Spain Crypto Tax Guide 2025
Everything Spanish investors need to know about Agencia Tributaria rules: 19-28% savings income tax, up to 47% general income tax, wealth tax, Modelo 100/721/714 forms, and FIFO requirements.
Respuesta Rápida (Quick Answer)
Spain has a dual-tax system for crypto. Savings Income Tax: 19-28% progressive on capital gains (selling/trading). General Income Tax: 19-47% on mining/staking/airdrops. Wealth Tax: 0.2-3.5% if assets >€700k. File Modelo 100 by June 30. Report foreign crypto >€50k on Modelo 721.
De un vistazo: Tax Year 2025
19-28%
Capital gains (progressive)
19-47%
Mining/staking/airdrops
June 30, 2026
For 2025 tax year
How Spain Treats Cryptocurrency
Spain's Agencia Estatal de Administración Tributaria (AEAT) classifies cryptocurrency as capital assets, not currency. This means crypto is subject to Spain's existing tax framework under the Personal Income Tax (IRPF - Impuesto sobre la Renta de las Personas Físicas).
The Spanish Approach: Dual-Tax System
Unlike most countries, Spain separates crypto taxation into two distinct categories:
Savings Income (Ahorro)
Capital gains from selling/trading crypto. Progressive rates 19-28%.
General Income (General)
Income from mining/staking/airdrops. Progressive rates 19-47%.
Fuente (Source): Agencia Tributaria (AEAT)
Savings Income Tax (Base Imponible del Ahorro)
Capital gains from selling, trading, or spending crypto are taxed as savings income at progressive rates from 19% to 28%.
Progressive Tax Brackets
How Progressive Tax Works
Tax is applied incrementally — different portions of your profit are taxed at different rates. If you make €60,000 profit, you pay 19% on the first €6,000, 21% on the next €44,000, and 23% on the remaining €10,000.
What's Taxed as Savings Income
- •Selling crypto for EUR
- •Trading crypto-to-crypto
- •Spending crypto on goods/services
- •NFT sales
Loss Offsetting
- Offset losses against gains same year
- Carry forward 4 years for savings gains
- After 4 years: offset 25% vs dividends/interest annually
General Income Tax (Base Imponible General)
Income from mining, staking, airdrops, and similar activities is taxed as general income at progressive rates up to 47% (state + regional).
Combined State + Regional Rates
Important: General income tax combines state rates (19-28%) with regional rates (varies by autonomous community). Total effective rates can reach 47% for high earners. Exact rates depend on your region.
What's Taxed as General Income
- •Mining rewards (at receipt)
- •Staking rewards (at receipt)
- •Airdrops (market value when received)
- •Referral bonuses
- •Crypto salary (payment for work)
- •DeFi yield (lending, yield farming)
⚠️ Double Taxation
Crypto income is taxed TWICE:
- When received: General income tax (19-47%) on market value
- When sold: Savings income tax (19-28%) on subsequent gains
Example: Receive €1,000 BTC from staking → pay ~30% income tax (~€300). Later sell for €1,500 → pay 19-28% on €500 gain.
Wealth Tax (Impuesto sobre el Patrimonio)
Annual Tax on Net Worth
If your total net assets (including crypto) exceed €700,000 (national threshold) or lower regional thresholds, you may owe wealth tax at 0.2-3.5% annually.
How It Works
- Calculate total net worth (assets minus debts) on December 31
- Crypto counts toward total net worth at market value
- National exemption: €700,000 (some regions have lower thresholds)
- Rates: 0.2-3.5% progressive (varies by region)
- Some regions offer partial or full rebates (Madrid: 100% rebate!)
Note: Wealth tax is separate from capital gains/income tax. You pay wealth tax annually on your holdings, AND income/savings tax when you sell. Report on Modelo 714 if net worth exceeds threshold.
Taxable Events
| Activity | Tax Type | Rate |
|---|---|---|
| Buying crypto with EUR | Not Taxable | - |
| Selling crypto for EUR | Savings Income | 19-28% |
| Trading crypto-to-crypto | Savings Income | 19-28% |
| Spending crypto | Savings Income | 19-28% |
| Mining rewards | General Income | 19-47% |
| Staking rewards | General Income | 19-47% |
| Airdrops | General Income | 19-47% |
| HODLing | Not Taxable | Wealth tax only |
| Wallet transfers (own) | Not Taxable | Keep records |
Tax Forms & Reporting
Modelo 100 — Personal Income Tax
Main tax return (MANDATORY)
Modelo 721 — Foreign Crypto Holdings
If holdings abroad >€50,000
Mandatory if: Total value of crypto on foreign exchanges/wallets exceeded €50,000 at ANY point during the year.
Introduced 2023 specifically for crypto. AEAT takes this very seriously!
⚠️ Heavy Penalties: €5,000 minimum fine for failure to file. Can reach €10,000+ for significant amounts. File even if value dropped below €50k by year-end!
Modelo 714 — Wealth Tax Return
If net wealth >€700k (or regional threshold)
Declare total net worth including crypto at market value. Check your autonomous community's threshold and rates — Madrid offers 100% rebate!
FIFO Method (First In, First Out)
AEAT Requires FIFO
Spain mandates FIFO (First In, First Out) — the earliest purchased coins are considered sold first. Must track each crypto type separately, account by account.
FIFO Example
→ Uses January BTC (€20,000 basis)
Gain: €10,000
The March BTC remains in your holdings
Important: Track EACH crypto type separately. Your Bitcoin FIFO is independent from your Ethereum FIFO. If you have holdings on multiple exchanges, track each account separately.
Real-World Examples
You sell crypto for €60,000 profit
You receive €5,000 worth of ETH from staking
⚠️ Staking rewards are taxed TWICE — at receipt and again when sold!
Preguntas Frecuentes (FAQ)
What's the difference between savings and general income tax?
Savings Income Tax (19-28%) applies to capital gains from selling/trading/spending crypto. General Income Tax (19-47%) applies to income like mining rewards, staking, airdrops. The key difference: savings tax is ONLY on gains (profit), while general tax is on the full amount received. Savings tax is also capped at 28% while general can reach 47%.
Do I need to file Modelo 721 if my crypto was worth €60k for just one day?
Yes! Modelo 721 is required if the total value of your foreign crypto holdings exceeded €50,000 at ANY point during the year, even for a single day. It doesn't matter if it dropped below €50k by December 31. This is a common mistake — AEAT specifically states "at any time" not "year-end value". Heavy penalties (€5,000+) for non-compliance.
Can I carry forward crypto losses in Spain?
Yes. Capital losses offset gains in the same year. Unused losses carry forward for 4 years to offset future savings gains. After 4 years, you can still offset up to 25% against other savings income (dividends, interest) each year. Note: Losses from savings income cannot offset general income — they're separate categories.
Why does Spain use FIFO instead of average cost?
AEAT mandates FIFO (First In, First Out) for all crypto transactions. This is standard Spanish tax policy across asset classes. You cannot use average cost, specific identification, or LIFO. Must track each crypto type separately and identify specific units sold using FIFO. This often results in higher gains (and more tax) in rising markets since you're selling the cheapest coins first.
Does AEAT really track crypto? How would they know?
Yes, AEAT aggressively tracks crypto. Spanish exchanges report all transactions. EU DAC7/DAC8 directives require foreign exchanges to share Spanish user data. AEAT sent 620,000+ warning notices in 2023 alone. They use blockchain analytics to link wallets to identities. The 2021 Anti-Tax Fraud Law specifically targets crypto. Non-compliance is risky — AEAT has sophisticated tracking capabilities.
What happens to my tax rate if I move between Spanish regions?
Your tax rates are based on where you're resident on December 31. Moving to Madrid could save significant wealth tax (100% rebate vs up to 3.75% in Valencia). General income tax regional rates also vary. However, savings income tax (capital gains) is national and doesn't change by region. If wealth tax is significant, consider your autonomous community carefully.
¿Necesitas ayuda con impuestos crypto?
Navigate Spain's complex dual-tax system and ensure full AEAT compliance. Expert guidance on Modelo 100/721/714 filing.