Spain Crypto Tax Guide 2025: Latest AEAT updates

Some crypto activities are tax-exempt. These activities include:

💳  Buying crypto with EUR.

🔁  Transferring crypto between your own wallets.

🔒  Holding crypto - unless subject to Wealth Tax

Crypto is classed as a kind of capital asset in Spain and may be subject to different taxes depending on your specific transaction and net wealth:

🛟  Savings Income Tax (Base Imponible del Ahorro)

✅  Income Tax (Base Imponible General)

🏘️  Wealth Tax

🎁  Inheritance and donations tax

Capital gains from cryptocurrencies in Spain are classified as savings income. You’ll pay this kind of tax anytime you sell crypto for EUR (or another fiat currency) or trade crypto for another cryptocurrency and make a gain.

You’ll pay between 19% and 28% in tax depending on your total profits. You can see the latest AEAT Savings Income Tax rates here.

You can offset crypto losses against similar capital gains. If you have no gains or your losses exceed your gains, you can carry them forward for up to four years. After this, if you still have unused losses, you can offset up to 25% against other income savings like dividends, interest, and bonds each year.

Other crypto transactions may result in additional income subject to general Income Tax (Base Imponible General). This includes:
⛏️  Mining rewards
🏦  Staking rewards
🪂  Airdrops
💸  Referral bonuses

As well as this, there are a number of DeFi activities that may be subject to Income Tax - whether that’s Savings Income Tax or general Income Tax. It’s advisable to speak to an experienced crypto accountant if you have DeFi transactions, as the AEAT has minimal guidance.

Most, but not all, regions in Spain apply a Wealth Tax, and crypto holdings must be included in these calculations. Tax rates and exemptions vary by region, typically starting around €700,000, with rates ranging from 0.2% to over 3%.

Madrid and Andalusia currently do not impose a Wealth Tax, but if your total assets exceed €2 million, you may still need to submit a Wealth Tax Return for reporting purposes.

If your assets exceed the exemption limit, you must file a Wealth Tax declaration, including the EUR value of your crypto based on its market price as of December 31 of the relevant tax year.

If you inherit cryptocurrencies, they must be included in your ISD statement.

Similar to the Wealth Tax, the amount you pay on inherited or gifted crypto depends on the value received and your region. Each autonomous community sets its own rates, typically ranging from 7% to 36.5%.

Start by calculating your cost basis, which includes the price you paid for your crypto plus any associated fees, such as purchase or sale fees. For example, if you bought 1 BTC for €30,000 and paid a €200 purchase fee, your total cost basis for that BTC would be €30,200.

For crypto acquired through other means without a clear purchase cost, the cost basis is the fair market value of the asset in EUR on the day you received it.

Most investors don’t trade individual crypto assets in isolation, as in our previous example. Instead, they use multiple platforms and hold multiple units of the same asset. For instance, if you purchased 3 BTC at different prices throughout several years, how do you determine which cost basis to use when calculating gains or losses?

This is where cost basis methods come into play. The AEAT provides clear guidance, stating that investors should use the FIFO (First In, First Out) accounting method, meaning the first asset you acquired is considered the first one you sell.

Once you've established your cost basis, subtract it from your sale price to determine your gain or loss. If you otherwise disposed of your crypto, such as trading it, use its fair market value in EUR on the disposal date as your sale price.

Your capital gains are subject to Savings Income Tax, while your capital losses can be offset against this to reduce your tax bill. 

The Agencia Tributaria does not have guidance on whether lost or stolen crypto can be claimed as a capital loss. As such, you should consult with a tax advisor for advice on your specific circumstances in these instances.

Once you’ve calculated your capital gains and additional income from crypto, you need to report this to Agencia Tributaria in your annual tax return. Most taxpayers do this through the AEAT’s Renta Online portal. You may need several forms depending on your transactions, your total net worth, and more. This may include:

• Mining rewards: Report under D1 (Rendimientos de actividades económicas) in Box 0178.
• Staking rewards: Report under B (Rendimientos del capital mobiliario) in Box 0031.
• Crypto sales or trades: Report under F2 (Ganancias y pérdidas patrimoniales) in Box 1804.
• Model 720 is used to report foreign assets over €50,000 for Wealth Tax purposes, including properties, bank accounts, shares, and life insurance. While it was once believed to apply to cryptocurrency, the Spanish treasury has confirmed that crypto is not included. However, if you hold other foreign assets exceeding €50,000, you must still file Model 720.
• Model 721, part of Spain’s anti-fraud tax reform, applies to crypto held abroad. If your portfolio exceeds €50,000, you must file it between January 1 and March 31 annually, starting from 2023. Crypto should be valued based on its December 31 average price, and if it exceeded €50,000 but dropped below this, you must report when it fell. Missing the deadline results in a €200 penalty, while incorrect submissions incur €150.

Tracking your cost basis according to the Agencia Tributaria guidelines, calculating gains and losses, and valuing crypto income can be complex for active investors. That’s why many use a crypto tax calculator like Koinly to simplify the process.

With Koinly, you can connect to Kraken via SSO (OAuth) for automatic data import or manually upload a CSV file of your account history. Once your transaction data is imported, Koinly calculates your cost basis, gains, losses, and income, then generates detailed tax reports for simple filing.

You can’t legally avoid tax on your crypto without facing penalties from the Agencia Tributaria, but you can reduce your crypto taxes by:

🔍  Track and harvest your unrealized short-term losses to identify opportunities to harvest these losses (Koinly has a tax optimization tool to help you do this!)

💎  Hodl for the moon.

Now that you understand how your digital asset investments are taxed, why not continue your crypto journey by checking out our Learn Center.