2/17/2026
31 March is the deadline to file Forms 720, “Informative return on assets and rights located abroad,” and 721, “Informative return on cryptocurrencies located abroad,” corresponding to tax year 2025.
FORM 720
Who is obliged to fill this form?
Every natural and legal person residing in the Spanish territory, if they exceed 50.000€ for each of these categories:
- Accounts in credit institutions
- Values, funds, insurances and income
- Properties and rights on real estate
Those taxpayers who have already given a declaration for a past year will be required to submit the declaration for the year 2025 if any of these circumstances is given:
- If any balance set of any of the categories reported in the last statement has experienced an increase of more than 20,000 €.
- If the ownership of any of the goods declared before has been lost.
When do you need to submit it?
You will have to submit it between January 1st and March 31st, 2026. The transmission of the informative statement must be done electronically.
News:
According to Law 5/2022, from March 9th, the necessary amendments were introduced to adapt the model 720 legislation to the European law.
This law modifies Law 27/2024, of November 27th, on Corporate Tax, and the Revised Text of Non-Resident Income Tax, approved by the Royal Legislative Decree 5/2004, of March 5th, with reference to hybrid asymmetries.
Keep in mind
Law 5/2022, of 9 March, enacted as a result of the CJEU judgment of 27 January 2022, required the amendment of certain essential aspects of the legal framework governing Form 720.
Key changes include:
- Repeal of the 150% penalty (Single repealing provision)
- Elimination of fixed fines from 100€ to 5.000 €/data (Fourth final provision)
- Elimination of unjustified patrimonial gains and imprescriptibility due to failure to submit form 720 (Fifth final provision)
FORM 721
Who must file Form 721?
Individuals and legal entities resident in Spanish territory who hold virtual currencies abroad, as well as beneficiaries and authorised persons.
When is a cryptocurrency considered to be held abroad?
A cryptocurrency is considered to be located abroad when it is deposited in a virtual wallet or on an exchange platform that is not registered in Spain or is not subject to Spanish legislation, regardless of the nationality of the cryptocurrency holder.
In the following link from the Bank of Spain, you can check the location of virtual currency exchange service providers registered with the Bank of Spain:
Register of Entities (bde.es)
What information must be included in Form 721?
Among all the information, it will be necessary to include:
- The first and last name(s) or the corporate name/full legal name and, where applicable, the tax identification number of the country of tax residence of the person or entity that provides services to safeguard private cryptographic keys on behalf of third parties, to hold, store and transfer virtual currencies, as well as its address or the address of its website.
- The full identification of each type of virtual currency.
- The balances of each type of virtual currency as of 31 December, expressed in units of virtual currency, and their valuation in euros.
How will the assets be valued?
“The average quotation as of 31 December offered by the main trading platforms will be used or, failing that, a reasonable estimate of their market value.”
When must the form be filed?
It must be filed between 1 January and 31 March of the year following the one to which the information to be supplied relates.
To get more information and advice, do not hesitate to contact TAX Economists and Lawyers.