Revolut and Form D6: how to declare foreign stocks in Spain

Buying stocks on Revolut means filing Form D6 even if the Spanish tax office doesn't know about it

Do you have to declare stocks bought through Revolut? Yes. And it's not enough to wait for them to appear in your tax draft. The broker operating behind the app deposits the securities with a US entity, DriveWealth, which does not send information to the Agencia Tributaria (Spain's tax agency). That doesn't miccionan the transaction is invisible: it means the reporting obligation falls entirely on the investor, who must file Form D6 if they hold positions on 31 December.

The starting point was made clear in the original question: if you only buy and don't sell during the year, you have a single formal task, the D6 for the trinc tax year covering the positions held. If you sell, you must also report the purchase and sale price to calculate the gain or loss. And if you receive dividends, you enter the territory of double taxation: the W-8 BEN form, signed digitally when you open the account, reduces the US withholding tax to 15%, and that amount can later be claimed back in your tax return.

What Form D6 is and when you have to file it

The D6 is the declaration of foreign investments. It affects anyone trading with brokers that don't report to the Spanish tax authorities: Degiro, Interactive Brokers, eToro and Revolut among them. The obligation doesn't depend on making a profit or a loss, but on holding securities outside Spain at the end of the tax year. The fine for not filing starts at 3,000 euros, or 25% of the money invested, according to the calculation used in the discussion.

The boundary with Form 720 lies in your assets. When the balance in foreign accounts exceeds 50,000 euros, including the value of the assets, the 720 is added to the D6. Below that figure, the D6 is still required if you have shares deposited abroad.

How to file Form D6 step by step

The process is done with the Aforix program, which you install once and can use for later tax years. Once the form is filled in, save it as a PDF —important: as a PDF, not in another format— and print it at any print shop if you don't have a printer at home. The paper route allows sending it by registered mail to the Registro General del Ministerio de Economía y Competitividad, Paseo de la Castellana 162, Madrid, with a photocopy of your ID and your broker statement as of 31 December.

The real hurdle isn't the form, but the prior documentation. Getting the ISIN code for each security in Revolut is not trivial: the monthly statement shows quantity and average price, but not the identifier. You have to rely on external market data sources, with the risk that the 31 December closing price is off by a few cents and throws off the calculation.

The corporate structure behind the app

Revolut is not a conventional broker. The current account migrated to a Lithuanian IBAN and an Irish one is planned, but Revolut Trading —the subsidiary that manages the investments— remains British due to its agreement with DriveWealth, the entity that deposits and executes the orders. That continued presence outside the EU complicates the exchange of information with the Spanish tax authorities.

Hence the temptation not to declare. The argument is that the data doesn't appear in your tax records and nobody is going to ask. The counterargument is simple: brokers don't report automatically, but they hand over everything if the tax office requests it. And the trail of money leaving a Spanish account towards a foreign platform exists.

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The conclusion is uncomfortable for the small investor: the system doesn't chase you over two Amazon shares, but it doesn't spare you the paperwork either. Paying tax on tiny gains is a pain. Getting hit with 25% for not filling in a form is too.