How is crypto taxed in Spain?
This is general information, not legal, tax, or financial advice. Crypto rules change often. Verify the current position with a qualified local professional and the official regulator, the CNMV and the Agencia Tributaria, before acting.
In Spain, gains on selling or swapping crypto are treated as capital gains in the savings tax base and taxed on a sliding scale. As of January 2026, for the 2025 year filed in 2026, the savings rates run from 19 percent up to 30 percent. The Agencia Tributaria, the AEAT, applies the FIFO method, treats a crypto to crypto swap as a disposal, and requires crypto held abroad above a threshold to be reported on Modelo 721.
The rules in detail
For a private holder in Spain, selling crypto for euro or swapping one crypto for another produces a capital gain or loss, calculated as the difference between what you paid and what you received in euro terms. As of January 2026 these gains fall in the savings tax base, the base del ahorro, which is taxed separately from salary and most other income. The Agencia Tributaria, the AEAT, is the tax authority that administers this.
A point that surprises many people is that a crypto to crypto swap is a taxable disposal in Spain, even though no euro changes hands. The gain is measured in euro at the moment of the swap. To decide which units you disposed of, the AEAT applies the first in, first out method, known as FIFO, so the earliest coins you bought are treated as the first ones sold. Keeping accurate euro records for each purchase and disposal is essential, since the calculation depends on your full transaction history.
Rates and reporting
As of January 2026, for the 2025 tax year filed in 2026, the savings base is taxed at 19 percent on the first 6,000 euros, 21 percent from 6,000 to 50,000 euros, 23 percent from 50,000 to 200,000 euros, 27 percent from 200,000 to 300,000 euros, and 30 percent above 300,000 euros. These bands apply to all savings income together, including interest and dividends, not to crypto alone. Income that comes from an economic activity, such as large scale mining or professional trading, is generally taxed in the general base at progressive rates that can reach about 47 percent rather than as savings income. Residents of the Basque Country and Navarra are subject to their own regional rates.
Reporting runs through the annual income return, Modelo 100, which covers the previous year and is filed in the spring, with the campaign closing on 30 June. Separately, crypto held on platforms or in custody outside Spain with a total value above 50,000 euros must be declared on Modelo 721, an informational return that is distinct from paying tax on gains. Penalties can apply for failing to file required returns, so confirm the current thresholds and deadlines with the Agencia Tributaria.
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Regulator and sources
- Agencia Tributaria (AEAT). The Spanish tax authority that taxes crypto gains as savings income, applies FIFO, and administers Modelo 100 and Modelo 721.
- Personal Income Tax Law (IRPF). Sets the savings base bands and the treatment of capital gains and economic activity income.
- Modelo 721. The informational return for virtual currencies held abroad above the reporting threshold.
Rules change. Spanish tax rates, thresholds, and reporting forms are set each year and can change, and regional rules differ. The positions here carry an as of date of June 2026. Confirm the current rules with the Agencia Tributaria and a qualified local professional before you file.