Our guide provides a comprehensive overview of tax laws surrounding crypto investments in Spain, including taxable events, exemptions, applicable tax rates, and tools for compliant reporting.
Are Cryptocurrencies Taxed in Spain?
Yes. The Spanish Tax Agency (AEAT) mandates that gains from crypto transactions, income from holdings/activities, and inherited/donated crypto are taxable. Additionally, most regions impose a wealth tax if total assets (including crypto) exceed specific thresholds.
Key Tax Categories for Crypto Assets
Income Savings Tax (Capital Gains Tax)
- Applies to profits from selling, trading, or disposing of crypto.
Progressive rates:
- 19% (≤6,000€)
- 21% (6,001€–50,000€)
- 23% (50,001€–200,000€)
- 27% (200,001€–300,000€)
- 28% (>300,000€).
General Income Tax (IRPF)
- Covers mining, staking, airdrops, and crypto salaries.
- Progressive rates up to 47%.
Wealth Tax
- Triggered if net assets exceed 700,000€ (rates vary by region: 0.2%–3.75%).
Inheritance/Donation Tax
- Rates range from 7.65% to 34%, depending on the autonomous community.
Taxable Crypto Transactions
| Transaction Type | Tax Applicable | Rate |
|---------------------------|------------------------------|---------------|
| Selling crypto for fiat | Capital Gains Tax | 19%–28% |
| Crypto-to-crypto trades | Capital Gains Tax | 19%–28% |
| Mining rewards | General Income Tax | Up to 47% |
| Staking rewards | Income Savings Tax | 19%–28% |
| NFT sales | Capital Gains Tax | 19%–28% |
| Crypto gifts | Inheritance/Donation Tax | 7.65%–34% |
Tax-Free Transactions
- Buying/holding crypto.
- Transferring between personal wallets.
- Token swaps (if rights/value remain unchanged).
Calculating Capital Gains: Example
Scenario: Sold Bitcoin in 2024 for a 54,000€ profit.
Tax Calculation:
- 6,000€ × 19% = 1,140€
- 44,000€ × 21% = 9,240€
- 4,000€ × 23% = 920€
- Total Tax: 11,300€.
FAQs
1. Do I need to declare crypto holdings?
Yes, if:
- Portfolio value exceeds 50,000€ held abroad (use Modelo 721).
- Net worth exceeds 700,000€ (Wealth Tax applies).
2. What records should I keep?
- Transaction dates, values in EUR, wallet addresses, and descriptions.
3. How are losses handled?
- Losses offset gains of the same type. Excess losses can be carried forward for 4 years (max 25% deduction/year).
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4. What’s the tax deadline?
- File by June 30 of the following year (e.g., 2024 taxes due by June 30, 2025).
5. Does AEAT track crypto transactions?
- Likely. Exchanges in the EU/US may share data. Non-compliance risks fines up to 150% of undeclared amounts.
How to File Crypto Taxes
Form 100 (Modelo 100)
- Declare capital gains, staking income, and airdrops.
Modelo 714
- Wealth Tax report (if applicable).
Modelo 721
- Declare foreign crypto holdings >50,000€.
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Key Takeaways
- Use FIFO method for calculating gains/losses.
- Leverage tools like Blockpit’s tax calculator for accuracy.
- Maintain records for 5 years to comply with AEAT requirements.