🇪🇸 DO YOU KEEP YOUR CRYPTO IN A COLD WALLET? - DOES SPAIN MAKE YOU REPORT IT?

Under Modelo 721, the answer is usually no. But don't celebrate yet, because 3 points trip people up:

Self-custody wallets (you hold the private keys): no Modelo 721 filing required.

Crypto left on foreign exchanges: if the total value exceeds €50,000 on December 31, you must file. Spanish exchanges don't count toward this threshold.

Bought and fully sold before December 31: usually no filing, since the form only looks at your December 31 balance. If you filed in a previous year, double-check.

Remember 2 things:
- Modelo 721 is an information return, not a tax payment.
- But your crypto trading gains still have to be declared for personal income tax (IRPF).

Deadline: January 1 – March 31 of the following year.

This rule has been in place since 2024, so it's not new, but plenty of people still get it wrong.

🔗 https://x.com/CryptoThreadsX/status/2104814666019213423

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