The Spanish club said it was "absolutely convinced" that the 32-year-old forward will prove his "total innocence."
"Cristiano Ronaldo has always shown since his arrival at Real Madrid CF, in July 2009, a clear will to fulfill all his tax obligations," said the club on its website.
"Real Madrid CF hopes that the Justice will act as quickly as possible so that its innocence can be demonstrated as soon as possible."
On Tuesday, the prosecutor's office in Madrid said that between 2011 and 2014 Ronaldo had used a "business structure" -- created in 2010 -- to hide the revenue generated by his image rights from the Spanish treasury, describing the breach as "voluntary" and "conscious."
The Portugal captain -- the world's highest-paid sports star according to Forbes -- has been charged with four crimes against the public treasury.
The statement said the Portuguese became a Spanish tax resident in January 2010 and, in November 2011, opted to follow the Spanish tax regime that applies to foreigners working in the country.
'No attempt to evade taxes'
Gestifute, the agency representing the Portugal captain, said in a lengthy statement posted on its website the matter is a complex financial one.
"Cristiano's lawyers consider that regarding what the solution to this case ends up being -- as well as their consequences -- they should be confined to the administrative field rather than the criminal one," the statement said.
There was no attempt to evade taxes, Gestifute said.
In 2016, Barcelona's Lionel Messi, who for the last decade has vied with Ronaldo for the title of world's best footballer, was fined $2.3m for defrauding the Spanish tax authorities.
The Argentine, 29, had also received a 21-month jail sentence but avoided prison as it was the forward's first offense.
According to Forbes, Ronaldo has earned $93m over the last 12 months, with his salary accounting for $58m and endorsements $35m.
The Real star -- his club's all-time leading scorer -- has also enjoyed a stellar 12 months on the field, guiding Portugal to Euro 2016 success last summer and helping his club win the Spanish league and Champions League in the 2016/17 season.