Tax Report for Spanish Residents

etoro doesn’t provide tax advice. Any data reported in the tax report is strictly for informational purposes only and it isn’t intended as a tax declaration or as a substitute for legal advice. We strongly advise you to verify the tax report with your tax advisor.

On this page, you will find information about tax reporting in Spain. etoro Club members living in Spain can generate a tax report based on the previous financial year’s investment activity on the etoro platform, structured in accordance with local tax guidelines.

Select a question to go directly to that topic.

1. What should I be aware of when reporting taxes in Spain?
2. What does the Spanish Tax Agency consider taxable?
3. How are capital gains calculated in Spain?
4. Why are the capital gains between the etoro account statement and the tax report different?
5. What are the official tax forms and where can I download them?
6. Can I use the etoro tax report as a basis for filling out official tax forms?
7. Modelo 720
8. Modelo 721
9. Modelo 100
10. Modelo 714

What should I be aware of when reporting taxes in Spain?

• The tax year is from 1 January to 31 December.
• The report can be submitted in electronic and paper format.
• The deadlines for the tax assessment are specific to each form. This is covered below.
• The reporting currency is Euro (EUR).
• The reporting languages are Spanish (ES) and English (EN).

What does the Spanish Tax Agency consider taxable?

• Income: This includes dividends, interest, other income and capital gains from bond-like instruments.
• Capital Gains: Capital gains from any assets other than bond-like instruments.
• Wealth: Tax-relevant valuation calculated for all assets.

The above list is not exhaustive.

How are capital gains calculated in Spain?

The capital gain/loss on an asset can be calculated by subtracting the cost basis (purchase price) of an asset, as well as any acquisition fees, from the value of the asset when it was sold.

If many positions are held on the same asset, bought at different prices, there are several methods for working out the cost basis. In Spain, the ‘first in, first out’ (FIFO) method is used to determine the cost basis.

For details on the methods used, including FIFO, visit our article on cost basis.

Why are the capital gains between the etoro account statement and the tax report different?

You may notice differences between your etoro account statement and your etoro tax report. These can be attributed to the different methods used to calculate capital gains.

• Account statement reporting method: Specific lot identification
• Tax report reporting method: First in, first out (FIFO)

Additionally, to calculate the financial data presented in the tax report, the values of the positions are converted from USD to EUR at the time of position opening and closing. This conversion process may result in a further difference in the end value between the account statement and the tax report.

What are the official tax forms and where can I download them?

• Modelo 720 - Deadline: 31 March (electronic filing only)
• Annual informative declaration about offshore accounts and securities
• Spanish taxpayers
• <https://sede.agenciatributaria.gob.es/Sede/procedimientoini/GI34.shtml>
• Modelo 721 - Deadline: 31 March (electronic filing only)
• Annual informative declaration about virtual currencies located abroad
• Spanish taxpayers
• <https://sede.agenciatributaria.gob.es/Sede/procedimientoini/GI55.shtml>
• Modelo 100 - Deadline: 30 June (electronic and paper filing)
• Personal income tax report
• Spanish taxpayers
• <https://sede.agenciatributaria.gob.es/Sede/procedimientoini/G229.shtml>
• Modelo 714 - Deadline: 30 June (electronic filing only)
• Wealth tax report
• Spanish taxpayers
• <https://sede.agenciatributaria.gob.es/Sede/procedimientoini/G611.shtml>

*Note: Modelo 720 / 721 will be available earlier in the year than Modelos 100 and 714 in accordance with Spanish tax filing deadlines.

Can I use the etoro tax report as a basis for filling out official tax forms?

The etoro tax report may be used as a basis for completing certain sections of the official forms. We have included screenshots below of both the official forms and the etoro tax report to illustrate where corresponding figures can be located.

The information on this page should not be used as a guide on how to fill in your tax return. Please review the official notes on the tax forms and consult your independent tax advisor for questions.

Modelo 720 - Reporting of wealth valuations of offshore assets

etoro Tax Report

Each table in the report corresponds to an asset group based on the classification of field 102 “Clave tipo de bien o derecho”.

Columns that must be completed in Modelo 720 are marked with an (*), as seen in the example screenshots below from the etoro tax report.

Official Form

Below are screenshots of the official form with the corresponding sections also highlighted in yellow.

Modelo 721* - Reporting of virtual currencies located abroad

*Note: we do not yet have examples for the Modelo 721 official form as it is new this year. We will update this article to include these when available.

etoro Tax Report

Columns that must be completed in the official tax form, Modelo 721, are highlighted below in the green box.

Modelo 100 - Reporting of capital gains and income

There are two sections in this form that can be filled with information from the etoro tax report.

1. Section B - Capital Income
2. Section F2 - Capital Gains

Section B - Capital Income

etoro Tax Report

Each table in the etoro tax report corresponds to a certain income code of the official tax form. The codes are highlighted in yellow in the screenshots of the etoro tax report below.

Official Form

Below is a screenshot of the official form with the corresponding sections also highlighted in yellow.

Section F2 - Capital Gains

etoro Tax Report

Each table in the report corresponds to a certain capital gains group on the official tax form.

Each of the rows represents a closure of a position, triggering a taxable capital gain/loss.

Columns that must be completed in the official tax form are marked with an (*) as seen in the example screenshots below from the etoro tax report, which also highlights the sections in yellow.

Official Form

Below is a screenshot of the official form with the corresponding sections also highlighted in yellow.

Modelo 714 - Reporting of wealth valuations

etoro Tax Report

Each table in the report corresponds to a section of the official form.

Columns that must be completed in the M714 are marked with an (*) and highlighted in yellow in the screenshots below of the etoro tax report.

Official Form

Below are screenshots of the official form with the corresponding sections also highlighted in yellow.