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Crypto Taxes Spain: Ultimate Guide (2025)

In this guide, we’ll break down everything Spanish crypto investors need to know to report their crypto taxes. We’ll share how Agencia Estatal de Administración Tributaria taxes cryptocurrency and break down how you can generate complete crypto tax forms in minutes.

Note: This guide is updated regularly based on the latest information from the Spanish government.

Crypto Taxes Spain: Ultimate Guide (2025)
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Last update:
12/24/24

How is cryptocurrency taxed in Spain?

Crypto taxable event pro tip

In Spain, cryptocurrency is subject to income tax, income savings tax, and wealth tax.

Income tax: When you earn cryptocurrency, you’ll recognize income based on the fair market value of your coins at the time of receipt.

Income savings tax (capital gains tax): When you dispose of cryptocurrency, you’ll recognize a gain or loss depending on how the price of your crypto has changed since you originally received it.

Wealth tax: Depending on which autonomous community you reside in, you may pay wealth tax if you meet the wealth tax threshold (€700,000 in most of Spain). Remember, the value of your cryptocurrency is part of your net wealth.

How does income savings tax work?

When you dispose of your cryptocurrency, you’ll incur a capital gain or loss depending on how the price of your crypto has changed since you originally received it.

Example: Income savings tax

Rodrigo buys €1,000 of Bitcoin.

The price of his Bitcoin rises to €1,200.

Rodrigo sells his BTC.

Rodrigo incurs a capital gain of €200.

In this case, Rodrigo’s capital gain will be subject to income savings tax between 19-28% depending on his income level. 

Tax Rate Profit
19% Profits up to €6,000
21% Profits between €6,000 and €50,000
23% Profits between €50,000 and €200,000
27% Profits between €200,000 - €300,000
28% Profits over €300,000

It’s important to remember that income savings tax is progressive. That means you’ll have to pay progressively larger tax rates on each portion of your yearly capital gains.

Cryptocurrency capital gains example

How does income tax work?

When you earn cryptocurrency income in Spain, you’ll recognize income based on the fair market value of your coins at the time of receipt. It’s likely that getting paid in crypto, cryptocurrency mining, cryptocurrency staking, and airdrops all fall into this category.

Example: Income tax

Juan earns €2,000 of staking rewards.

Juan recognizes €2,000 of income.

In Spain, tax rates are set by the state and individual autonomous communities. Here are tax rates that need to be paid by all Spanish residents. 

Income Range (€) Tax Rate
Up to 12,450 19%
12,451 - 20,200 24%
20,201 - 35,200 30%
35,201 - 60,000 37%
60,001 - 300,000 45%
300,001+ 47%

Spain charges some of the highest income taxes on cryptocurrency in the world. Marginal tax rates for those earning over €300,000 are between 45-54% depending on your region of residence.

What cryptocurrency transactions are tax-free in Spain?

The following transactions are tax-free.

  • Buying cryptocurrency
  • Holding cryptocurrency (unless you meet the wealth tax threshold)
  • Moving cryptocurrency between wallets

Is cryptocurrency subject to wealth tax?

Certain regions in Spain charge a wealth tax for taxpayers with assets greater than €700,000.

You will need to sum up the value of all of your assets (including crypto-assets) at the end of the tax year. If the net result is positive after allowances, you will be required to submit a wealth tax declaration.

If you are a Spanish resident, you get an exemption against the value of your primary home (€300,000 in most of Spain).

Wealth tax can vary from 0.21% to 3.75% depending on where you live in Spain.

Region Tax Rate
Catalonia 0.21% - 3.48%
Asturias 0.22% - 3%
Region of Murcia 0.24% - 3%
Cantabria 0.24% - 3.03%
Community of Valencia 0.25% - 3.5%
Balearics 0.28% - 3.45%
Extremadura 0.30% - 3.75%

Madrid and Andalusia are the only regions with no wealth tax. No matter where you live, you will be required to submit a wealth tax declaration for information purposes if you have more than €2 million in assets.

Can the Agencia Tributaria track my cryptocurrency?

Pro tip: avoid tax evasion

It’s important to remember that governments across the world have tools to track your cryptocurrency transactions. 

In July 2021, the Spanish government published Law. No. 11/2021, which increased reporting requirements for cryptocurrency exchanges like Binance and Coinbase. 

In addition, DAC8 is set to go into effect across the European Union in 2026. DAC8 is designed to prevent tax evasion, and requires cryptocurrency platforms to disclose information like your personal identity and the value of your transactions to relevant tax authorities.

What is the deadline to report my crypto taxes?

In Spain, the tax year runs from January 1st to December 31st.

You’re required to file your taxes by June 30th of the following year.

What accounting method should I use for cryptocurrency?

In Spain, the FIFO (first-in first-out) method is used to calculate your cost basis for cryptocurrency. You should use this method if you acquired the same cryptocurrency at different price points. 

FIFO essentially means that the first coins that you acquire are also the first coins that you dispose of.

Example: FIFO

Maria buys 1 Bitcoin for €20,000.

Later, she buys 1 Bitcoin for €30,000.

She sells 1 Bitcoin for €35,000.

Maris uses the first Bitcoin she acquired to determine her cost basis.

Maria incurs a capital gain of €15,000 (35,000-20,000).

How is buying cryptocurrency taxed in Spain?

Buying cryptocurrency with fiat currency like EUR is not considered a taxable event.

How is selling cryptocurrency taxed in Spain?

When you sell cryptocurrency, you’ll incur a capital gain or loss depending on how its price has changed since you originally received it.

Example: Selling crypto

Ricardo buys 1 Bitcoin for €30,000.

Later, he sells 1 Bitcoin for €35,000

Ricardo has a capital gain of €5,000.

How are crypto-to-crypto trades taxed in Spain?

Trading one crypto for another is considered a disposal subject to income savings tax. 

When you trade cryptocurrency for other cryptocurrencies, you’ll incur a capital gain or loss depending on how the price of the crypto you’re trading away has changed since you originally received it.

How are cryptocurrency gifts and inheritances taxed in Spain?

Receiving or inheriting a cryptocurrency gift is subject to gift tax. You’ll pay taxes based on the fair market value of your crypto-asset at the time of receipt. Gift tax currently ranges between 7 to 36.5%. 

Some regions offer significant gift tax exemptions to close family members — such as children and spouses. 

How is getting paid in cryptocurrency taxed in Spain?

Getting paid in cryptocurrency in compensation for labour is considered income based on the fair market value of your crypto at the time you received it.

How is using cryptocurrency to pay for goods and services taxed? 

Using cryptocurrency to pay for goods and services is considered a disposal subject to income savings tax. You’ll incur a capital gain or loss depending on how the price of your crypto has changed since you originally received it.

How is cryptocurrency mining taxed in Spain?

Cryptocurrency mining rewards are considered income at the time of receipt. If you dispose of your coins in the future, they’ll be subject to income savings tax based on how the value of your coins has changed since you originally received them.

Cryptocurrency mining is considered a business activity in Spain. Cryptocurrency miners are required to register as a freelancer - specifically under business activity code 832.9. 

Cryptocurrency mining is not subject to VAT in Spain.

How is cryptocurrency staking taxed in Spain?

Cryptocurrency staking rewards are taxed as interest income. Interest income is taxed at lower rates than normal income — between 19-26%.

If your staking operation reaches the level of sophistication where it is considered a business for tax purposes, your rewards may be subject to normal income tax rates.

How are airdrops taxed in Spain?

At this time, Agencia Tributaria hasn’t put out any guidance on cryptocurrency airdrops.

The conservative approach is to treat crypto received from airdrops as income subject to income tax.

It’s likely that if you dispose of your airdrop rewards, you’ll be subject to income savings tax based on how the price of your crypto has changed since you originally received it.

How are NFTs taxed? 

NFTs are taxed similarly to cryptocurrencies. 

Selling an NFT 

Selling an NFT is considered a disposal subject to income savings tax. You’ll incur a capital gain or loss depending on how the value of your NFT changed since you originally received it.

Example:

Valeria buys an NFT for €500.

Later, she sells an NFT for €600.

Valeria has a capital gain of €100.

Buying an NFT with cryptocurrency 

Buying an NFT with cryptocurrency is considered a disposal of your crypto. You’ll pay income savings tax based on how the price of your crypto has changed since you originally received it. 

Example:

Diego buys ETH for €1,000.

The price of ETH increases to €1,200.

Diego uses his ETH to buy an NFT.

Diego incurs a capital gain of €200.

There is no tax for buying an NFT with fiat currency. 

Creating NFTs 

Any proceeds from the sale of NFTs will be taxed as financial income (taxed between 19-26%). 

How is DeFi taxed in Spain?

At this time, Agencia Tributaria hasn’t put out any guidance on how transactions on DeFi protocols are taxed.

Based on existing guidance, we can assume the following.

  1. Earning cryptocurrency through DeFi will be subject to income tax.
  2. Crypto-to-crypto trades and other disposals will be subject to income savings tax.

It’s possible that in some cases, income from DeFi may be considered interest and be taxed at a lower rate (19-26%). For example, rewards earned from providing liquidity to a lending platform like Compound is likely to be considered interest income and taxed accordingly.

Can crypto losses reduce my taxes?

Your capital losses can offset 100% of capital gains of a similar kind. In other words, cryptocurrency losses can offset your cryptocurrency gains and reduce your tax bill.

Unused losses can be carried forward for up to 4 years.

If you still have unutilized losses after this period, you can offset 25% of other income (such as those arising from dividends, interest, bonds, etc.)

What types of records should I keep for crypto taxes?

You should keep detailed records on your crypto transactions for at least five years after you “prepared or obtained the records”, or “completed the transactions or acts those records relate to”. These records should include:

  • The type of cryptocurrency
  • The fair market value of your crypto at the time of receipt
  • The fair market value of your crypto at the time of disposal
  • The date you originally received your cryptocurrency
  • The date you disposed of your cryptocurrency
  • The other party involved in the transaction (even if it's just their wallet address!)

Your records should contain the fair market value of your crypto in EUR. Even if you’ve conducted your transactions in another currency like USD, you’ll need to convert these to their EUR value to accurately report your taxes. 

If you have trouble tracking your crypto transactions, crypto tax software can help. Just plug in your wallets and exchanges and the platform can automatically find historical prices and calculate your crypto tax bill for you!

How do I report my cryptocurrency taxes?

You can report your income and capital gains from cryptocurrency on Form 100 (Modelo 100). You can submit your tax forms online through Renta Online.

In addition, you will need to submit Form 714 (Wealth Tax Declaration) if your net wealth (including the value of your crypto assets) is over €700,000.

How CoinLedger can help

There’s no need to track all of your gains, losses, and income manually. With CoinLedger, you can automatically import your wallets and exchanges and help you generate complete tax forms for Spain in three easy steps. 

Step 1: Connect your wallets and exchanges to CoinLedger.

Step 2: Doublecheck your transaction history. 

Step 3: Download your tax report.

Filing your taxes with CoinLedger just takes minutes. The platform is trusted by more than 500,000 crypto investors all across the globe!

Get started with a free account today
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Frequently asked questions

Let’s cap things off by answering some frequently asked questions about cryptocurrency taxes.

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CoinLedger has strict sourcing guidelines for our content. Our content is based on direct interviews with tax experts, guidance from tax agencies, and articles from reputable news outlets.

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