Portugal Crypto Tax Guide 2026

Learn everything you need to know about crypto taxes in Portugal, including new guidance on Capital Gains Tax, digital nomads and NHR benefits, and more.

Is crypto taxed in Portugal?

Yes. As of 2023, short-term gains from crypto are taxed in Portugal at 28%. Long-term gains remain tax-free. Many other transactions may be taxable (or tax-free), depending on your investment activities and specific transactions. 

How much tax do you pay on crypto in Portugal?

It depends on your transaction and what kind of income category it falls into. Short-term profits from crypto are subject to a flat 28% tax, as are some other transactions which are classed as capital income, like staking rewards and interest from lending.

However, in some specific cases, if you hold your passive income from crypto for 365 days, this may be considered tax-free.

It’s all a little confusing, so we’re breaking down everything you need to know in this guide.

How is crypto taxed in Portugal?

The tax implications and tax rates of crypto are all based on which Personal Income Tax (PIT) category the transaction falls into.

According to the Portuguese tax authority, also known as the AT (Autoridade Tributária e Aduaneira), crypto profits can be taxed under the following income categories:

Income — PIT Category A (Employment)

If you’re an employee and your salary is paid in crypto, it’s taxed as regular employment income. The taxable amount is the crypto’s fair market value in euros on the day you receive it.

Self-Employment — PIT Category B (Freelancers/Contractors)

If you’re self-employed and get paid in crypto for your services (e.g., a designer paid in bitcoin), that income is taxed under Category B as independent work.

This type of income may benefit from the ‘regime simplificado’. This simplified regime may be accessible to investors with up to €200,000 a year in crypto income and dictates that only 15% of the income is considered taxable, while 85% is considered costs, with a maximum tax rate of 48%, resulting in a maximum effective tax rate of 7.5%. However, the regime simplificado excludes crypto mining activities, where 95% of the income would be taxable, with 5% considered costs.

Over the €200,000 limit, investors must have an 'organised regime' or set up a limited company.

It gets a little complicated as to when income may be categorized as PIT Category B, and it ultimately comes down to understanding whether the AT may consider you a trader or business.

Tip: There are different tax implications for digital nomads, which we cover further down in this guide.

Will I be considered a trader in Portugal?

If you’re deemed a “trader”, income from your crypto transactions is taxed as PIT Category B (self-employment). There’s no hard and fast rule to this. Factors the AT may look at to decide if your activity is professional include:

• Primary income source: Is crypto your main way of earning money?

• Trading frequency: How often do you buy and sell?

• Holding period: Do you hold assets briefly or for the long term?

• Platform use: How many exchanges/platforms are you active on?

As well as this, if you own a business that trades or mines cryptocurrency, you’re required to pay Income Tax on profits.  If you’re unsure how you’ll be classified, speak with a qualified tax professional.

Capital Income — PIT Category E (Yield/Interest)

Earnings like interest or yield from investment products can fall under Category E. These are typically taxed at a flat rate of 28%. If you earn yield in crypto, it may be treated this way.

Capital Gains — PIT Category G (Buy/Sell Profits)

Profits from selling cryptocurrency are treated as capital gains under Category G. If you buy crypto and later sell it for a profit, that gain is taxed in this category.

A couple of important notes here are that only short-term capital gains (from crypto held less than 365 days) are taxable, while long-term gains are tax-free. As well as this, any tokens that are classed as ‘security-type’ instruments do not qualify for the long-term capital gains tax exemption.

How are different transactions taxed in Portugal?

With the nuances of traders vs. investors out of the way, we’ll cover how some common transactions would be categorized and taxed for individual investors.

Buying, holding, and transferring crypto

Since Portugal does not have a Wealth Tax, buying and holding crypto is tax-free. Similarly, transferring crypto between your own wallets is not a taxable event.

Selling crypto

Potentially taxed, but only if you have a short-term capital gain from selling crypto you’ve held less than 365 days. If you’ve held your crypto for more than 365 days, long-term capital gains are tax-free.

An important exception to this rule is security tokens. These are classified as securities and taxed as such, meaning they have different reporting requirements and do not generally qualify for the long-term capital gains tax exemption.

Trading crypto 

Trading one crypto for another is tax-free in Portugal. It’s only when you cash out to fiat that you have a potentially taxable event. However, it’s important to note that your one-year holding resets at the point of a trade, so if you cashed out to fiat before holding your new asset for 365 days, you may be liable for tax.

Staking rewards

The guidance around staking rewards and tax is vague, so you should always speak to a qualified accountant. However, the general interpretation is that staking rewards are categorized as PIT Category E and are subject to a flat 28% tax

Mining rewards

Mining rewards will generally be categorized as PIT Category B and subject to progressive Income Tax between 12.5% to 48%.

It’s important to note that the regime simplificado excludes crypto mining activities. 95% of your income would be taxable, while only 5% would be considered costs.

Because of this, some investors running larger-scale mining operations may consider operating as a business instead. In these instances, you should speak to an experienced registered accountant in Portugal for advice on your specific circumstances.

Lending interest

Interest from lending crypto is categorized as PIT Category E and is subject to a flat 28% tax. 

NFT taxes

Capital gains from non-fungible tokens are tax-exempt.

Gifting crypto

In most instances, gifting crypto with a value of more than €5,000 would be subject to a 10% stamp duty, the same way fiat gifts would be.

Spending crypto

While there’s no specific guidance on this from the AT, when you spend crypto, you’re cashing out to fiat. Therefore, if you have a capital gain as a result of your transaction, this would likely be taxable income under category G.

How to calculate taxes on crypto in Portugal

For income from Category G, to calculate your capital gain/loss, subtract your cost base (what your asset cost you plus allowable fees) from your sale price.

If you have multiple assets of the same kind, with different purchase prices, you’ll need to use an allowable accounting method to determine which cost base to use. Portugal taxpayers should use the FIFO (First In, First Out) accounting method. This method dictates that the first asset you purchased is the first asset you sell. 

However, an important note is that you should use FIFO per institution, meaning you should use wallet-based cost tracking, as opposed to universal tracking, which would group all your assets. This method calculates cost basis on a per-platform basis, using a given accounting method, like FIFO.

Wallet-based cost tracking allows for more accurate cost tracking and accounting, and Koinly supports it.

For transactions where you’re taxed on receipt, like mining rewards, take the fair market value of your rewards in EUR on the day you received them to figure out the amount you’ll pay tax on.

Can I deduct crypto losses?

Yes. Under the updated guidance, losses from taxable transactions (i.e., short-term gains) are deductible. 

How to report crypto in Portugal

The Portuguese financial year is the same as the calendar year (Jan 1 to Dec 31). This is the time period on which you’ll be reporting.

To report your yearly income, you need to file the Modelo 3 Income Tax Return. This includes profits from crypto. You can do this online through the Portal das Finanças.

The deadline to file is usually June 30 each year, but you can typically start filing from April. 

Crypto taxes for digital nomads in Portugal

Portugal has appealed to digital nomads and crypto investors for a long time, and for good reason; it’s a crypto tax haven. This is thanks to the Non Habitual Residence Program (NHR Program).

What is the Portugal Non-Habitual Residence Program?

Portugal’s old Non-Habitual Resident (NHR) regime closed to new applicants on 1 Jan 2024 (with limited transition rules for people who had already begun moving). If you’re relocating now, you’ll likely use the replacement: the Tax Incentive for Scientific Research and Innovation (often called “NHR 2.0” or IFICI).

What the new regime generally offers (for up to 10 years):

• 20% flat income tax on Portuguese employment/self-employment from eligible activities.

• Broad exemptions for many types of foreign-source income (pensions generally don’t qualify; tax-haven income is excluded).

• No general wealth tax in Portugal, but there is AIMI, which is an extra levy on high-value Portuguese property.

Who can apply:

• You must become a Portuguese tax resident (typically 183+ days in a year or having a habitual home).

• You must not have been tax-resident in Portugal in the previous 5 years.

• It’s not limited to EU citizens or Golden Visa holders. Any nationality can apply once legally resident, provided your work fits the eligible categories.

If you think you qualify under the old NHR via the transitional rules, or to confirm eligibility under IFICI, you should speak with a Portuguese tax professional.

Do I still have to pay tax in my home country if I move to Portugal?

It’s unlikely, but it depends on where your home country is. Most countries stop taxing you once you become a tax resident abroad, thanks to Double Tax Agreements (DTAs), which make sure you don´t pay Income Tax in both countries. However, the United States and Eritrea are exceptions, as they tax their citizens no matter where they live.

For Americans, there are safeguards to reduce double taxation, including an exclusion of up to $130,000 of foreign-earned income, as well as a Foreign Tax Credit, which lets taxpayers offset US taxes by claiming credit for taxes paid to other foreign governments. 

How a crypto tax calculator like Koinly can help…

Koinly can help you easily calculate your tax liability and generate a range of reports you can file with the AT.

All you need to do is import your transaction history, either automatically via API or by uploading a CSV file of your transactions. Koinly integrates with more than 950+ platforms to help make this simple.

Once it has your transaction history, Koinly will calculate your capital gains, losses, income, and more, which you can see on the tax summary page. To download your reports, simply upgrade to a paid plan.