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.
Summary Table
| 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.