Are you from Spain and wonder how cryptocurrencies are actually taxed and how it affects you? In that case, this guide is for you! Read on to learn more about how crypto is taxed in Spain, how much tax you must pay on your crypto gains, and how to report your crypto taxes to the Spanish Tax Administration, Agencia Tributaria.
Just a heads up! This guide is quite extensive due to the complex nature of cryptocurrency taxes. While we recommend reading this guide from A to Z the first time to make sure you don’t miss out on anything important, you can also use the menu navigation on the right side to jump to any specific crypto tax question later.
We are also updating this guide regularly based on the latest tax guidelines and statements from Agencia Tributaria. All updates will be listed below so that you can quickly see if anything has been updated since your last visit:
- August 28, 2022: The first version published
More specifically, these are the topics and questions we will address in this guide:
Let’s start with the most important question of all…
Do you pay tax on cryptocurrencies in Spain?
Yes – capital gains resulting from transferring or selling cryptocurrencies or other crypto assets are considered savings income according to the Personal Income Tax Act and should be reported in the personal income tax return. For the 2021 tax year, savings income is taxed between 19% and 26% depending on the total income amount.
How is crypto taxed in Spain?
The Spanish Tax Administration does not view bitcoin, ethereum, or other crypto assets as legal tender nor as fiat currencies such as the euro. Instead, all crypto assets are viewed as intangible assets for tax purposes according to Article 1(5) of Law 10/2010.
This is how Agencia Tributaria defines bitcoin and all other cryptocurrencies categorized as crypto assets:
(..) a digital representation of value that is neither issued nor guaranteed by a central bank or public authority, is not necessarily associated with a legally established currency and does not have the legal status of currency or money, but is accepted as a medium of exchange and can be transferred, stored or traded electronically.Agencia Tributaria
In the latest crypto tax guidance, Agencia Tributaria makes it clear that capital gains or losses from the sale of cryptocurrencies are considered savings income for tax purposes. The same rules apply whether you received a fiat currency or another cryptocurrency in return for the crypto asset being sold or otherwise disposed of.
All transactions involving the sale of a crypto asset should be included in the personal tax return. We will later in this guide explain more in detail how to actually report your crypto taxes and the important deadlines to be aware of.
Tax rates in Spain
There are essentially four different taxes that may apply to cryptocurrencies in Spain. Which taxes you need to pay depends on the type of transactions you have made. While we will look at this more in detail later in this guide, we will first briefly explain the different taxes and their individual tax rates.
Savings taxable income
Capital gains arising from selling an asset that has appreciated in value are taxed similarly to savings income. The savings income tax rates vary between 19% and 26% depending on the taxable income amount, and savings income is therefore considered taxed according to a progressive tax system.
Savings income includes the following:
- Dividends and other income generated from ownership in companies
- Interest and other income generated from capital held by third parties – such as a bank or cryptocurrency exchange
- Income generated from capitalization transactions
- Income from life and disability income insurance
- Capital gains from transfers and disposals of assets
The savings income tax rates for 2021 are as follows:
|Taxable income||Tax rate|
|€0 – €6,000||19%|
|€6,001 – €50,000||21%|
|€50,001 – €200,000||23%|
General taxable income
As a general rule, income not considered to be savings taxable income is treated as general taxable income for most Spanish residents. General income includes therefore the following:
- All income not considered savings taxable income
- Capital gains not generated from transfers or disposals of assets
Similar to savings income, progressive tax rates apply also to general income and are compromised of both a state tax rate and a local tax rate approved by each autonomous community of Spain. This means that the applicable tax rate may differ from one autonomous community to another. To calculate the total progressive tax rate you will need to look up the corresponding local tax rate in the autonomous community you live in.
The general income tax rates approved by the state for 2021, which can be used as a guideline for the progressive rates applicable to the taxable base, are as follows:
|Taxable base (up to)||Tax liability||Excess of taxable base (up to)||Tax rate|
Similar to many other countries, Spain levies a wealth tax on a resident’s assets and holdings at the end of the tax year. The wealth tax is governed on a state level, but the government of each autonomous community may establish different measures. Similar to the progressive general income tax rates, how much you will need to pay in wealth tax will therefore depend on where you live in Spain.
To calculate how much you need to pay in wealth tax, you need to first establish the taxable base. The taxable base is found as the total value of your assets after deducting various reliefs. These are the applicable reliefs for wealth tax:
- A minimum tax-exempt amount. All autonomous communities of Spain can establish their own minimum tax-exempt amount. More information can be found on the website of each autonomous community.
- If an autonomous community does not establish its own minimum tax-exempt amount, an amount of €700,000 will apply.
- Houses and apartments where you normally reside are tax-exempt for up to €300,000.
- Interests in family companies or business assets if certain requirements are met.
For autonomous communities that have not established their own progressive wealth tax rates, the rates established by the state shall be used which vary between 0.2% and 3.5% depending on the taxable base. Wealth tax is in general a controversial topic, and the good news is that several autonomous communities have stated that they intend to remove the wealth tax completely in the future.
All Spanish taxpayers are required to file a wealth tax return if they have a tax liability or if their wealth exceeds 2 million euros.
Gift and inheritance tax
If you have inherited or been gifted assets you might also have to pay a gift and inheritance tax based on the value of the asset. There have been several changes to the Spanish gift and inheritance tax regulations in the last years, where a complete reform came into effect in 2015 to comply with EU regulations.
Similar to the wealth tax, each autonomous community can establish its own rates for gift and inheritance tax. For autonomous communities that have not done so, the general tax rates vary between 7.65% and 34% depending on the taxable base of the gift or inheritance. More information about the applicable tax rates can be found on the website of each autonomous community.
How to calculate capital gains in Spain
According to the crypto tax manual from Agencia Tributaria, all transactions where a cryptocurrency is exchanged for euros or another foreign currency may result in a capital gain or capital loss. The same applies also when a cryptocurrency is exchanged for another cryptocurrency – we will explain more about this later!
To find the gain or loss, we need to determine both the sales price (proceeds) and the purchase price (cost basis) of the cryptocurrency transferred or sold. The selling price is simply the value of the cryptocurrency sold at the time of the transaction in euros. The purchase price should be determined using the First-in First-out (FIFO) accounting method. The FIFO method implies that the earliest acquired coins are sold first if you have acquired a cryptocurrency on more than one occasion before selling the same cryptocurrency later.
Agencia Tributaria goes on to say that you can also add any trading or brokerage fees to the purchase price of the transaction. This means that trading fees are fully deductible against your profits since such fees are considered to be directly related to the transaction.
The general formula for calculating capital gains is:
capital gains = selling price – purchase price
Let’s look at an example to better understand how to calculate capital gains from transactions with cryptocurrencies.
Hugo bought 0.2 BTC for €7,500 in December of 2021. Two months later, in February of 2022, he buys 0.3 BTC for €10,000. Hugo owns now 0.5 BTC which he has paid a total of €17,500 for.
In March of 2022, Hugo decides to sell 0.4 BTC while keeping 0.1 BTC as a long-term investment. He sells 0.4 BTC and receives €20,000 in exchange. His transactions can be seen in the table below:
The first thing Hugo needs to do is to calculate the acquisition price of the 0.4 BTC sold using the FIFO method: €7,500 + 0.2 / 0.3 * €10,000 = €14,167.
Since we know the sales price was €20,000, we can find the resulting capital gains directly: €20,000 – €14,167 = €5,833.
The resulting table will look like this:
Hugo needs to report the gain of €5,833 in his tax return for 2022 which he will file in 2023.
Is buying cryptocurrency taxed in Spain?
Whether or not buying cryptocurrency is taxed depends on which currency is used as means of payment. You are not taxed if you are buying cryptocurrency with a fiat currency, but if you are buying cryptocurrency with another cryptocurrency, you need to pay tax on the capital gains from the currency sold.
Buying cryptocurrency with fiat currency
If you have purchased a crypto asset such as bitcoin or ethereum with euros or another fiat currency, you do not need to worry about any taxes – as long as you don’t sell the cryptocurrency bought. This is because selling a fiat currency is not taxed in Spain.
Buying crypto and paying with another crypto
If you have bought one cryptocurrency and paid with another cryptocurrency, you need to calculate the capital gains for the currency sold since this is considered an asset transfer by Agencia Tributaria. You will pay savings income tax if you made a capital gain. In case you made a loss, you can offset your other gains with the loss or carry it forward to future years if you have no gains to offset.
Savings income tax
Is selling cryptocurrency taxed in Spain?
Yes – selling cryptocurrency is considered a taxable transaction independent of which type of currency you receive in return. This means that each time you exchange a cryptocurrency for euros, stablecoins, or another cryptocurrency, you need to calculate the capital gains on the currency sold.
Selling cryptocurrency for fiat currency
Selling a cryptocurrency or crypto asset for fiat currency such as the euro or US dollar is a taxable event in Spain. You need to calculate the purchase price of the currency sold and then subtract this from the sales price. Capital gains are taxed as savings income.
Savings income tax
Selling crypto for another crypto
Selling crypto for another crypto is similar to buying crypto for another crypto and is therefore a taxable event and you need to pay savings income tax on the profits.
Savings income tax
Crypto mining taxes Spain
Agencia Tributaria does not mention how cryptocurrency received from mining operations is taxed. However, most other countries consider mining rewards similar to ordinary income from a tax perspective since you are essentially being paid in return for providing a service. The safest approach is most likely to report your mining income as general income in your personal tax return.
There are in fact two statements (link #1, link #2) regarding bitcoin mining on the Agencia Tributaria’s website, but these statements only clarify that mining is exempt from VAT.
General income tax
Taxes on crypto staking rewards
Similar to mining rewards, there is no specific mention of how cryptocurrency staking rewards are taxed in the tax guide from Agencia Tributaria. However, we believe the most correct and safest approach is to report staking rewards as general income similar to mining rewards in your personal tax return.
General income tax
How are airdrops taxed in Spain?
Similar to mining and staking rewards, no specific tax guidance exists yet that clarifies how cryptocurrency airdrops are taxed. The safest approach is likely to report all airdrops of non-negligible value as general income in your tax return.
We will update this guide with more information later if Agencia Tributaria publishes updated guidance that includes also the tax treatment of airdrops.
General income tax
Other crypto transactions
By now it should be clear how buying, selling, and trading cryptocurrency is considered from a tax perspective in Spain and how much tax you must pay on your profits. However, there are also other ways to interact with cryptocurrencies that may or may not trigger a taxable event.
Tax on hard forks
There is no specific mention of how cryptocurrency hard forks should be considered from a tax perspective by the Spanish Tax Administration, but we can lean towards the regulation in other European countries to get a better idea of the likely outcome.
Because a cryptocurrency created from a blockchain split will usually have zero value at the time of creation, hard forks are generally speaking considered tax-free in most other countries. However, there are certain exceptions to this in the case where the coins became available to you at the time they were trading on one or more exchanges. In such cases, the coins you received may hold a non-negligible value at the time of receipt and should therefore be reported as income in your tax return. In other words, the most important thing to consider is the value of the forked coins at the time they became available in your wallet or exchange account.
If you have further questions related to taxes on hard forks, we recommend contacting Agencia Tributaria or a tax professional in Spain directly.
General income tax (potentially)
Gifting cryptocurrency to another person
Gifting cryptocurrency to a friend or family member is seen as a disposal or similar to selling from a tax perspective. This means that there is essentially no difference between selling cryptocurrency for another currency and giving the cryptocurrency as a gift to another person – in both cases you need to calculate the capital gains and pay savings income tax if you made a profit.
Savings income tax
Receiving cryptocurrency as a gift
The Spanish government imposes a gift tax on all assets that are considered to be gifted and the applicable tax rate depends on the value of the asset at the time of receiving it. The current tax rates vary between 7.65% and 34%, but since each autonomous community can define its own tax rates, the actual applicable gift tax rate might depend on where you live in Spain.
Receiving salary in a cryptocurrency
Being paid in cryptocurrency, either as a salary from employment or in exchange for services as a freelancer, is taxed similarly to being paid in euros or another fiat currency. This means that from a tax perspective, there is no practical difference in what type of currency you receive your compensation – the income amount will be taxed as income in all cases.
To calculate the income amount in euros at the time of receipt, you can use cryptocurrency prices from any reputable exchange – or let Coinpanda handle all the calculations automatically for you!
General income tax
How to calculate crypto taxes in Spain
If you are a Spanish taxpayer and have transacted with cryptocurrency during 2022, you need to calculate the realized gains and income from all transactions. There are essentially two different ways to go about this – either manually or using a crypto tax calculator.
Let’s look at both methods:
Calculating your crypto taxes manually
Here are the steps you must take to calculate your crypto taxes manually:
- Download the transaction history from all exchanges where you have bought, sold, received, or sent any cryptocurrency. This includes also transactions from or to your own wallets.
- Calculate the cost basis for every individual transaction where cryptocurrency is disposed of
- Calculate the proceeds and resulting capital gains for all transactions that are considered taxable disposals by Agencia Tributaria
- Identify all transactions subject to income tax by Agencia Tributaria
- Summarize the calculations to find the total taxable amount during the financial year
Calculating your crypto taxes using crypto tax software
The best option for most people in Spain is likely going to be using cryptocurrency tax software to automatically do the required calculations. If you want to save both time and money, here is how you can use Coinpanda to sort out your crypto tax situation and generate all the required tax reports automatically:
1. Sign up for a 100% free account
It is 100% free to create a Coinpanda account and you don’t need to enter any credit card information to get started. The free plan lets you explore and use all features for free.
Sign up with Coinpanda for free now!
2. Connect all your exchange accounts and wallets
Coinpanda supports more than 500+ exchanges, wallets, and blockchains today. You can easily import all your transactions by connecting your exchange accounts with API keys or by uploading a CSV file with the transaction history. If you find that Coinpanda does not support an exchange you have used, reach out to us so we can add the integration – usually within a few days.
3. Wait for Coinpanda to crunch all the numbers
Get yourself a cup of your favorite beverage and wait for Coinpanda’s sophisticated calculation engine to crunch all the numbers for you. Coinpanda will automatically calculate the cost basis, proceeds, capital gains, and taxable income for all your transactions! This might take anywhere from 20 seconds to 5 minutes depending on how many transactions you have.
4. Check for any reported warnings
Coinpanda will automatically display a warning if it appears that one or more transactions are missing such that the cost basis calculations will not include the total purchase price. If you see any warnings, you should first double-check that you have in fact connected all your wallets and exchange accounts.
Do you still see any warnings? Fear not! We have written an extensive list of help articles that will guide you through the entire process of making sure your crypto tax reports are as accurate as possible. If you still need any help, the best way to get in touch with our customer support and tax experts is through the Live Chat.
5. Download your tax reports and tax forms
When you have successfully imported all transactions, the final step is to download the tax reports you need to file your taxes in Spain. Coinpanda’s tax plans start at $49 and you have lifetime access to all reports after upgrading.
Crypto tax deadline in Spain
The tax year in Spain runs from January 1 to December 31 each year. Your crypto taxes should be reported in your personal tax return where you also report ordinary income from employment.
The deadline for filing your personal tax return is the 30th of June of the following year. This means that your crypto taxes for the 2022 tax year must be filed before the 30th of June, 2023.
How to report crypto taxes in Spain
After calculating your capital gains and income for all transactions during the tax year, the last step is to report your crypto taxes in your personal tax return before June 30 the following year.
Your personal income including general income and savings income from cryptocurrencies should be reported on Modelo 100 – Impuesto sobre la Renta de las Personas Físicas. Your capital gains, which are taxed as savings income, should be entered in the section for “Capital gains and losses derived from transfers of other assets“. Remember to enter the code “0” – which is the code for cryptocurrencies – in the box
The easiest way to file your taxes is using the online portal Renta Online. If you have further questions about how to access the online portal or how to file your taxes, we recommend contacting Agencia Tributaria or a tax advisor in Spain directly.
Which records do I need to keep?
In Spain, you are required to keep records of all your crypto transactions for a minimum of five years as a general rule. These are the details you need to keep records of for all transactions as a minimum:
- The date of the transaction
- The cryptocurrencies involved in the transaction
- Type of transaction
- How much was bought, sold, or exchanged
- The value of the cryptocurrency in euro at the time of the transaction
- Exchange records and other relevant statements
You should periodically take backup of these records from all exchanges you have traded on since many exchanges keep these records for a limited time only – or the exchange itself may cease to exist in the future. You can also use a cryptocurrency tax app like Coinpanda to generate a report with all this information automatically.