Declaring Trade Republic in Spain: check your IBAN first

With Trade Republic the first question is no longer which forms apply: it is WHICH IBAN YOU HOLD. Since 5 June 2025 it operates in Spain as a branch issuing Spanish IBANs, and the Dirección General de Tributos confirmed the consequence: with an account migrated to an ES IBAN, the entity sits in Spain, reports to the tax agency, and forms 720 and 721 stop applying to what you hold there. Rules verified as of the date above; no app screenshots, and general information, not advice.

With a Spanish IBAN: less paperwork than you feared

Trade Republic’s Spanish branch is supervised by the Banco de España and feeds information to the tax agency like any domestic entity: your positions stop being “assets abroad”. No form 720 for the interest-bearing account or the securities, no 721 for custodied crypto, above or below 50,000. Still download the annual tax report each January and check the pre-filled draft: declaring the return CORRECTLY stays your job, and the first campaigns after a migration are classic territory for incomplete drafts.

With the old German IBAN: the foreign manual lives on

If you did not migrate (or declined), your account remains at the German entity and the full foreign-broker manual applies: nothing pre-reported into the draft, form 720 when foreign-custodied securities exceed 50,000 euros on 31 December, and the cash account counting in its own section. The letter pair in your IBAN literally decides which half of this guide is yours.

What no migration changes

The annual return. Sales at a gain go into the savings base (19-30% since 2025) under FIFO, the same arithmetic as our calculator, and losses offset. German dividends still arrive with 26.375% withheld AT SOURCE by Germany: the treaty lets you credit up to 15% in Spain, and the excess is only recovered by claiming from the German tax office. A Spanish branch does not change the source withholding on a German dividend; the issuer’s country sets that.

The January routine, either way

Download the annual tax report, run the sales through FIFO, check which IBAN you held on 31 December (the tax directorate’s criterion applies from the migration, so a split year can straddle two regimes), and with large positions or migration doubts, get an advisor. Administrative criteria evolve. Checked 2026-08-22 against the coverage of the DGT criterion.