, you do not file Modelo 172 or 173 yourself, because the exchanges and wallet custody providers file them. They report your name, NIF, address, the coin, the units and their euro value. Modelo 172 shows balances at 31 December and Modelo 173 shows your transactions over the year.

When does DAC8 start sending my exchange data to Hacienda?

DAC8, the EU crypto-asset reporting rules, applies from 1 January 2026, so providers collect your data from that date.

Do I report crypto I held abroad during the year but no longer held on 31 December?

Yes, crypto held abroad during the year but no longer held on 31 December must also be reported if the thresholds are met. Specific rules apply to this case, so ask the AEAT or a tax adviser before you file.