Under new laws governing the taxation of virtual assets, Spanish residents will need to declare any crypto assets held on non-Spanish platforms by March 31, 2024. To this end, the Spanish Tax Authority (AEAT) has previously issued Form 721, which is an overseas virtual asset tax return and was first published in the Official Gazette on July 29, 2023.

The deadline to file Form 721 begins 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, individuals are only obliged to declare their overseas assets if their balance sheet exceeds the equivalent of €50,000 (approximately $55,000) in crypto assets. Those who store assets in self-custody wallets must declare their holdings via standard wealth tax form 714.