What tax rate applies to crypto gains in Spain in 2025?

Spain taxes crypto disposal gains as savings income on five progressive bands: 19% on the first EUR 6,000, 21% on EUR 6,001-50,000, 23% on EUR 50,001-200,000, 27% on EUR 200,001-300,000, and 30% above EUR 300,000. The top rate rose from 28% to 30% effective 1 January 2025 per AEAT IRPF 2025 guidance.

Who must file Modelo 721 and by when?

Spanish tax residents holding crypto assets worth more than EUR 50,000 on foreign exchanges or third-party custodial wallets at 31 December must file Modelo 721 by 31 March of the following year. The form is informational and does not itself create a tax payment. Self-custodied wallets where the taxpayer controls private keys are excluded from the requirement.

Are crypto-to-crypto swaps taxable in Spain?

Yes. Every crypto-to-crypto swap is a taxable disposal under Article 33 LIRPF. The gain equals the EUR market value of the received asset at the swap date minus the FIFO cost basis of the disposed asset. No deferral applies when no fiat currency is received. This distinguishes Spain from France, which exempts crypto-to-crypto swaps under Article 150 VH bis CGI.

How does Spain tax cryptocurrency mining income?

Mining rewards received habitually with organised means of production are taxed as economic-activity income at the general IRPF progressive scale (up to 47% nationally) under Article 27 LIRPF, not at the lower savings-income rates. Registration as autónomo under IAE code 832.9 is typically required. Hardware and electricity costs are deductible against the mining income in the same tax year.

What cost-basis method does AEAT require for cryptocurrency?

AEAT requires the First-In-First-Out (FIFO) method, applied separately per cryptocurrency type per wallet or exchange account. The acquisition cost includes the original EUR purchase price at the applicable exchange rate plus direct transaction costs. Each wallet is a separate FIFO queue; lots are not pooled across wallets holding the same coin type.

Crypto Taxation in Spain — Rates, Rules & Filing

Spain's Agencia Tributaria (AEAT) treats cryptocurrency as a property right under Article 33 of the Personal Income Tax Law (Ley 35/2006, LIRPF). Gains from disposal fall into the savings-income base (renta del ahorro), confirmed in AEAT binding consultations V1029-15 and V0808-18. This page summarises the 2025 rules; it does not constitute professional tax guidance. Readers should consult a qualified tax professional registered with AEAT before filing.

How are crypto disposal gains taxed in Spain?

Crypto-asset disposals by Spanish tax residents are integrated into the savings-income base and taxed at the national progressive scale set out in Article 66 LIRPF. The five bands that apply from 1 January 2025 are shown in the table below. The top rate was raised from 28% to 30% for amounts above EUR 300,000 effective 1 January 2025 (confirmed by PwC Worldwide Tax Summaries, last reviewed 31 December 2025). Holding period does not affect the rate; a disposal after one day is taxed identically to one after ten years. Gains integrate with all other savings-base income (dividends, interest) before the progressive scale is applied, so large crypto profits can push ordinary investment income into higher bands in the same year.

What is the savings-income tax rate table for crypto gains?

The five-band national scale for renta del ahorro, confirmed in the AEAT IRPF 2025 practical manual (sede.agenciatributaria.gob.es), is as follows:

Savings taxable income (EUR)	National rate
0 to 6,000	19%
6,001 to 50,000	21%
50,001 to 200,000	23%
200,001 to 300,000	27%
Above 300,000	30%

The scale is progressive: each band applies only to the slice of income within it, not to the total gain. Autonomous communities apply a supplemental regional savings-base scale alongside the national scale; combined rates may differ slightly by region, but the national portion shown above is fixed for all Spanish residents.

How does AEAT determine the cost basis for crypto disposals?

Spain uses the First-In-First-Out (FIFO) method, applied per cryptocurrency type per wallet, as confirmed in AEAT binding consultation V0999-18 (cited in the IRPF 2025 manual chapter on virtual currencies, sede.agenciatributaria.gob.es). This means that when a taxpayer disposes of, say, bitcoin held across three exchanges, each exchange is treated as a separate FIFO queue: the earliest lots on each platform are deemed sold first. Acquisition cost includes the original purchase price in EUR at the applicable exchange rate plus direct transaction costs (network fees, exchange commissions). Disposal proceeds are the EUR equivalent at the date of transfer. A crypto-to-crypto swap is itself a taxable disposal under Article 33 LIRPF: the gain is the EUR market value of the received asset at the swap date minus the FIFO cost basis of the disposed asset.

What is Modelo 721 and who must file it?

Modelo 721 -- Declaracion Informativa sobre Monedas Virtuales Situadas en el Extranjero -- is the annual information return for foreign-held crypto assets, introduced by Orden HFP/886/2023 and updated by Orden HAC/1504/2024. Spanish tax residents must file if the aggregate market value of crypto assets held on non-Spanish exchanges or in third-party custodial wallets abroad exceeds EUR 50,000 as at 31 December of the relevant tax year (confirmed: Benavides Asociados; Tytle.io citing AEAT guidance). The filing window is 1 January to 31 March of the following year. Self-custodied wallets where the taxpayer holds private keys independently are outside the Modelo 721 scope per AEAT FAQ (sede.agenciatributaria.gob.es). Modelo 721 is informational only -- it does not create a direct tax liability -- but it is the primary AEAT audit-trail instrument for offshore crypto holdings. Standard IRPF late-filing penalties apply for non-compliance following the proportionate regime enacted after the Court of Justice ruling in C-788/19. Modelo 721 is separate from Modelo 720 (general foreign-asset declaration); each has its own EUR 50,000 threshold tested independently.

How are mining and staking rewards taxed?

Crypto mining rewards are taxed as economic-activity income (rendimientos de actividades economicas) under Article 27 LIRPF when conducted habitually and with organised means of production -- typically requiring autónomo registration under IAE code 832.9. The fair market value of coins on the date of receipt is reported as general-base income, subject to the standard IRPF general-base progressive scale (up to 47% at national level, higher in some regions) plus autónomo social-security contributions. Hardware and electricity costs are deductible against the mining income. Passive staking rewards -- where a taxpayer delegates tokens to a validator pool using third-party infrastructure and receives yield -- are generally treated as movable-capital income (rendimientos del capital mobiliario) under Article 25 LIRPF and enter the savings base, taxed at the 19-30% savings scale rather than the general-income scale. In both cases, the receipt fair-market value establishes the new cost basis for the eventual disposal event, which generates a second, independent savings-base gain or loss at that time.

For country-level background on Spain's tax system and residency rules, see the Spain country overview and the Spain expat-tax-residency guide.

The rules summarised here reflect AEAT guidance as at 2025. Individual circumstances, autonomous-community supplements, treaty positions, and professional-activity classification all affect the outcome materially. A tax professional with Spanish IRPF accreditation should be consulted before filing.

Crypto Taxation in Spain

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