Spain

Spain's Agencia Estatal de Administración Tributaria (AEAT) has issued detailed guidance on cryptocurrency taxation, classifying crypto as an asset generating capital gains or losses on disposal. The framework is clear and comprehensively documented, but it is also one of the most administratively demanding in Europe — particularly the obligation to declare foreign-held crypto assets above €50,000 on Modelo 721, a reporting form introduced specifically for digital assets. AEAT is among the most aggressive tax enforcement agencies in the EU, with a dedicated crypto monitoring programme and active use of exchange data. DAC8 reporting has been active from 2026.

Core Tax Treatment

Gains from crypto disposals are classified as capital gains (ganancias patrimoniales) and taxed at progressive rates on the "savings income" tax base:

19% on the first €6,000 of net gains; 21% on €6,001–€50,000; 23% on €50,001–€200,000; 26% on €200,001–€300,000; 28% on gains above €300,000.

These rates apply to net annual gains — after offsetting losses from other capital asset disposals in the same year. There is no annual exemption, no holding period benefit, and no distinction between short-term and long-term gains. Crypto-to-crypto swaps are taxable disposals. FIFO is the mandatory cost basis method.

Progressive CGT Scale and High-Gain Implications

The progressive structure means that the marginal rate on large gains reaches 28% — significantly higher than flat-rate jurisdictions. A €400,000 net gain produces a blended effective rate of approximately 25%, with the top slice taxed at 28%. For investors with very large single-year realisations, the progressive structure creates an incentive to spread disposals across multiple years to manage the effective rate.

Losses from crypto disposals can offset capital gains from other assets (equities, property). Net capital losses that cannot be fully offset in the current year can be carried forward for four years.

Modelo 721 — Foreign Crypto Declaration

Spain introduced Modelo 721 — a mandatory declaration of virtual assets held abroad — effective from 2023 (for the 2022 fiscal year). Spanish tax residents must file Modelo 721 if the total value of crypto held on foreign platforms (exchanges, wallets held with non-Spanish custodians) exceeds €50,000 at any point during the calendar year. The declaration is informational — it does not create a separate tax liability — but failure to file, or filing with incorrect information, carries automatic penalties starting at €5,000 per data item. The penalties for non-disclosure via Modelo 721 are among the most severe for any informational return in the EU.

Modelo 721 is filed separately from the annual income tax return (Modelo 100), with a deadline of 31 March for the prior calendar year. Crypto held in self-custody wallets where the taxpayer has sole control is also within scope under AEAT's interpretation, not just exchange-held assets.

Wealth Tax

Spain's wealth tax (Impuesto sobre el Patrimonio) applies in most regions to net wealth above €700,000 (or €500,000 in some regions), at rates of 0.2–3.75% depending on the region. Crypto assets are included in the wealth tax base at their market value on 31 December. The Madrid region temporarily bonified the wealth tax to 0% for years when this applied, but several other regions maintain full rates. Taxpayers in Catalonia, the Basque Country, or other high-rate regions with significant crypto holdings face a material annual wealth tax obligation in addition to CGT.

Mining and Staking

Mining and staking income is treated as ordinary income (rendimientos de actividades económicas) taxed at progressive income tax rates of 19–47%, plus social security contributions where the activity constitutes a professional or business operation. The income is assessed at the euro market value at the date of receipt. Tokens received as mining or staking income then have their own acquisition cost for future CGT purposes.

AEAT Enforcement

AEAT has one of the most active crypto enforcement programmes in Europe. It has used exchange data, blockchain analytics, and Modelo 721 filings to identify and audit non-compliant taxpayers. The combination of DAC8 exchange reporting from 2026 and mandatory Modelo 721 declarations gives AEAT comprehensive visibility into Spanish residents' crypto holdings. Individuals with unresolved historic compliance issues should take advice on voluntary regularisation before AEAT's data matching capability is fully operational.

Reporting

Capital gains are declared in the Modelo 100 annual income tax return, filed by 30 June for the prior calendar year. Modelo 721 is filed separately by 31 March. Taxpayers with business-scale mining or trading operations may also need to register for VAT and file quarterly returns.