Crypto Tax Spain 2026 — Savings Tax, Modelo 720, 721
How Spain taxes Bitcoin and crypto in 2026: 19/21/23/27/28% savings tax brackets, FIFO cost basis, Modelo 720 and 721 foreign declarations, 6-month wash-sale rule.
11 min czytaniaTL;DR
Spain taxes crypto capital gains under the savings tax base (base del ahorro) at progressive rates from 19% to 28% in 2026. The brackets stack at 19% (0–6,000 EUR), 21% (6,000–50,000), 23% (50,000–200,000), 27% (200,000–300,000), and 28% above 300,000 EUR. Cost basis is FIFO. Mining and staking income are taxed as general income (renta general) at progressive rates up to 47%. Spanish residents with foreign crypto holdings exceeding EUR 50,000 must file Modelo 721 annually by 31 March, in addition to Modelo 720 for other foreign assets. A 6-month anti-wash-sale rule disallows losses if you rebuy the same crypto within six months. The annual income tax return (Renta, Modelo 100) is due between April and 30 June 2026 for the 2025 year.
Spain's Crypto Tax Landscape in 2026
Spain treats cryptocurrency as a digital intangible asset for tax purposes, not as currency or financial instrument. The Agencia Estatal de Administración Tributaria (AEAT — colloquially "Hacienda") has been one of Europe's most aggressive crypto enforcers since 2018, when it sent the first wave of warning letters to identified crypto holders.
By 2026 the Spanish framework has crystallized around three pillars: income taxation of disposals via the savings base, information declarations (Modelo 720 for foreign assets generally and the new Modelo 721 specifically for foreign crypto exchange holdings), and wealth tax / solidarity tax considerations for high-net-worth holders. Catalonia, Madrid, and the other autonomous communities also exercise some flexibility on rates for general income — relevant for staking and mining.
The introduction of Modelo 721 for tax year 2023 (first filed in March 2024) was the most significant change in Spanish crypto compliance in a decade. Combined with DAC8 reporting beginning in 2026, Hacienda now sees crypto holdings on both Spanish exchanges (already reported via Modelo 172/173 by exchanges themselves) and foreign exchanges held by Spanish residents.
Key Tax Rules
- Capital gains on crypto disposals taxed in the savings base at 19/21/23/27/28% in 2026.
- Mining and staking income taxed in the general base at progressive rates up to ~47% (state + autonomous community).
- Cost basis: FIFO, applied per token across all wallets.
- Crypto-to-crypto swaps are taxable at fair-market EUR value of the outgoing token.
- 6-month wash-sale rule disallows loss recognition if you rebuy the same crypto within 6 months (2 months for listed securities, 1 year for non-listed — crypto follows the homogeneous-asset rule, generally interpreted as 6 months).
- Modelo 721: foreign crypto exchange holdings > EUR 50,000 at any time (or year-end aggregate) must be declared by 31 March.
- Modelo 720: foreign assets (bank accounts, securities, property) > EUR 50,000 in each category must be declared by 31 March.
- Wealth tax (Impuesto sobre el Patrimonio) and Impuesto de Solidaridad de las Grandes Fortunas apply to crypto held above regional thresholds.
Tax Rates and Brackets 2026
Savings base (capital gains, including crypto disposals)
| Gain bracket (EUR) | Tax rate |
|---|---|
| 0 – 6,000 | 19% |
| 6,000 – 50,000 | 21% |
| 50,000 – 200,000 | 23% |
| 200,000 – 300,000 | 27% |
| > 300,000 | 28% |
Brackets are progressive — only the marginal portion is taxed at the higher rate.
General base (mining, staking, professional crypto income)
The general base combines state and autonomous community rates. Indicative national brackets (state portion only — communities add their own):
| Income bracket (EUR) | Approximate combined rate |
|---|---|
| 0 – 12,450 | ~19% |
| 12,450 – 20,200 | ~24% |
| 20,200 – 35,200 | ~30% |
| 35,200 – 60,000 | ~37% |
| 60,000 – 300,000 | ~45% |
| > 300,000 | ~47% (Madrid) – ~50% (Catalonia, Valencia) |
How Different Transactions Are Taxed
Buying crypto with EUR
Not a taxable event. Acquisition cost recorded for FIFO.
Selling crypto for EUR
A taxable disposal. Gain = sale proceeds − FIFO cost basis − allowable fees. Taxed in the savings base.
Crypto-to-crypto swaps
Taxable disposal. The outgoing token is valued at EUR fair market price; gain or loss recognized in the savings base.
Staking rewards
Taxed as rendimientos del capital mobiliario or general income depending on structure — most commonly general income at progressive rates on receipt at fair market value. The disposal of those tokens is then a separate savings-base event.
Mining
Generally classified as rendimientos de actividades económicas (economic activity income) when conducted as a business, with VAT and self-employment social security implications. Hobby-scale mining can be reported as general income.
Airdrops
If received without service: general income at fair market value at receipt. Subsequent disposal triggers savings-base capital gain or loss.
NFT trading
Sales of NFTs as personal investments: capital gains in savings base. Creators selling primary issuance: economic activity income, with 21% VAT in many cases (a specific 2023 AEAT consultation confirmed VAT on NFT primary sales).
Hard forks
New coins acquired at zero cost basis; subsequent disposal triggers full taxation on proceeds.
DeFi lending and yield
Generally taxed as capital gains on disposal of collateral plus general income on yield received.
Spending crypto
A taxable disposal at EUR fair market value at the moment of purchase.
Cost Basis Methodology
Spain mandates FIFO (First-In-First-Out) for crypto cost basis, applied per token across all wallets and exchanges held by the taxpayer. AEAT clarified this in its 2018 binding consultation (V0999-18) and has reaffirmed it consistently.
Practical consequence: long-held crypto is disposed of first when you sell. Investors with a mix of low-cost-basis early purchases and recent high-cost-basis additions cannot choose to sell the high-basis lot to minimize gain — the FIFO rule forces the oldest lot out first.
There is no "per wallet" or "per exchange" segregation allowed. Even crypto held on a hardware wallet enters the same FIFO queue as crypto held on Binance.
Reporting Requirements
Modelo 100 (Declaración de la Renta)
The annual income tax return. Filed between April and 30 June 2026 for the 2025 tax year. Crypto capital gains go in the savings base section; mining/staking income goes in the relevant general income box.
Modelo 721 (foreign crypto exchanges)
Introduced for tax year 2023, due by 31 March of the following year. Required if:
- Aggregate value of crypto holdings on non-Spanish exchanges exceeds EUR 50,000 at year-end, or
- Aggregate value exceeded EUR 50,000 at any point during the year (some interpretations).
Self-custody wallets (your own private keys, no third-party custodian) are not subject to Modelo 721.
Penalties for late or omitted Modelo 721: minimum EUR 300 per missing data set, escalating sharply for deliberate omission. Note that the harshest Modelo 720 penalties (which inspired Modelo 721) were struck down by the European Court of Justice in 2022 — Spain has since recalibrated penalties to be EU-compliant, but they remain serious.
Modelo 720 (other foreign assets)
For foreign bank accounts, foreign securities, foreign real estate each above EUR 50,000. Filed by 31 March.
Modelo 172 / 173 (informational, filed by exchanges)
Spanish-registered crypto service providers report user holdings and transactions directly to AEAT via these forms. You as a taxpayer do not file 172/173, but Hacienda already has this data.
Wealth tax (Impuesto sobre el Patrimonio)
Crypto enters the wealth tax base at year-end fair market value. Regional thresholds vary (Madrid effectively 100% bonificado; Catalonia thresholds from EUR 500,000).
Real-World Examples
Example 1: Modest crypto trader in Valencia
Carlos sold crypto for net gains of EUR 8,000 in 2025.
- First EUR 6,000 at 19% = EUR 1,140.
- Next EUR 2,000 at 21% = EUR 420.
- Total tax: EUR 1,560.
- Reporting: Modelo 100, savings base, by 30 June 2026.
Example 2: HODLer with foreign exchange triggering Modelo 721
Lucía has EUR 80,000 of BTC on Binance (registered in Malta, foreign for Spanish purposes) at year-end 2025 but did not sell anything during the year.
- No capital gain → no income tax due.
- Modelo 721 required by 31 March 2026 because year-end value exceeds EUR 50,000 on a foreign platform.
- Failure to file: EUR 300+ minimum penalty, plus reputational risk if AEAT finds the holding via DAC8.
Example 3: Staker hitting general income brackets
Andrés stakes ETH and earned EUR 12,000 of staking rewards in 2025 (in addition to a EUR 45,000 salary).
- Salary EUR 45,000 + staking EUR 12,000 = general base EUR 57,000.
- Marginal rate ~37%, so staking income largely taxed at 37% = ~EUR 4,440 additional tax.
- He then sold the staking-acquired ETH later for EUR 13,500: small EUR 1,500 capital gain in savings base at 19% = EUR 285.
DeFi Specifics
Liquidity provision: AEAT's 2024 binding consultations have started to treat LP token issuance as a swap/disposal event of the underlying tokens, mirroring the German approach. Each LP entry and exit is a savings-base event.
Yield farming and reward tokens: General income at receipt at EUR fair market value.
Lending (Aave, Compound, etc.): Yield is general income; the underlying deposit is generally not a disposal if you retain economic ownership and the protocol returns the same asset.
Wrapped tokens: Conservative treatment as taxable swap; lighter treatment defensible if no change in beneficial ownership.
NFT royalties received as creator: Economic activity income, VAT considerations.
Airdrops with governance participation requirement: General income at receipt.
Common Pitfalls
- Missing Modelo 721 because you "only" hold and don't trade. Holdings alone trigger the declaration if foreign exchange aggregate exceeds EUR 50,000.
- Triggering the 6-month wash-sale rule. Selling at a loss and rebuying the same crypto within 6 months disallows loss recognition.
- Treating self-custody as foreign-platform holding for Modelo 721. Self-custody is exempt; only third-party foreign custodians count.
- Forgetting that crypto-to-crypto is taxable. A common misconception; AEAT has been clear since 2018.
- Using LIFO or average-cost in tax calculations. Spain mandates FIFO; using anything else triggers reassessments.
- Ignoring wealth tax in Catalonia, Aragon, Asturias. Crypto enters the wealth base at year-end value.
- Mining as a hobby with no business registration when scale is industrial. AEAT can reclassify and demand back-VAT and social security.
- Late Renta filing. The 30 June deadline is hard; late filing penalties stack quickly.
What Software Helps
- Koinly — strong Spanish report (formato AEAT), FIFO applied automatically, includes Modelo 100 figures.
- CoinTracker — Spanish report option.
- Bitcoin.tax — Spain support since 2020.
- TaxScouts / TaxDown — Spanish boutique tax services that integrate crypto into the broader Renta filing.
- Cryptotax.io (Blockpit) — Austrian tool with Spanish report support.
For investors managing crypto alongside Spanish stocks, ETFs, and pension plans (planes de pensiones), Freenance provides a unified view of holdings across exchanges with EUR-denominated cost basis that complements purpose-built Spanish tax software.
FAQ
What is the crypto tax rate in Spain in 2026? Capital gains are taxed in the savings base at progressive rates: 19% on the first EUR 6,000 of gain, rising through 21%, 23%, 27%, and 28% above EUR 300,000. Mining and staking income are taxed in the general base at higher progressive rates.
Do I need to file Modelo 721 if my crypto is on Binance? If Binance is registered outside Spain (it operates from Malta and various other jurisdictions for EU users) and your aggregate balance there exceeds EUR 50,000 at year-end, then yes — Modelo 721 is required by 31 March.
Is self-custody crypto subject to Modelo 721? No. Modelo 721 specifically applies to crypto held on third-party foreign exchanges or custodians. Crypto in your own MetaMask, Ledger, or hardware wallet is excluded.
How are crypto losses treated in Spain? Losses in the savings base offset gains in the savings base. Excess losses can be offset against up to 25% of savings-base income or carried forward 4 years. The 6-month anti-wash-sale rule applies to repurchases.
Can I move to Andorra or Portugal to avoid Spanish crypto tax? Spain has no formal exit tax on crypto for individuals (yet). Tax residency rules require >183 days outside Spain plus a genuine center of economic interests elsewhere. Brief moves are scrutinized.
Disclaimer: This article is general guidance based on AEAT binding consultations, the Personal Income Tax Law (Ley 35/2006), and Modelo 721 implementing regulations as interpreted in early 2026. Spanish autonomous communities apply their own variations. Always consult a Spanish asesor fiscal for your specific situation before filing.
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