Authorities accuse Ronaldo of knowingly using an overseas "business structure" (or shell company) to hide income from his image rights from Spanish tax agencies between 2011 and 2014.
Additionally, the prosecutor accused Ronaldo of declaring €11.5m ($12.8m) earned from 2011-14 in a tax return filed in 2014, when the prosecutor said Ronaldo's real income during that period was nearly €43m ($48m).
Madrid have now also offered their support to the four-time Ballon d'Or victor, believing him to be innocent of any wrongdoing.
Real Madrid star Cristiano Ronaldo was on Tuesday accused of a 14.7 million euro tax evasion through offshore companies, the public prosecutor's office in Madrid announced.
Alerte au requin bleu près des plages de Majorque
Potentiellement dangereux pour l'homme, le requin bleu ne l'attaque qu'en de très rares occasions. La Méditerranée abrite environ 50 espèces de squales, la plupart inoffensives.
He is accused of evading tax of 14.7m euros (£13m; $16m) from 2011 to 2014.
Now the two are linked by tax woes from income generated in Spain.
The Portuguese is one of the latest high profile footballers to be charged by Spanish prosecutors for tax evasion.
In one high-profile case Barcelona's Lionel Messi was handed a 21-month jail sentence and a 2.1-million-euro fine after being convicted on tax-fraud charges previous year.
The former Manchester United player has helped Real Madrid to back-to-back Champions League titles and its first Spanish league in five seasons, in addition to being a part of Portugal's winning squad at last year's European Championship. In a similar situation, Barcelona star Lionel Messi was found guilty of tax fraud a year ago.
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