The Form 714 is a mandatory electronic declaration for taxpayers in Spain subject to the Wealth Tax.
This form must be submitted by individuals whose total net assets exceed the thresholds established for wealth taxation, calculated at the end of the fiscal year.
Through the Form 714, taxpayers declare the total value of their assets, including:
Real estate, valued according to the established fiscal criteria.
Financial investments, such as stocks, bank accounts, and investment funds.
Virtual currencies, whose value is calculated based on the official quotation as of December 31 of the relevant fiscal year.
Other assets, such as vehicles, jewelry, and works of art.
The Wealth Tax declaration serves to determine the potential tax due based on the taxpayer’s net assets, taking into account specific exemptions and thresholds established by each autonomous community.
The Form 714 must be submitted to the Agencia Tributaria by June 30 of each year.
Each declaration refers to December 31 of the previous fiscal year.
As mentioned, the Agencia Tributaria includes virtual currencies among the assets to be considered when calculating the thresholds for wealth taxation.
Taxpayers subject to the declaration and payment of the tax must include virtual currencies in Annex III, Section “Q” - Balances in Virtual Currencies of the Modelo 714, providing the following details for each virtual currency held as of December 31:
Ownership title of the virtual currency balance: “P” for full ownership, “N” for bare ownership.
Percentage of ownership of the declared cryptocurrency.
Name or type of virtual currency.
Number of units of the crypto asset held as of December 31 (11:59 PM).
Value in euros of the crypto asset held as of December 31 (11:59 PM).