Modelo 721

Modelo 721 is the informational return for foreign-custodied crypto assets introduced in 2024 by the Spanish Tax Agency. Spanish tax residents file it when the aggregate value of crypto on foreign exchanges or wallets exceeds €50,000 on December 31.

Applies if you hold:

• BTC/ETH/USDT/etc. on Coinbase, Kraken, Binance, Bybit, OKX, Bitstamp.
• NFTs custodied by foreign services.
• Tokens on DeFi platforms accessed via wallets managed by foreign third parties.

Does not apply:

• If custody is 100% self (hardware wallet — Ledger/Trezor — without manager).
• If assets are on Spanish exchanges (Bit2Me, Bitnovo, etc.).
• If aggregate <€50,000.

Filed between January and March of the following year. Penalties for non-filing: €200 flat + €200 per omitted data point (minimum €1,000), though the 720's disproportionate sanctions (struck down by CJEU 2022) provide reference for expecting limits here too.