How is crypto taxed in Portugal?

The rules in detail

Portugal taxes personal crypto gains. Until 2023 most private crypto gains went untaxed, but the personal income tax rules were updated and, as of January 2026, crypto disposals are taxable under the Personal Income Tax Code (IRS). The tax authority is the Autoridade Tributaria e Aduaneira (AT).

The central rule is the holding period. A disposal of crypto held for less than 365 days is taxed as a capital gain at a flat rate of 28 percent. A gain on crypto held for 365 days or more is generally exempt from personal income tax, with an important exception: tokens that qualify as securities do not get the long term exemption. As of January 2026, taxpayers may instead opt to aggregate the gain with other income and be taxed at progressive rates, which can suit some situations. A gain connected to a jurisdiction on the Portuguese blacklist can be taxed at 35 percent.

How you acquire and move crypto matters. A crypto to crypto swap, such as exchanging bitcoin for ether, is treated as a disposal and a new acquisition, so the 365 day clock resets for the new asset. Crypto received as income, for example from professional or business activity, is taxed under the relevant income category rather than as a capital gain. Even where a long term holding is exempt, the disposal still has to be reported.

Reporting

As of January 2026, crypto capital gains are reported on the annual IRS return: Anexo G is used for disposals through domestic platforms, and Anexo J is used for disposals through foreign platforms. Exempt long term holdings that are disposed of still need to be declared. Keep records of acquisition dates, costs, and disposals so that the holding period and any gain can be evidenced.

Regulator and sources

The tax authority is the Autoridade Tributaria e Aduaneira (AT). Market supervision sits with the Banco de Portugal and the CMVM.

• Portuguese Personal Income Tax Code (IRS), Category G, on crypto capital gains and the 365 day rule.
• Autoridade Tributaria e Aduaneira guidance on declaring crypto on Anexo G and Anexo J.
• Legal500, Taxation of cryptoassets in Portugal, 2025.

Frequently asked questions

How is crypto taxed in Portugal?

Gains on crypto held for less than 365 days are taxed at a flat 28 percent. Gains on crypto held for 365 days or more are generally exempt from personal income tax, except for tokens classed as securities.

Is long term crypto tax free in Portugal?

Generally yes for non security tokens held 365 days or more, but the disposal still has to be reported, and a crypto to crypto swap resets the holding clock.

Does swapping one crypto for another trigger tax in Portugal?

Yes. A crypto to crypto swap is treated as a disposal and a new acquisition, so any short term gain can be taxable and the 365 day clock resets for the new asset.

How do I report crypto on my Portuguese tax return?

Capital gains are reported on the annual IRS return using Anexo G for domestic platforms and Anexo J for foreign platforms. Exempt long term disposals still need to be declared.

What rate applies to crypto from a blacklisted jurisdiction?

A gain connected to a jurisdiction on the Portuguese blacklist can be taxed at 35 percent rather than the standard 28 percent. Confirm your case with the tax authority.

Is staking or mining income taxed in Portugal?

Crypto received as income, such as from professional or business activity, is taxed under the relevant income category rather than as a capital gain. Confirm the treatment with a tax professional.