Ronaldo, 33, will also be sentenced to 24 months in prison as part of the deal, officials said on Friday, though he is unlikely to serve the jail term as Spanish law states that a sentence of under two years for a first offence can be served on probation.
The Portuguese forward, formerly of Spanish super club Real Madrid, was accused last year of defrauding authorities of 14.7m euros ($16.5m) in unpaid taxes between 2011 and 2014 via shell companies based in the British Virgin Islands and Ireland, known for their low corporate tax rates.
In addition, prosecutors allege Ronaldo declared only 11.5m euro ($13.6m) of Spanish-related income from 2011 to 2014, during which time his actual earnings were close to 43m euro ($50.8m).
They also accuse him of “voluntarily” refusing to include 28.4m euro ($33.6m) in income linked to the sale of his image rights for the 2015 to 2020 period to a Spanish company.
Ronaldo, a five-time World Player of the Year, has previously denied the allegations.
He is one of a number of sporting stars accused of tax evasion by Spanish authorities in recent years.
In 2016, Barcelona favourite Lionel Messi was found guilty of evading nearly $5m of taxes.
Former Real Madrid manager Jose Mourinho and player Angel di Maria were both accused of defrauding Spanish authorities, as was Javier Mascherano, who once played for Barcelona.
Earlier this month, Italian club Juventus announced they had signed Ronaldo from Real Madrid in a deal worth upwards of 110m euro ($128m).
He will reportedly earn close to 30m euro ($34m) a year in wages, after taxes.
SOURCE: Al Jazeera and news agencies