Our guide provides a comprehensive overview of Spain's fiscal regulations for cryptocurrency investments. We explain when taxes apply, detail applicable tax rates for various crypto transactions, and demonstrate how to use tax calculation tools for compliant reporting.
Cryptocurrencies Are Taxable in Spain
Receiving crypto as income, inheritance, or gifts obligates declaration to the Spanish Tax Agency (AEAT). Some regions additionally impose wealth tax if total asset value exceeds specific thresholds.
Types of Crypto Taxes in Spain
Spain subjects crypto assets to three primary taxes:
- Value Added Tax (VAT)
- Wealth Tax (Impuesto sobre el Patrimonio)
- Capital Gains Tax (IRPF)
Rates vary based on individual fiscal circumstances. Below, we break down each tax category.
1. Capital Gains Tax (Savings Income Tax)
Gains from selling, trading, or gifting crypto for fiat or other cryptocurrencies are taxed progressively:
| Gain Amount (EUR) | Tax Rate |
|---|---|
| ≤ 6,000 | 19% |
| 6,001–50,000 | 21% |
| 50,001–200,000 | 23% |
| 200,001–300,000 | 27% |
| > 300,000 | 28% |
Example Calculation:
If you profit €54,000 from selling Bitcoin:
- €6,000 × 19% = €1,140
- €44,000 × 21% = €9,240
- €4,000 × 23% = €920
Total Tax: €11,300
2. Income Tax (IRPF)
All crypto-related income (mining, staking, salaries, etc.) is subject to IRPF at progressive rates:
| Income Bracket (EUR) | Tax Rate |
|---|---|
| ≤ 12,450 | 19% |
| 12,451–20,200 | 24% |
| 20,201–35,200 | 30% |
| 35,201–60,000 | 37% |
| 60,001–300,000 | 45% |
| > 300,000 | 47% |
3. Wealth Tax
Applicable if net assets exceed €700,000 (thresholds vary by region):
| Region | Tax Rate Range |
|---|---|
| Madrid | 0%* |
| Catalonia | 0.21%–2.75% |
| Andalusia | 0.20%–2.5% |
| Valencia | 0.25%–3.5% |
| Other regions impose rates up to 3.75%. |
Madrid requires declarations for assets > €2M but charges 0%.
Tax-Free Crypto Transactions
The following activities do not trigger taxes:
- Buying crypto with fiat.
- Holding crypto (unless subject to wealth tax).
- Transferring crypto between your own wallets.
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Taxable Events Explained
| Transaction Type | Tax Category | Rate |
|---|---|---|
| Selling crypto for fiat | Capital Gains | 19–28% |
| Crypto-to-crypto swaps | Capital Gains | 19–28% |
| Paying with crypto | Capital Gains | 19–28% |
| Mining rewards | Income (IRPF) | 19–47% |
| Staking income | Savings Income | 19–28% |
| NFT sales | Capital Gains | 19–28% |
| Airdrops | Income (IRPF) | 19–47% |
| Receiving crypto as salary | Income (IRPF) | 19–47% |
| Gifts/inheritance | Donation Tax | 7.65–34% |
Key Deadlines and Obligations
- Tax Return Deadline: June 30 (annually).
- Foreign Asset Declaration: Required if holdings outside Spain exceed €50,000 (Modelo 721).
- Wealth Declaration: Mandatory for net assets > €700,000.
FAQs
1. Do I need to declare crypto if I only hold it?
- No, unless your total assets trigger wealth tax thresholds.
2. Can losses offset gains?
- Yes. Net losses can reduce taxable income and carry forward for 4 years.
3. How does the AEAT track crypto transactions?
- Exchanges report data under DAC8 EU regulations. Non-compliance risks penalties up to 150% of owed tax.
4. What records should I keep?
- Dates, values in EUR, transaction types, and wallet addresses for 5 years.
5. Is FIFO mandatory?
- Yes. Spain requires the "First-In-First-Out" method for calculating gains.
Tools for Compliance
Use Blockpit’s tax calculator to automate gain/loss tracking and generate AEAT-compliant reports.
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Disclaimer: This guide summarizes general rules. Consult a tax professional for personalized advice.