Understanding Crypto Tax Obligations in Spain
As cryptocurrency adoption grows in Spain, so does tax authorities’ scrutiny. The Spanish Tax Agency (Agencia Tributaria) treats crypto as taxable assets, not currency. Whether you’re trading Bitcoin, earning staking rewards, or receiving NFT airdrops, you must report gains. Failure to comply can trigger audits, penalties of 150% of unpaid tax plus interest, and even criminal charges for severe cases. This guide breaks down Spain’s crypto tax framework for 2023.
What Crypto Activities Are Taxable?
You must report:
- Selling crypto for fiat currency (e.g., converting BTC to EUR)
- Trading between cryptocurrencies (e.g., swapping ETH for SOL)
- Spending crypto on goods/services (e.g., buying electronics with crypto)
- Mining income (treated as business/self-employment income)
- Staking rewards and airdrops (valued at market price when received)
- Crypto interest from lending platforms
Note: Transfers between your own wallets and holding crypto long-term aren’t taxable events.
Key Deadlines and Required Tax Forms
Spanish residents report crypto annually:
- Income Tax (IRPF): File Modelo 100 between April-June 2024 for 2023 earnings
- Foreign Assets Declaration: If holding >€50,000 in foreign exchanges, submit Modelo 720 by March 31, 2024
- Self-Employment (Autónomos): Miners/frequent traders may need quarterly Modelo 130 declarations
Late filings incur minimum €100 fines plus penalty interest.
Step-by-Step Reporting Process
- Gather Records: Compile transaction history from all exchanges/wallets, including dates, values in EUR, and transaction types.
- Calculate Gains/Losses:
- For sales/trades: Gain = Selling Price – Purchase Price + Fees
- Use FIFO (First-In-First-Out) method for cost basis calculation
- Apply Tax Rates:
- Capital Gains: 19% (first €6,000), 21% (€6,000-€50,000), 26% (>€50,000)
- Mining/Staking: Treated as ordinary income (19%-47% based on total earnings)
- Complete Modelo 100: Report gains in Box 122 (capital gains) or Box 022 (other income)
- Pay Taxes Owed: Submit electronically via Agencia Tributaria’s website with digital certificate
Common Reporting Mistakes to Avoid
- ❌ Ignoring small transactions – Every trade/spend event counts
- ❌ Forgetting foreign exchange holdings (Modelo 720 requirement)
- ❌ Miscalculating cost basis – Use acquisition price plus fees
- ❌ Overlooking airdrops/staking rewards as taxable income
- ❌ Missing loss declarations – Capital losses offset future gains
FAQ: Crypto Taxes in Spain
Q: Do I pay taxes if I hold crypto without selling?
A: No. Taxes apply only when you dispose of crypto through sales, trades, or purchases.
Q: How are crypto-to-crypto trades taxed?
A: Each trade is a taxable event. Calculate gain/loss based on EUR value when traded.
Q: Are there tax-free thresholds?
A: Only for capital gains under €1,000/year. All other crypto income is fully taxable.
Q: Can I deduct crypto losses?
A: Yes. Capital losses offset gains and can be carried forward 4 years.
Q: What records must I keep?
A: Retain transaction logs, wallet addresses, and exchange statements for 5 years.
Final Tip: Use crypto tax software like Koinly or TaxDown to automate calculations. When in doubt, consult a gestor (Spanish tax advisor) specializing in cryptocurrency. Proper reporting avoids penalties while keeping your crypto journey compliant in Spain.
