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From 2023 residents in Spain will have to declare cryptocurrencies in their tax returns
Spanish residents submitting their tax returns will have to include cryptocurrency holdings from next year
Anyone who is resident in Spain and possesses cryptocurrencies like Bitcoins will have to submit this information in their annual tax returns from 1 January 2023, with detailed information on transactions and balances.
Until now, the tax obligations for cryptocurrency holders were limited to the need to declare any profits or losses in their income tax returns, which in the 2022 income tax return has a specific section for these assets.
You might also like: The deadline for filing your tax returns in Spain 2022 ends on June 30
The new obligation to declare all cryptocurrency transactions in 2023, as regulated by Spain’s new anti-fraud law, is set out in a draft bill incorporating several anti-fraud amendments, which is currently at the public hearing stage.
The tax declaration will be made using special tax forms Modelo 650 and Modelo 660, and will have to include information on those who have held the cryptocurrency or been authorised beneficiaries of the cryptocurrencies at some point during the year.
In addition, you will need to include details of what the final balances are at the end of the year, as well as data such as types of currency, how many units of the cryptocurrency are owned and how much the equivalent amount is in euros – based, for example, on the btc / eur exchange rate at the time of declaration.
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