Understanding Staking Rewards and Spanish Tax Obligations
Staking rewards—earned by participating in Proof-of-Stake (PoS) blockchain networks like Ethereum, Cardano, or Solana—are considered taxable income by Spain’s Tax Agency (Agencia Tributaria). Unlike capital gains from selling crypto, staking rewards fall under “rendimientos del capital mobiliario” (income from movable capital) and must be declared annually. Spanish residents face progressive tax rates of 19% to 26% on these earnings, with non-residents taxed at 24%. Proper reporting is crucial to avoid penalties of 50-150% of unpaid tax plus interest.
Step-by-Step Guide to Reporting Staking Rewards
- Track Every Reward: Record the date, amount, and EUR value of each reward at receipt using tools like Koinly or CoinTracking.
- Convert to Euros: Use exchange rates from reputable sources (e.g., CoinGecko) at the exact time of reward distribution.
- Classify Income Type: Most individuals report rewards as savings income (Box 2 of Form 100). Professional stakers must declare as business income.
- Complete Form 100: Enter total annual rewards under “Ganancias y pérdidas patrimoniales” in your annual income tax return (Declaración de la Renta).
- Apply Allowances: Deduct the €1,500 general savings allowance if applicable to reduce taxable income.
- File by Deadline: Submit electronically between April-June following the tax year via the Agencia Tributaria portal.
Common Reporting Mistakes to Avoid
- Delaying valuation until sale (tax applies at receipt, not disposal)
- Neglecting small rewards (all amounts are taxable)
- Using incorrect exchange rates (always use historical EUR rates at time of receipt)
- Mixing personal and business staking activities
- Failing to keep transaction records for 4 years
Frequently Asked Questions (FAQ)
Q: Are staking rewards taxed differently than mining rewards?
A: No. Both are treated as movable capital income under current Spanish tax law.
Q: What if I stake through a foreign platform?
A: You still must declare rewards. Spanish residents are taxed on worldwide income.
Q: Can I offset staking losses against rewards?
A: Only if losses occur from the same asset type within the same tax year.
Q: Do I pay VAT on staking rewards?
A: No. The EU Court of Justice exempts crypto staking from VAT.
Q: How are staking rewards taxed if I’m non-resident?
A: Non-residents pay 24% flat tax via Form 210, with no savings allowance.
Disclaimer: Crypto tax regulations evolve rapidly. Consult a Spanish tax advisor for personalized guidance. Keep detailed records using crypto tax software to simplify compliance and maximize accuracy in your annual declaration.
