Crypto Tax in Spain
Overview
Spain taxes cryptocurrency as part of its savings income (rentas del ahorro) regime. Capital gains from disposing of crypto are taxed at progressive rates ranging from 19% to 28%. Crypto received as income (salary, mining, airdrops, staking) is taxed as general income at progressive rates up to 47%. Spain introduced Modelo 721 in 2024, requiring residents to declare crypto held on foreign platforms exceeding €50,000 in value. The Agencia Tributaria has been actively pursuing crypto tax compliance, sending thousands of warning letters to crypto holders.
Key Points
Capital gains taxed at 19%-28% progressive savings rates, Crypto income taxed at general rates up to 47%, Modelo 721 for foreign crypto holdings over €50,000, Wealth tax applies in most regions (0.2%-3.5%), Crypto-to-crypto trades are taxable events, Losses can offset gains within savings income, Spain actively enforces crypto tax compliance
Tax Rates
Savings income (capital gains): €0-€6,000 at 19%, €6,000-€50,000 at 21%, €50,000-€200,000 at 23%, €200,000-€300,000 at 27%, over €300,000 at 28%. General income (mining/staking): 19%-47% progressive.
Reporting Requirements
Report gains on annual IRPF tax return (Modelo 100). File Modelo 721 if foreign crypto exceeds €50,000. Modelo 720 may also apply for other foreign assets. Filing period: April 1 to June 30. Report to Agencia Tributaria (AEAT).
Tips & Recommendations
Track cost basis for every crypto-to-crypto swap as each is taxable. File Modelo 721 on time to avoid steep penalties. Consider the wealth tax impact in your autonomous community. Use FIFO method for cost basis calculations. Losses from crypto can offset other savings income gains.
Disclaimer: This guide is for informational purposes only and does not constitute tax advice. Tax laws change frequently. Always consult a qualified tax professional for advice specific to your situation.
Related Tax Guides
Crypto Tax in Australia
The ATO (Australian Taxation Office) treats cryptocurrency as a CGT asset. Capital gains rules apply on disposal. A 50% CGT discount is available for assets held over 12 months. The ATO is very active in crypto enforcement — they receive data from exchanges and have sent letters to hundreds of thousands of Australians about unreported crypto gains.
Crypto Tax in Canada
The CRA (Canada Revenue Agency) treats cryptocurrency as a commodity, and gains from disposing of it are generally treated as capital gains (50% inclusion rate) or business income (100% inclusion) depending on the facts. If you're a frequent trader trading as a business, 100% of gains are taxable. Most individual investors get the 50% capital gains inclusion rate.
Crypto Tax in Japan
Japan's National Tax Agency classifies cryptocurrency gains as 'miscellaneous income', subject to progressive income tax rates up to 55% (including local taxes). This is one of the highest crypto tax rates globally. Japan has been working on proposals to reduce crypto tax rates, particularly for long-term holdings, but as of 2024 the high rates remain in effect.
Crypto Tax in Singapore
Singapore has no capital gains tax, making it one of the most attractive jurisdictions for cryptocurrency investors. However, if cryptocurrency trading constitutes a trade or business, the gains are taxable as income at corporate or personal income tax rates. The IRAS (Inland Revenue Authority of Singapore) determines this based on the 'badges of trade' — frequency, volume, and intention.