Crypto Tax Rate in Spain: Capital Gains Guide for 2024

Understanding Crypto Capital Gains Tax in Spain

As cryptocurrency adoption grows in Spain, understanding capital gains tax obligations is crucial for investors. The Spanish Tax Agency (Agencia Tributaria) treats cryptocurrencies as movable assets, meaning profits from crypto sales or exchanges are subject to capital gains tax. Whether you’re trading Bitcoin, Ethereum, or altcoins, failing to report gains can lead to penalties. This guide breaks down Spain’s crypto tax rates, calculation methods, and compliance requirements to help you navigate the 2024 tax landscape confidently.

How Crypto Transactions Are Taxed in Spain

Taxable events triggering capital gains calculations include:

• Selling crypto for fiat currency (e.g., EUR/USD)
• Exchanging one cryptocurrency for another (e.g., BTC to ETH)
• Using crypto to purchase goods/services
• Receiving crypto as payment for freelance work
• Earning staking rewards or airdrops (taxed as income first, then capital gains upon disposal)

Note: Transfers between your own wallets and buying crypto with fiat are NOT taxable events.

2024 Crypto Capital Gains Tax Rates

Spain applies progressive tax rates to crypto gains based on your total savings income bracket:

• First €6,000: 19% tax rate
• €6,001 – €50,000: 21% tax rate
• €50,001 – €200,000: 23% tax rate
• Over €200,000: 26% tax rate

These rates apply to both short-term and long-term holdings – Spain doesn’t differentiate based on holding period like some countries.

Calculating Your Crypto Tax Liability

Follow this 4-step process:

1. Determine acquisition cost: Purchase price + transaction fees
2. Calculate disposal value: Market value in EUR at sale/exchange time
3. Compute gain/loss: Disposal value – Acquisition cost
4. Apply tax rate: Use progressive brackets based on your total annual savings income

Example: You bought 1 ETH for €1,500 (€20 fees) and sold for €2,000. Gain = €2,000 – (€1,500 + €20) = €480. If this is your only savings income, you’d pay 19% tax (€91.20).

Reporting Requirements and Deadlines

Key compliance details:

• File gains via Form 100 during annual income tax declaration (April-June)
• Report all transactions in Euro values at time of execution
• Maintain detailed records for 4 years: dates, amounts, wallet addresses, transaction IDs
• Use Form 720 for foreign exchange holdings exceeding €50,000

Penalties for non-compliance range from 50% to 150% of owed tax plus interest.

Tax Optimization Strategies

Legally reduce your crypto tax burden:

• Offset gains with losses: Harvest unrealized losses to neutralize taxable gains
• Strategic timing: Spread large disposals across tax years to stay in lower brackets
• Gift assets: Tax-free transfers to spouses (limits apply)
• Explore autonomous regions: Navarra and Basque Country have separate tax frameworks

Always consult a gestor fiscal (tax advisor) specializing in crypto for personalized planning.

Spain Crypto Tax FAQ

Do I pay tax if I transfer crypto between my wallets?

No – transfers between wallets you control aren’t taxable events. Only disposals triggering economic benefit are taxed.

How are DeFi yields taxed?

Liquidity mining rewards and staking income are taxed as ordinary income (up to 47%) when received. Subsequent disposal creates additional capital gains tax.

What if I bought crypto years ago without records?

Use blockchain explorers to reconstruct history. If impossible, the Tax Agency may accept alternative evidence or deem acquisition cost as zero.

Are NFTs subject to capital gains tax?

Yes – NFT sales follow the same capital gains rules as fungible tokens. Creator royalties are taxed as income.

Can I deduct crypto trading fees?

Yes – transaction fees directly related to acquisitions/disposals reduce taxable gains. Wallet maintenance fees aren’t deductible.

Is there a tax-free threshold?

No general exemption, but the 19% bracket effectively creates a reduced-rate allowance for smaller gains.