Declare Your Trade Republic Interest Correctly: A Simple Guide for Spanish Taxpayers

Spanish Tax Season: How to Declare Interest Earned from Trade Republic Millions of Spaniards use online banking platforms for savings and investments. Trade Republic, a popular German bank operating in Spain, offers competitive interest rates. However, unlike some Spanish banks, Trade Republic does not automatically report interest earned to the Spanish tax agency, Agencia Tributaria. This can lead to confusion for taxpayers during filing season. "Many people are asking me how to declare these interests," explains Francisco Javier Abat, a lawyer and popular TikTok influencer (@xavi_abat). "Trade Republic, being a German bank, doesn't automatically report to Hacienda." He created a video tutorial to clarify the process. Abat's video demonstrates how to navigate the Spanish tax return (Renta Web) and correctly input the interest earned in the designated field (0027, 'Rendimientos del capital mobiliario'). He stresses the importance of accurately reporting this income to avoid penalties. "Don't put anything in deductions or expenses because Trade Republic doesn't withhold anything," Abat clarifies in his video. He also provides a visual guide to the process, making it easy to follow. The video's popularity highlights the need for clear instructions on this aspect of Spanish tax law. The ease of access to financial information online is growing, but the responsibility for accurate tax reporting remains with the individual taxpayer. By providing this helpful guide, Abat contributes to financial literacy and responsible tax compliance.