Modelo 721 reports qualifying foreign-custodied crypto holdings

Modelo 721 is the annual information return for virtual currencies situated abroad under article 42 quater of the tax-procedure regulation. It can apply when aggregate qualifying balances exceed EUR50,000, subject to the detailed ownership, custody and repeat-filing rules. It does not automatically cover every self-custody wallet, and foreign fiat balances are addressed under different reporting rules. The 2026 filing window ran from 1 January through 31 March.