Spanish citizens to declare foreign crypto holdings by the end of March

Spanish residents holding any crypto assets on non-Spanish platforms will have to declare them by March 31, 2024 under new laws governing the taxation of virtual assets. 

The Spanish Tax Agency (AEAT) has published Form 721, a tax declaration form for virtual assets abroad, first announced in the Official State Gazette on July 29, 2023.

The submission period for Form 721 declaration will commence on Jan.1, 2024, and end on the last day of March. Individual and corporate taxpayers must declare the amount of funds stored on their crypto accounts abroad as of Dec. 31.

However, only individuals with balance sheets exceeding the equivalent of 50,000 euros (around $55,000) in crypto assets are…

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