Spain treats crypto gains as savings income, taxed at progressive rates. Additionally, Spain has a wealth tax that can apply to large crypto holdings.
Key Rules
| Rule | Detail |
|---|---|
| Tax treatment | Savings income (capital gains) |
| Tax rates | 19–28% (progressive) |
| Crypto-to-crypto | Taxable event |
| Losses | Can offset gains (4-year carry forward) |
| Holding period | No discount for long-term |
| Wealth tax | Applies if holdings exceed €700,000 |
Tax Rates (Savings Income)
| Gain Bracket | Tax Rate |
|---|---|
| Up to €6,000 | 19% |
| €6,001–€50,000 | 21% |
| €50,001–€200,000 | 23% |
| €200,001–€300,000 | 25% |
| Over €300,000 | 28% |
Taxable Events
- Selling crypto for fiat (EUR)
- Trading crypto for another crypto
- Using crypto to buy goods or services
- Gifting crypto
- Receiving mining rewards
Staking and DeFi
| Activity | Tax Treatment |
|---|---|
| Staking rewards | Taxable as savings income when received |
| DeFi lending interest | Taxable as savings income |
| Airdrops | Taxable at market value when received |
| Mining | Taxable as economic activity (income tax) |
Wealth Tax
Spain has a wealth tax that applies to net assets over €700,000. Crypto holdings are included.
| Asset Bracket | Tax Rate |
|---|---|
| Up to €167,129 | 0.2% |
| €167,130–€334,253 | 0.3% |
| €334,254–€668,500 | 0.5% |
| €668,501–€1,336,999 | 0.9% |
| €1,337,000–€2,673,999 | 1.3% |
| Over €2,673,999 | 2.5% |
Some regions (e.g., Madrid) have abolished wealth tax. Check your autonomous community’s rules.
Reporting Requirements
Form 720 — Declaration of assets held abroad exceeding €50,000. If your crypto is on a foreign exchange or non-custodial wallet, you may need to file this.
Timing: April–June following the tax year.
Losses
Losses can offset gains within the same year. Any remaining losses can be carried forward for up to 4 years.
Quick reference
| Scenario | Tax Treatment |
|---|---|
| Buy BTC, sell after 2 years (€20,000 gain) | 21% tax (€4,200) |
| Trade ETH for SOL (€5,000 gain) | 19% tax (€950) |
| Stake Cardano, receive €2,000 in rewards | 19% tax (€380) |
| Crypto holdings > €700,000 | Wealth tax applies |
| Portfolio loss (€10,000) | Offset gains, carry forward 4 years |
Bottom Line
Spain’s progressive rates make large crypto gains expensive. The wealth tax is a significant consideration for high-net-worth holders. Crypto-to-crypto trades are taxable, so minimise trading for best results. File Form 720 if you hold crypto on foreign platforms or self-custody wallets.
Planning around the rates
The progressive savings-income schedule makes the size of each gain matter a great deal in Spain, so there is real value in controlling when and how much you realise. Because crypto-to-crypto trades are taxable and there is no long-term holding discount, a year of frequent swapping can quietly push you up the brackets without a single euro touching your bank account. The most effective levers are timing sales across tax years to keep gains in lower bands, banking losses to offset gains within the same year, and carrying forward any remainder for up to four years. If you hold substantial amounts, the €700,000 wealth-tax threshold is worth planning around too, and remember some regions such as Madrid have abolished the wealth tax entirely — so where you are resident shapes your liability.
Making sure you report what you must
Reporting in Spain is largely about two returns: the capital-gains treatment on your income declaration and, for larger or foreign holdings, the asset declarations. Because crypto-to-crypto trades and spending are taxable, you cannot rely on converting to euros to know when a taxable event has occurred; keep a record of every disposal with its value in euros on the day. Track your staking rewards, airdrops, and DeFi interest as income when received, and keep the market values at receipt so later sales can be calculated correctly. If your crypto sits on a foreign exchange or a non-custodial wallet and the balance is significant, evaluate whether Form 720 applies, and remember the April-June filing window that follows each tax year.
What to avoid
The most common errors in Spain follow from assuming you only owe tax when you sell for fiat. In reality, swapping one crypto for another, paying for goods or services, gifting, and receiving mining rewards are all taxable events, so neglecting them understates your position. A second frequent mistake is missing the four-year loss carry-forward window: losses that are not used within that period are lost. A third is underestimating the wealth-tax check — even if your gains are modest, a large accumulated holding above €700,000 can draw the wealth tax regardless of the year’s trading, so it should be considered alongside income tax rather than in isolation.
Common questions
Q: Do I pay tax on staking rewards in Spain? A: Yes. Staking rewards and DeFi lending interest are taxable as savings income at their market value when received, and airdrops are likewise taxed at market value on receipt. Mining is instead treated as an economic activity and taxed as income tax rather than savings income.
Q: Is there a holding period discount for long-term crypto gains? A: No. Spain applies no discount for holding longer term, unlike Germany’s one-year exemption. Your crypto gain is taxed at the standard savings-income rate regardless of how long you held the asset.
Q: What if I am resident in a region that abolished the wealth tax? A: If your autonomous community has abolished the wealth tax, such as Madrid in some periods, you may not owe it on locally assessed wealth. Because rules differ by region, confirm your specific community’s position rather than assuming a national standard.