The taxation of the cryptoactives has made relevance in recent years, And one of the key mechanisms in Spanish regulation is model statement 721. This statement forces people who have cryptocurrencies abroad Inform the Tax Agency. In this article, We detail who are obliged to present the model 721, What does it imply and the sanctions for its breach, based on official regulations.
What is the model 721?
He Model 721 It is an informative statement on virtual coins located abroad. Is regulated by the article 42 quater del General Regulation of Tax Management and Inspection Procedures (Rgat), approved by the Royal Decree 1065/2007. Its objective is to control and prevent fiscal fraud related to the possession of cryptoactive outside of Spain.
Who are obliged to present the model 721?
According to the article 42 quater del RGAT, The following are obliged to submit this statement:
- Natural and legal persons residing in Spanish territory.
- Permanent establishments in Spain of non -resident persons or entities.
- Article entities 35.4 of the General Tax Law (LGT), As inheritance or communities of goods.
Besides, The obligation extends to those who, a 31 December of each year, sean:
- Holders of cryptocurrencies guarded by foreign entities.
- Beneficiaries, authorized or those who have the power to disposal on these cryptoactives.
- Real headlines, According to the law 10/2010 on capital laundering prevention.
Important: The obligation to declare applies even if it has stopped being or authorized at some point in the year. In this case, The situation should be informed on the date that this condition was lost.
What cryptoactive should be declared?
Only cryptocurrencies that are guarded by people or entities that provide safeguarding services of private private cryptographic keys should be declared in third parties and? They are not resident in Spain. This includes foreign exchanges that store and manage cryptocurrencies on behalf of its users.
If cryptocurrencies are stored in a non -custodian purse o o cold wallet (where the holder maintains control of cryptographic keys), It is not necessary to declare them, since they do not enter within the framework of the model's obligation 721.
What information should be presented?
The model 721 Request detailed information about cryptoactive, including:
- Custodian identification or entity that manages cryptocurrencies.
- The value of virtual currencies to 31 December or on the date of extinction of ownership.
- Total balances of cryptocurrencies and their equivalence in euros.
How does residents affect the Basque Country and Navarra?
The model statement 721 It is also applicable to fiscal residents in the the Basque Country y Navarra, According to its regional regulations.
Sanctions for not presenting the model 721
Failure to present the presentation of the model 721 can lead to significant sanctions. The fines can be 5.000 € for each data omitted or incorrect, with a minimum of 10.000 €. Besides, If the ownership of cryptoactives is not declared, They could be considered as unjustified patrimonial gains, what would have an important impact on the settlement of income tax.
Conclusion
The model 721 It is a crucial mechanism for fiscal control of cryptocurrencies abroad. If you have cryptoactives in exchanges outside of Spain, It is essential that you meet this fiscal obligation to avoid sanctions. If you have doubts about whether you should present the model 721, The team of Vázquez and Machón advice It can help you determine if you are subject to this regulation and correctly manage your presentation.
