Spain Crypto Tax Guide 2025

Spain's tax authority (Agencia Estatal de Administración Tributaria - AEAT) treats cryptocurrency as a capital asset subject to progressive capital gains tax rates. Spain also requires mandatory foreign asset reporting via Modelo 720 for significant holdings. The tax treatment is becoming increasingly strict with new reporting requirements introduced in 2023.

Capital gains from cryptocurrency sales are reported on Modelo 100 (Annual Income Tax Return) and taxed at progressive rates: 19% (up to €6,000), 21% (€6,000-€50,000), 23% (€50,000-€200,000), 27% (€200,000-€300,000), and 28% (over €300,000). These rates are the same for short-term and long-term holdings—Spain does not offer preferential long-term rates.

If you hold more than €50,000 in cryptocurrency on foreign exchanges or platforms at December 31, you MUST file Modelo 720 by March 31 to declare foreign assets. This is separate from Modelo 100. Failure to file Modelo 720 carries severe penalties: minimum €10,000 fine or 150% of the undeclared amount. The €50,000 threshold applies per category (crypto is category 3), not total wealth.

Staking rewards, mining income, airdrops, and interest are treated as savings income (rendimientos del capital mobiliario) and subject to the same progressive rates as capital gains (19-28%). This income is reported on Modelo 100 alongside capital gains but in a different section.

Trading one cryptocurrency for another (e.g., BTC for ETH) is a taxable disposal in Spain. You must calculate the gain or loss in EUR at the moment of the trade. This applies to all swaps, including DeFi trades. Spain follows the EU consensus that crypto-to-crypto trades are taxable events.

Maintain detailed records of all transactions for at least 4 years (or 10 years if AEAT suspects fraud): transaction dates, values in EUR at time of transaction, exchange names, wallet addresses, transaction fees, and proof of cost basis. AEAT has data-sharing agreements with major exchanges and can cross-reference your declarations.

Starting with the 2023 tax year, Spanish tax residents must report all cryptocurrency transactions (buys, sells, transfers) quarterly via Modelo 172 or annually via Modelo 173. This requirement applies to exchanges operating in Spain. Foreign exchanges are not yet required to report, but this may change with EU DAC8 implementation.

If your total net wealth exceeds €700,000 (€1,000,000 in some regions), you must pay wealth tax on cryptocurrency holdings. Rates vary by region (0.2-3.5% typically). Cryptocurrency counts toward your total net wealth at fair market value on December 31.

Taxxy automatically generates Modelo 100 with proper capital gains calculations in EUR, identifies holdings requiring Modelo 720 reporting, categorizes income vs. capital gains for correct form placement, calculates wealth tax implications, and provides EUR valuations using historical ECB rates. The platform supports both quarterly and annual reporting needs.