XTB: which report for Modelo 720 and Spanish income tax

The ideas in this guide are there to explain why XTB 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 an XTB account does not, by itself, mean you must file Modelo 720. You must file it if, at 31 December, your foreign accounts or your foreign securities add up to more than €50,000. That total covers all brokers, not XTB alone. Examples are in the threshold guide.

XTB is registered in Spain, but today the cash accounts and the foreign shares are not held here. If you go over those €50,000, they must be reported on Modelo 720. At XTB the usual picture is that each share is held in the country where it is listed. Spanish shares stay in Spain and stay off the 720; the rest sit abroad.

Modelo 720 is an informative return: a snapshot for Hacienda of what you hold abroad at 31 December. Because it is informative it has no tax due: filing it does not mean paying a tax.

Spanish income tax (Renta / Modelo 100) is a different tax return. It is for telling Hacienda the gains and losses on your investments: sales, dividends, interest and withholding for the year.

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

Which report to use for Modelo 720 and for Renta

Do not use the same document for both. Modelo 720 needs the portfolio as it stood at 31 December. Renta needs the history of trades since you opened the account. At XTB, securities and cash for the 720 come in the same PDF.

ETFs (exchange-traded funds) are not treated as shares: ETFs and funds on Modelo 720.

What Modelo 720 asks for: where the securities and cash sit

At XTB the usual picture is that each security is held in the country where it is listed. Spanish shares stay in Spain and stay off Modelo 720. Foreign ones go on if, adding up all your brokers, you go over €50,000.

Uninvested cash is also held outside Spain, usually at German banks. You can check your own case in the XTB app; Aitax does that work for you.

What Renta asks for: gains, dividends and withholding

A sale this year may rest on a purchase from three years ago. So Renta needs the history: buys, sells, dividends, cash interest and withholding, since you opened the account. XTB’s annual summary is useful to check figures; it does not replace that history.

XTB usually reports to Hacienda, so some of what you hold can appear on the tax draft. That information is sometimes incomplete or does not add up. Check it against the reconstructed trade history.

Spanish law requires FIFO — first in, first out — to calculate capital gains and losses: the first share you bought is the first one treated as sold. If you use more than one broker, you have to line up in time every buy and sell of the same instrument — shares or ETFs — to get the real gain or loss. Aitax rebuilds that history automatically and applies the other rules Hacienda requires, such as the two-month rule and European Central Bank currency conversions. How it orders the purchases.

What Aitax does with those reports

With few movements and a lot of time you can still do it by hand. With many — several years, several accounts, several currencies — rebuilding every movement and every figure stops being realistic.

Aitax reads the portfolio statement and the trade history. It rebuilds the full history: buys, sells, dividends, interest and withholding. It calculates what Hacienda asks for and leaves the figures so you can check them against the draft. 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 XTB?
It depends on the total, not XTB alone. If the other foreign brokers push your securities over €50,000 at 31 December, those securities must be reported. Cash is looked at separately. Modelo 720 threshold.

Does XTB appear on the Spanish tax draft?
Usually yes: XTB reports to Hacienda. That information can arrive incomplete or fail to add up. Check it against the reconstructed trade history.

Do Spanish shares at XTB go on Modelo 720?
No. They are held in Spain. Foreign shares go on if, adding up all brokers, you go over €50,000 in securities, and cash if you go over that figure in accounts.

Can I use the same document for Modelo 720 and for Renta?
No. The 720 uses the 31 December portfolio statement. Renta needs the history since you opened the account.

If I move the portfolio to a Spanish broker, do I avoid Modelo 720?
Modelo 720 photographs 31 December. If that day you no longer hold foreign securities, XTB does not open that part of the 720. It does not erase a 720 you already filed, and cash that is still abroad still counts if you go over €50,000 in accounts.

How to prepare Modelo 720 and Renta with Aitax

With Aitax you upload your XTB 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, then file it on the AEAT site.

Prepare Modelo 720 · Renta with foreign brokers