Spain Crypto Tax Guide 2026

Crypto is taxable in Spain, either as savings income or general income. Learn everything you need to know about crypto taxes in Spain in our guide for 2026.

Is cryptocurrency taxed in Spain?

Yes, cryptocurrency in Spain is taxable. The Agencia Tributaria views crypto as a kind of capital asset and may subject it to general income tax and savings income tax. Tax rates vary based on transaction type and the taxpayer's individual circumstances. You'll need to report your crypto profits as part of your tax return.

For private investors, crypto in Spain is generally taxed like this:

• Capital gains from selling, swapping, or spending crypto are viewed as savings income and taxed between 19% to 30%

• Mining rewards are seen as a freelance business activity and are subject to general income tax of up to 47%

• Staking rewards are viewed as investment income and are taxed between 19% to 30%

• Crypto may be subject to wealth tax, depending on your region and how much your crypto portfolio is worth

• If you're in an autonomous community, your tax rate and scale may differ

• Spanish taxpayers must report crypto holdings over €50,000 held abroad using Model 721

Can the Agencia Tributaria track crypto?

Yes, the Agencia Tributaria knows about your crypto.

Spain is a member of CARF (the Crypto Asset Reporting Framework). This framework means that crypto-asset service providers in Spain are required to report user information (including names, addresses, and transaction details) to the Spanish tax authority.

Previously, Agencia Tributaria sent notices to approximately a million Spanish tax residents in their Income Tax data profile informing them they'd invested in crypto and urging them to declare any profits.

All this to say, you should declare any gains or income you have from crypto investments. The penalties for crypto tax evasion are steep; up to five times higher than the amount you failed to declare, and potentially prison time too.

How does Spain tax cryptocurrency?

Spain's tax authority, Agencia Estatal de Administración Tributaria (AEAT), has some guidance on crypto. It may be subject to three different taxes depending on the transaction:

1. Income tax (this covers subcategories of income like savings income, investment income, and business activities)

2. Wealth tax

3. Inheritance and donations tax

Let's go through each different kind of tax and how and when it'll apply to your crypto, as well as how much you'll pay.

Savings income from crypto

Your capital gains from crypto are viewed as savings income. You have a capital gain whenever you dispose of your crypto, so whenever it changes hands. This would include:

• Selling crypto for EUR

• Trading crypto for another cryptocurrency

• Spending crypto on goods or services

You'll pay between 19% to 30% in tax, depending on how large a net profit you've made and the financial year.

Savings income tax rate

Savings income has a particular tax rate (Base Imponible del Ahorro), which is a progressive tax rate calculated as follows:

This tax rate is progressive. This means that you won't pay the same tax rate on the entire amount. For example, if you had a €60,000 net capital gain, you wouldn't pay 23% on all of it. Instead, you'd pay 19% for the first €6,000, 21% for the next €44,000, and 23% on the remaining net profit.

Non-residents generally pay a flat 19% on all capital gains.

How to calculate your crypto capital gains

First, determine your cost basis, which is the purchase price of your crypto, along with any associated acquisition or disposal costs. If you received your crypto through other means, use the fair market value on the day of receipt.

Next, subtract your cost basis from the sale price of your crypto. For other types of disposals, such as trading or gifting, subtract your cost basis from the fair market value on the day of disposal.

If you have a capital gain, report the total amount in your annual personal income tax return.

If you have a capital loss

Capital losses can be offset against capital gains to reduce your overall tax bill.

If you have no gains to offset your losses against or if your losses exceed your gains, you can carry this forward to future tax years.

It's important to know that there are wash sale rules in place for capital losses. If you've sold an asset at a loss, if you repurchase the same asset within two months, you will not be able to claim that capital loss on your tax return.

Which accounting method for crypto tax in Spain?

When it comes to accounting for multiple assets of the same kind (for example, if you had several BTC, all with a different cost basis), Spain utilizes the FIFO accounting method, known as PEPS (Primero En Entrar, Primero En Salir).

This assumes the first asset you bought is the first asset you sold, and you'll calculate your crypto taxes based on this cost basis.

Income tax rates on crypto

You'll pay between19% to 47% on any income from crypto under the general tax scale (base imponible general), as well as any applicable autonomous community rate.

Non-residents generally pay a flat 24%, excluding EU and EEA residents who generally pay 19%.

What about other kinds of crypto income?

The guidance from the AEAT currently is limited, but here are some other common transactions and how they're taxed in Spain:

• Staking income: Staking rewards, and any other income derived from the deposit of tokens, are considered investment income. It should be included in cell 0033 in your tax return, at the fair market value in EUR on the day the rewards/income were received. Investors cannot deduct expenses, and the same tax rate for savings income applies.

• Airdrops or referral rewards: Airdrops, or other kinds of referral rewards, are viewed as a kind of gift and not regular capital. They should be reported in cell 0304 of your tax return and taxed at the same rate as any other freelance income.

• Crypto mining: There are several pieces of guidance from the General Directorate of Taxes regarding crypto mining, which state that crypto mining should be considered a business activity. As such, anyone mining crypto should register as a freelancer (autónomo) under business activity code 832.9 (otros servicios financieros). This income will be taxed within the General Taxation Scale.

Wealth tax

Most regions of Spain have a wealth tax, and the EUR value of any crypto must be considered for these calculations. The wealth tax rates and minimum exempt amount vary depending on your region:

• Catalonia: between 0.21% and 3.48% tax

• Asturias: between 0.22% and 3% tax

• Region of Murcia: between 0.24% and 3% tax

• Cantabria: between 0.24% and 3.03% tax

• Community of Valencia: between 0.25% and 3.5% tax

• Balearics: between 0.28% and 3.45% tax

• Extremadura: between 0.30% and 3.75% tax

• Galica: between 0.20% and 3.5%

Madrid and Andalucia are the only regions that do not impose a wealth tax currently. However, you may need to submit a wealth tax return for information purposes if your total assets are worth more than €2 million.

If you own assets over the exemption limit, you'll need to make a wealth tax declaration and include the value of your cryptocurrencies in EUR based on the market price on 31 December of the corresponding tax year.

Gift and inheritance tax

If a person receives a gift or inheritance, including cryptocurrencies, this must be included in the ISD statement.

Tax rates vary between 7.65% to 34%, but each autonomous community may modify these rates.

Tax-free crypto transactions

You won't always pay tax on your crypto; there are a few crypto transactions that are tax-free in Spain, including:

• Buying crypto with EUR

• Holding crypto (unless subject to wealth tax)

• Transferring crypto between your own wallets

How to report crypto taxes in Spain

The AEAT (Agencia Tributaria) wants to know about your crypto activity in terms of income and capital gains. You'll need to declare both on your annual income tax return:

How to file crypto taxes in Spain

If you are a Spanish tax resident, complete Form 100 (Modelo 100) in order to make a Spanish income tax declaration.

Once you (or your accountant) have calculated your tax liability, the easiest way to file your taxes is via the AEAT's Renta Online.

Several sections of your tax return may apply when reporting crypto, depending on your transactions:

• If you have income from economic activities (like mining rewards), report this in D1: Rendimientos de actividades económicas, under Actividades económicas en estimación directa. From Box 0166, select BO6, then enter your income in box 0178 otros ingresos.

• If you have investment income (like staking rewards), go to B: Rendimientos del capital mobiliario, then to Rendimientos del capital mobiliario a integrar en la base imponible del ahorro, then Box 0031. Enter your total capital income into the Rendimientos integro box.

• If you have savings income (from selling or trading crypto), go to F2: Ganancias y pérdidas patrimoniales, then to Monedas virtuales. Select Box 1804 and fill out the relevant details for each of your crypto disposals throughout the financial year. If you have a large number of transactions, you should speak to the tax office, as you may be able to submit an attachment and report your overall gains/losses only, instead of reporting every single transaction and subsequent gain or loss.

Spain tax deadline

The Spanish tax year runs from the 1st of January to the 31st of December each year.

Spanish income tax returns start every year in early April and must be filed by 30 June for the preceding year. This means you will need to submit your tax return for the 2025 tax year by June 30, 2026.

Model 720 Declaration and crypto

The Model 720 Declaration is used to inform the tax agency about your assets abroad in relation to wealth tax. It's used to declare holdings abroad of more than €50,000, such as properties, bank accounts, deposits, savings, shares, or life insurance.

The Spanish treasury has confirmed that Model 720 does not apply to crypto. However, if you have other financial assets held abroad that are more than €50,000 in value, you would need to file the Model 720 declaration.

Model 721 Declaration and crypto

The Model 721 Declaration is an informational tax form, created as part of the reform of the Spanish Tax Laws around anti-fraud measures, and the reform means the form applies to cryptocurrencies held abroad.

Individuals who own crypto with a portfolio value of at least €50,000 must submit Model 721 between January 1 and March 31.

To value your cryptocurrency, you'll need to calculate it using the average price as of December 31 of each financial year. For investors who held more than €50,000 at any time during the financial year but did not hold €50,000 as of December 31, you'll need to provide information about the date on which your crypto portfolio lost this value.

Investors who are required to submit Model 721 but fail to do so by the deadline will face a penalty of €200. Investors who submit Model 721 incorrectly will face a penalty of €150.

Now that you know how to go about calculating and filing your crypto taxes, let's explore Spain's crypto tax rules in more detail. Here's a breakdown of the most common crypto scenarios and the type of tax liability they result in.

Taxable transactions

Not sure when or what tax you'll pay on your crypto in Spain? Here are the most common examples.

Selling crypto for EUR

When you sell your crypto for euros (or any other fiat currency), you'll need to pay tax on any savings income (capital gains) you have as a result.

Trading crypto for crypto

When you trade crypto for another crypto, this is seen as a disposal, and you'll need to pay tax on any gain you have as a result. It's not the "purchase" of another crypto that the Spanish tax office is interested in taxing; it's the disposal of your original asset.

Getting paid in crypto

Getting paid in crypto is taxable, but the tax you may be liable to pay depends on your specific circumstances. If you're employed by a company and are being paid in crypto, any company in Spain that pays its employees with cryptocurrencies has to include these payments in the standard informational tax form about salaries. So all you'd need to do as the employee is check online your work income report for accuracy.

Meanwhile, if you're a contractor being paid in crypto, you'd need to exchange that value for the EUR equivalent and create an invoice for tax purposes to determine your future freelance income or Rendimientos de Actividades Económicas.

Mining crypto

Mining crypto is viewed as a business activity under the current guidance from the AEAT. Anyone mining crypto must register as a freelancer (autónomo), specifically business activity code 832.9 (otros servicios financieros). Any income from your mining activities will be subject to General Income Tax.

This said, if and when you later dispose of your mining rewards, this would be viewed as savings income and taxed in the same way as any other disposal of crypto.

Hodling crypto

If you're hodling for the moon and you're over the Wealth Tax threshold in your autonomous region, you'll need to calculate the total value of your crypto assets and add this figure to your overall total assets sum.

Gifting crypto

Want to give the gift of crypto? Bad news, this is seen as a kind of disposal, and you'll need to pay Inheritance and Gift Tax. The exact amount you'll pay varies depending on the autonomous region that you live in.

Do I need to keep records of my crypto transactions?

Yes, the AEAT requires you to keep detailed records of cryptocurrency transactions for 5 years after you “prepared or obtained the records”, or “completed the transactions or acts those records relate to”, whichever is later. You need to keep the following records:

• The date of your crypto transactions

• The value of the cryptocurrency in Euros at the time of the transaction (which can be taken from a reputable online exchange)

• What the transaction was for and who the other party was (even if it’s just a wallet address).

How to use a crypto tax calculator

Don't get stuck in the busy work. Don't get it wrong. Don't rely on your accountant to know where to look. Use Koinly. Here's how easy it is:

1. Sign up for a FREE account. You only need a paid plan at the point you download your chosen crypto tax report.

2. Select your country (Spain), currency (euro), and accounting method (FIFO).

3. Connect Koinly to your wallets and exchanges via API or by importing a CSV file of your transaction history. Koinly integrates with Binance, Coinbase, Kraken, and 1,000+ more. (See all)

4. Let Koinly crunch the numbers. Make a coffee.

5. Ta-da! Your data is collected, and your full tax report is generated!

6. To download your crypto tax report, upgrade to a paid plan.

7. Send your report to your accountant, or complete your AEAT income tax submission yourself, using the figures from your Koinly report. Done!

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