As cryptocurrency adoption surges in Spain, understanding tax obligations is crucial for investors. The Spanish Tax Agency (Agencia Tributaria) treats crypto as taxable assets, not currency. Failure to comply can result in severe penalties. This guide breaks down everything you need to know about paying taxes on crypto income in Spain—from transaction types to filing procedures—ensuring you stay compliant while maximizing your returns.
How is Cryptocurrency Taxed in Spain?
Spain taxes cryptocurrency under two primary frameworks:
- Capital Gains Tax: Applies when selling crypto for profit. Taxed at 19%-26% based on profit amount (up to €6,000: 19%, €6,001-€50,000: 21%, €50,001+: 26%).
- Income Tax (IRPF): For crypto earned through mining, staking, or airdrops. Added to your annual income and taxed at progressive rates (19%-47%).
Note: Crypto-to-crypto trades are taxable events. Losses can offset gains but not regular income.
Types of Crypto Transactions Subject to Tax
You must report:
- Selling crypto for fiat currency (e.g., BTC to EUR)
- Trading between cryptocurrencies (e.g., ETH to SOL)
- Spending crypto on goods/services (treated as disposal at market value)
- Mining rewards (taxed as income at receipt value)
- Staking/DeFi earnings (taxable as income upon receipt)
- Airdrops and hard forks (valued at market price when claimed)
Exception: Buying crypto with fiat or holding long-term isn’t taxed.
Calculating Your Crypto Tax Liability
Follow these steps:
- Determine cost basis: Original purchase price + transaction fees.
- Calculate gains: Sale price minus cost basis. Spain mandates FIFO (First-In-First-Out) method for disposals.
- Offset losses: Net losses from crypto can carry forward 4 years.
- Include income: Value mining/staking rewards at fair market value when received.
Example: Bought 1 BTC for €20,000, sold for €30,000. Taxable gain = €10,000. At 21% tax rate, liability = €2,100.
How to Report Crypto Taxes in Spain
Use these forms:
- Modelo 720: Declare overseas crypto holdings exceeding €50,000 (due March 31).
- Modelo 100: Report annual gains/income (June 2025 for 2024 taxes).
Step-by-step filing:
- Calculate total gains and income from all wallets/exchanges.
- For Modelo 100, input amounts in Box 122 (capital gains) or Box 020 (crypto income).
- Use Form D-6 for residents in autonomous regions like Catalonia.
- File digitally via Agencia Tributaria’s portal.
Penalties for Non-Compliance
Failing to report accurately risks:
- Late filing: 5% monthly penalty (capped at 25%) + interest.
- Underreporting: 50%-150% of evaded tax + potential criminal charges.
- Omitted Modelo 720: Fines up to €5,000 per data point.
Tip: Maintain detailed records of all transactions for 4 years.
Frequently Asked Questions (FAQs)
- Q: Do I pay tax if I transfer crypto between my own wallets?
A: No—internal transfers aren’t taxable. Only disposals (sales/trades) trigger taxes. - Q: Is crypto taxed differently in autonomous regions?
A: Rates vary slightly. Madrid/Catalonia use regional surcharges—consult a local tax advisor. - Q: How does Spain treat NFT sales?
A: NFTs follow standard capital gains rules. Profits over €400 are taxable. - Q: Can I deduct crypto trading fees?
A: Yes—add fees to cost basis when calculating gains. - Q: What if I lost my crypto in a hack?
A: Report as a capital loss with evidence (e.g., police report).
Always consult a gestor (tax professional) for complex cases. Staying informed prevents costly errors in Spain’s evolving crypto tax landscape.
