Crypto Tax Rate in Spain: Capital Gains Guide for 2024

Understanding Crypto Capital Gains Tax in Spain

As cryptocurrency adoption grows in Spain, understanding the tax implications of your investments is crucial. Capital gains from crypto transactions are treated similarly to traditional assets under Spanish tax law. Whether you’re trading Bitcoin, Ethereum, or altcoins, profits from sales or exchanges are subject to Personal Income Tax (IRPF). This guide breaks down Spain’s crypto tax rates, calculation methods, and compliance requirements for 2024.

How Crypto Taxation Works in Spain

Spain taxes cryptocurrency under the Personal Income Tax (IRPF) framework. Capital gains occur when you sell crypto for fiat currency, exchange it for another cryptocurrency, or use it to purchase goods/services at a profit. Key principles include:

• Residency Rules: Spanish residents pay tax on worldwide crypto gains, while non-residents are taxed only on gains from Spanish-sourced transactions.
• Taxable Events: Selling crypto, trading between coins, spending crypto, and earning staking rewards all trigger tax obligations.
• Loss Offset: Capital losses can be deducted from gains in the same tax year, reducing your overall liability.

2024 Crypto Capital Gains Tax Rates

Spain uses progressive tax brackets for crypto capital gains, categorized as “savings income” in your IRPF return. Rates for 2024 are:

• 19% on gains up to €6,000
• 21% on gains between €6,001–€50,000
• 23% on gains between €50,001–€200,000
• 26% on gains exceeding €200,000

Note: Non-residents pay a flat 19% tax on Spanish-sourced crypto gains.

Calculating Your Crypto Tax Liability

To determine capital gains, use this formula:

Capital Gain = Sale Price – (Purchase Price + Allowable Expenses)

Allowable expenses include:

• Transaction fees (e.g., exchange commissions)
• Blockchain network fees
• Costs directly linked to acquisition or disposal
• Valuation costs for hard forks or airdrops

Example: You bought 1 BTC for €20,000 (including €100 fee) and sold it for €30,000 (€150 fee). Your taxable gain is €30,000 – €20,000 – €150 = €9,850. At 19%, tax due is €1,871.50.

Reporting and Deadlines

Spanish residents must declare crypto gains in their annual IRPF return (Modelo 100) filed between April–June 2025 for 2024 earnings. Key requirements:

• Report all transactions, regardless of amount
• Maintain detailed records of dates, values, and wallet addresses
• Use market rates at transaction time for EUR conversions

Failure to report can result in penalties of 50%–150% of owed tax plus interest.

Tax Minimization Strategies

Legally reduce your crypto tax burden with these approaches:

• Tax-Loss Harvesting: Sell underperforming assets to offset gains
• HODLing: Hold assets over 12 months for potential regional tax reductions (varies by autonomous community)
• Gifting: Transfer crypto to family members tax-free below €100,000/year

Frequently Asked Questions (FAQ)

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

No. Transfers between wallets you own aren’t taxable events if no change in beneficial ownership occurs.

Are crypto-to-crypto trades taxable in Spain?

Yes. Exchanging Bitcoin for Ethereum, for example, is treated as a disposal of Bitcoin, triggering capital gains tax on any profit.

What tax rate applies to staking rewards?

Staking rewards are taxed as ordinary income at progressive IRPF rates (19%–47%), not capital gains. Declare them in the “other income” section.

Is there a tax-free allowance for crypto gains?

No. Spain has no general exemption threshold. All gains must be reported, though smaller amounts may fall into the lowest 19% bracket.

How are NFT sales taxed?

NFT profits follow the same capital gains rules as cryptocurrencies. Creators also pay income tax on initial sales.

Can I deduct crypto investment losses?

Yes. Capital losses can offset gains in the same year. Unused losses carry forward for five subsequent tax years.

Always consult a Spanish tax advisor for personalized guidance, as regulations evolve rapidly. Proper compliance avoids penalties while maximizing your investment returns.