Revolut: which report for Modelo 720 and Spanish income tax

The ideas in this guide are there to explain why Revolut belongs on Modelo 720 and what goes on Renta. With Aitax you upload the documents: the AI takes care of the heavy lifting. You check that the figures are right. If a question comes up, you ask the specialised AI, trained on the law as it stands.

Having Revolut does not, by itself, mean you must file Modelo 720.

Example: on 31 December you have €20,000 in Revolut shares and €40,000 at another foreign broker. At Revolut you do not reach €50,000. Added together, you do. That group of securities must be reported.

An IBAN that starts with ES does not take shares or Flexible Cash Funds off the 720. Those are not held at the Spanish branch.

Modelo 720 is a snapshot for Hacienda of what you hold abroad at 31 December. It is not a tax: filing it does not mean paying. The €50,000 is checked by group (accounts, securities or property), adding everything you hold abroad. The detail is in the guide to when the 720 applies.

Spanish income tax (Renta / Modelo 100) is a separate filing. That is where you declare what happened in the year: sales, dividends, interest and what was withheld.

Updated 11 October 2026. Sources: Royal Decree 1065/2007, the Spanish Personal Income Tax Act (LIRPF) and the AEAT Modelo 720 FAQ (Agencia Estatal de Administración Tributaria, Spain’s tax agency).

Where each product sits and how it is marked on the 720

Revolut is not a single bank. Besides current accounts it has other products, and those are often held at branches outside Spain that have to be reported.

A current account with an ES IBAN is provided by Revolut Bank UAB, Spanish branch. It is in Spain. It stays off the 720.

If the IBAN still starts with LT, the account is in Lithuania. In that case, if the balances of your foreign current accounts add up to more than €50,000, you have to report it.

Instant Access Savings is held by the Spanish branch. The interest will show on your Renta draft, with Spanish withholding of 19%. You should check it on your draft.

Flexible Cash Funds are not cash in an account. They are a money-market fund that is usually held outside Spain. If that is your case, you have to report it.

Assets such as shares and ETFs are also usually held outside Spain. They have to be reported.

What Renta asks for: gains, dividends and withholding

A sale this year may rest on a purchase from three years ago. That is why Renta asks for the history: buys, sells, dividends, withholding, Flexible returns and Instant Access Savings interest.

Hacienda does not look at Revolut alone. If you hold the same share at several brokers, the law uses FIFO: first in, first out (the first share you bought is the first one treated as sold). All buys and sells of that share have to be put in date order. How it orders the purchases · Why the draft leaves out the foreign broker.

What Aitax does with those reports

With few movements you can still do it by hand. With many — several years, several currencies, Flexible next to the shares — rebuilding every figure stops being realistic.

Aitax reads those statements. It builds the 720 snapshot and the returns from Flexible and Instant Access Savings. It converts amounts to euros at the European Central Bank rate and works out how to mark each product. You review the result and file it on the AEAT site.

Frequently asked questions

Do I have to file Modelo 720 if I have less than €50,000 at Revolut?
It depends on the total, not Revolut alone. If your other foreign brokers push your securities over €50,000 at 31 December, those securities must be reported. Cash in an account is measured separately. When the 720 applies.

Does a Spanish IBAN take shares and Flexible off the 720?
No. The ES IBAN leaves out the branch current account. Shares and Flexible are in Lithuania, with Revolut Securities Europe UAB. The same point, with another broker: Trade Republic and Modelo 720.

Does Revolut appear on the Spanish tax draft?
Usually only what the Spanish entity reports. Spanish tax draft and foreign brokers.

How to prepare Modelo 720 and Renta with Aitax

With Aitax you upload your Revolut statements. You get the document ready for Hacienda, with gains, dividends and withholding already calculated at the European Central Bank rate. You review the result. You file it yourself on the AEAT site.

Prepare Modelo 720 · Renta with foreign brokers