Tax Body in Spain Will Force Citizens to Declare Overseas Crypto Holdings
The Spanish Tax Agency – known in the nation as the Hacienda – has announced its intentions to step up its monitoring of crypto, and will move to force citizens and residents alike to declare their bitcoin (BTC) and altcoin holdings, even if those are held on overseas-based platforms. Per El Economista, the Hacienda has recently outlined its plans for 2021, and appears to suggest that it will apply Modelo 720 rulings to crypto holdings as of this year. The Modelo 720 is a declaration of overseas assets, held outside Spanish territory. Citizens must complete and submit the form if they are receiving money from companies based overseas, hold real estate outside the country or keep bank accounts in other nations. And now, this declaration will be applied to crypto and digital assets, as the body also “expands its surveillance” and will demand crypto holders hand over information on their assets. The much-maligned Modelo 720 system has come under fire from political rivals and critics,