Crypto Tax Rate in Spain: Capital Gains Guide for 2024

Understanding Crypto Capital Gains Tax in Spain

Spain treats cryptocurrencies as taxable assets, meaning profits from selling or exchanging them qualify as capital gains. Whether you’re trading Bitcoin, Ethereum, or altcoins, understanding Spain’s crypto tax framework is crucial to avoid penalties. This guide breaks down everything you need to know about crypto capital gains tax rates, calculations, and compliance.

How Cryptocurrency Taxation Works in Spain

The Spanish Tax Agency (Agencia Tributaria) categorizes crypto as “movable property” under the Personal Income Tax Law (IRPF). You’ll owe capital gains tax when:

• Selling crypto for fiat currency (e.g., EUR/USD)
• Trading one cryptocurrency for another
• Using crypto to purchase goods/services
• Receiving crypto from mining, staking, or airdrops

Losses can offset gains within the same tax year, but unused losses carry forward for five years.

2024 Crypto Capital Gains Tax Rates in Spain

Spain uses a progressive tax structure for capital gains. Rates vary based on your total taxable income:

• Up to €6,000: 19%
• €6,001–€50,000: 21%
• €50,001–€200,000: 23%
• Over €200,000: 26%

Note: Autonomous regions like Madrid or Catalonia may apply slight variations. Always confirm local regulations.

Calculating Your Crypto Capital Gains Tax

Use this formula: Capital Gain = Sale Price – (Acquisition Cost + Associated Expenses)

Example: You bought 1 ETH for €1,500 (including €10 transaction fee) and sold it for €2,800 (€15 fee).

1. Acquisition Cost: €1,500
2. Sale Price: €2,800 – €15 fee = €2,785
3. Capital Gain: €2,785 – €1,500 = €1,285
4. Tax Owed (assuming 21% bracket): €1,285 × 0.21 = €269.85

Reporting Crypto Gains on Spanish Tax Returns

Declare gains annually via Form 100 (Modelo 100) by June 30th. Key steps:

• Track all transactions using crypto tax software or spreadsheets
• Report net gains in Box G17 (Capital Gains and Losses)
• Include details of acquisitions, disposals, and cost basis
• Autonomous regions may require supplementary forms

Deductions and Tax-Free Scenarios

While Spain offers no blanket crypto tax exemption, these reduce liabilities:

• Small Gains Allowance: No tax if total capital gains are under €1,000/year
• Holding Period: No reduced rates for long-term holdings (unlike some countries)
• Loss Offsetting: Deduct losses from other asset sales (e.g., stocks)

Penalties for Non-Compliance

Failure to report crypto gains risks:

• Fines of 50%–150% of unpaid tax
• Interest on overdue amounts (currently 4.062%)
• Criminal charges for evasion over €120,000

The Tax Agency accesses exchange data via international agreements like CRS.

Frequently Asked Questions (FAQ)

1. Do I pay tax if I transfer crypto between my own wallets?

No – transfers between wallets you own aren’t taxable events. Only disposals (sales, trades, spending) trigger gains.

2. Is crypto-to-crypto trading taxable in Spain?

Yes. Exchanging BTC for ETH, for example, is treated as selling BTC (realizing gains/losses) and buying ETH.

3. How is staking income taxed?

Staking rewards count as ordinary income at your marginal IRPF rate (19%–47%), separate from capital gains.

4. Can I use FIFO for cost basis calculation?

Yes. Spain permits FIFO (First-In-First-Out), LIFO, or average cost methods – but you must apply one consistently.

5. Are NFTs subject to capital gains tax?

Yes. NFT sales follow the same capital gains rules as cryptocurrencies if held as investments.

6. What if I lost money on crypto trades?

Report losses on Form 100. They offset gains from other assets and carry forward for five tax years.

Disclaimer: Tax laws evolve. Consult a Spanish tax advisor for personalized guidance.