Spain crypto tax 2026: IRPF, Modelo 721, and foreign exchange obligations

Spain’s crypto tax framework: the full picture

Spain has built one of the most comprehensive cryptocurrency tax regimes in the European Union. The framework draws on several legal sources and has evolved significantly since 2018, with key additions in 2022, 2023, and 2024:

• Ley 35/2006 (LIRPF) — the general income tax law that classifies crypto gains as capital gains (ganancias patrimoniales) and staking income as investment income (rendimientos del capital mobiliario)
• Ley 11/2021, de medidas de prevención del fraude fiscal — expanded the reporting framework and created the legal basis for domestic exchange reporting requirements
• Real Decreto 249/2023 — introduced Modelo 721 for virtual assets held abroad and created the detailed domestic reporting obligation for Spanish-registered crypto service providers
• Resolución del TEAC — the Spanish tax tribunal has issued several binding resolutions clarifying crypto classification, FIFO methodology, and DeFi treatment
• AEAT FAQ on cryptocurrency (published and updated since 2018) — the agency’s non-binding but influential administrative criteria on common crypto tax questions

The AEAT has invested significantly in crypto analytics capabilities. From 2023, Spanish exchanges are required to report all transactions above minimum thresholds to the AEAT directly, meaning the tax agency receives detailed customer-level transaction data from Binance España, Bit2Me, Kraken, and others. Cross-matching this data against IRPF returns is increasingly automated.

Capital gains: how the calculation works

Every disposal of cryptocurrency is a taxable event in Spain. A disposal occurs when you:

• Sell crypto for fiat (euros, dollars, etc.)
• Swap one crypto for another (ETH for BTC, ETH for a DeFi token, etc.)
• Use crypto to purchase goods or services
• Gift crypto to another person (gift is treated as a disposal at market value on the date of gift)
• Receive crypto as settlement for a debt or as compensation

Transfers between your own wallets (moving BTC from Coinbase to your Ledger hardware wallet) are not taxable — they are not disposals. However, documenting these transfers properly is essential so that the acquisition cost is correctly carried over and not lost.

The gain is: sale price (proceeds) minus acquisition cost minus transaction fees attributable to the disposal.

The acquisition cost is calculated using the FIFO method (Art. 37.2 LIRPF) — the first units acquired are deemed to be the first units disposed of. This means the cost basis for each disposal is taken from the earliest available purchases. In a rising market, FIFO typically produces higher gains (and therefore higher tax) than LIFO or average cost methods. Spain does not permit average cost (precio medio) for crypto.

The savings tax base: rates for 2026

Crypto capital gains and investment income (staking, certain DeFi yields) enter the base imponible del ahorro (savings tax base) and are taxed at the following progressive rates for 2026:

These rates apply to the net savings base — the combination of all savings-base gains minus savings-base losses, plus investment income minus investment income deductions. A crypto capital gain of €50,000 in the same year as a stock market loss of €20,000 produces a net taxable savings base from those two items of €30,000.

Critically, crypto losses cannot be applied against general income (salary, rental, self-employment) — they can only offset other savings-base gains and, to a limited extent (25%), savings-base income in the same year.

DeFi: the complex frontier

Decentralised finance (DeFi) creates particular complexity because many protocol interactions involve multiple token exchanges in a single transaction. Common DeFi scenarios and their Spanish tax treatment:

Liquidity pool provision. Depositing two tokens into a Uniswap or Balancer pool typically constitutes a disposal of the deposited tokens and an acquisition of LP tokens. When LP tokens are redeemed, the underlying tokens are re-acquired at their market value, and any difference from the original deposit is a gain or loss. Impermanent loss is reflected in the actual token quantities received on withdrawal, not as a separate deduction.

Yield aggregator deposits. Depositing into a Yearn or Convex-type vault may or may not be a taxable event depending on whether the vault token represents a distinct asset. Where vault tokens are freely tradeable and represent a different asset from the deposited token, the deposit is typically a disposal. BMC analyses each protocol individually.

Staking vs delegation vs liquid staking. Native protocol staking (running an Ethereum validator or delegating to one) where rewards accrue continuously are treated as income when each reward is received or credited. Liquid staking (depositing ETH to receive stETH or similar) involves a disposal of the deposited ETH and acquisition of the liquid staking token. stETH rebasing rewards are investment income as received.

Airdrops. Free token distributions (airdrops) are generally treated as capital gains at the moment of receipt, with an acquisition cost of zero and a gain equal to the market value at the time of receipt. If the airdropped tokens are later sold at a loss relative to their receipt value, that loss is deductible. Retroactive governance airdrops (UNI, OP, ARB-type distributions) follow the same treatment.

NFTs. Buying and selling NFTs is treated identically to other crypto asset transactions — gains are capital gains in the savings base, losses are capital losses. NFTs used as collateral for DeFi loans are not themselves taxable events, but the disposal of the NFT (including to repay a loan) is.

Modelo 721: the 31 March obligation for foreign exchanges

Real Decreto 249/2023 introduced Modelo 721 as the informational declaration for virtual assets held at foreign providers (non-Spanish exchanges and all self-custody wallets). The first applicable period was 31 December 2023, with the initial filing deadline in January–March 2024.

What must be declared on Modelo 721:

• All virtual assets held at foreign crypto exchanges (Binance International, Coinbase US, Kraken, OKX, Bybit, etc.) where the total value exceeds €50,000 on 31 December
• Virtual assets held in self-custody hardware wallets (Ledger, Trezor) and software wallets (MetaMask, Phantom, Keplr, etc.) above the threshold
• The declaration reports: provider name and country, wallet addresses for self-custody, token names, quantities held, and 31 December EUR valuations

The €50,000 threshold applies in aggregate across all foreign virtual assets — not per exchange or per token. If you hold Bitcoin worth €30,000 at Binance International and Ethereum worth €30,000 in a MetaMask wallet, the total is €60,000 and Modelo 721 is required.

Domestic exchange holdings (at Spanish-registered providers) are not declared on Modelo 721 — they are reported by the exchange directly to the AEAT under the domestic reporting regime introduced by Ley 11/2021.

Modelo 721 vs Modelo 720: what covers what

Note on stablecoins. USDC, USDT, and other fiat-pegged stablecoins are classified as virtual assets and go on Modelo 721. However, USD or EUR fiat balances held in the exchange’s fiat wallet (not in a token form) may be classified as bank accounts and go on Modelo 720. The distinction depends on how the exchange structures the fiat custody. BMC reviews each exchange’s terms to determine the correct classification.

Crypto under the Beckham Law

The Beckham Law (Art. 93 LIRPF) creates a special situation for cryptocurrency:

Assets acquired before becoming Spanish resident: Gains on crypto purchased before the start of the Beckham Law period are generally not taxable in Spain during the regime, because foreign-source income attributable to pre-residency acquisitions is generally outside Spanish tax. However, the analysis depends on the AEAT’s characterisation of the source country for the gain — a complex question for crypto with no obvious territorial nexus.

Assets acquired during the Beckham Law period: Gains on crypto purchased while the taxpayer is a Spanish resident (even under the Beckham Law) are taxable in Spain. The Beckham Law flat rate (24% or 15%) does not apply to investment income — savings-base capital gains are always taxed at the savings scale (19–28%), the same as for ordinary Spanish residents. This is a frequently misunderstood point.

Modelo 721 applies to Beckham Law holders: Despite being taxed under IRNR rules, Beckham Law holders are Spanish tax residents and must file Modelo 721 if they hold foreign crypto above the threshold. This was confirmed by AEAT administrative guidance in 2024.

Crypto and wealth tax (Impuesto sobre el Patrimonio)

Cryptocurrency holdings are subject to Spanish wealth tax (IP) for Spanish tax residents. The valuation is the market value on 31 December. Bitcoin at €95,000 per unit on 31 December 2025 is included in the IP base at €95,000 per unit. If total net worldwide assets (including crypto) exceed the applicable personal exemption, IP applies.

For Beckham Law holders, the situation is different: under the Beckham regime, IP applies only to Spanish-situs assets (non-resident rules). Crypto held at foreign exchanges or in self-custody wallets is generally treated as foreign-situs for IP purposes during the Beckham Law period. This is one of the less-publicised IP advantages of the Beckham Law for crypto-heavy taxpayers.

AEAT enforcement: what data the tax agency has

Spanish-registered exchanges (Binance España, Bit2Me, Kraken España, and others registered with the CNMV) are required by Ley 11/2021 and its development regulations to report annually to the AEAT:

• All customers’ opening and closing crypto balances
• All transactions (deposits, withdrawals, trades) above minimum thresholds
• Customer identification data

This means the AEAT has, from 2023 onwards, comprehensive transaction data for Spanish residents using Spanish exchanges. The cross-matching between this data and IRPF returns is automated through the Servicio de Análisis de Riesgos. The risk of undetected under-reporting from domestic exchange use is now extremely high.

For foreign exchanges, enforcement relies more on Modelo 721 filings, Modelo 720 cross-checks, and international information exchange under the DAC8 framework (which extends automatic exchange of crypto asset information across the EU from 2026).

What to do if you have unreported crypto gains from prior years

If you are a Spanish tax resident with prior-year crypto gains that were not declared on IRPF, voluntary regularisation (regularización espontánea) before any AEAT contact produces significantly lower outcomes than waiting for an inspection:

• Voluntary late IRPF amendment (declaración complementaria): surcharges of 5–20% depending on delay, no formal penalty
• If the AEAT contacts you first: formal penalty of 50–150% of underpaid tax, plus interest

BMC manages crypto tax regularisations covering multiple prior years. We reconstruct transaction histories from exchange records and on-chain data, calculate the correct IRPF position for each year, and file the corrected returns or supplementary declarations as a coordinated package.

BMC’s crypto tax service

Our crypto tax practice is designed for Spanish residents with complex portfolios: digital nomads on the Beckham Law, tech professionals who received equity and crypto compensation, DeFi-active investors, and NFT creators and collectors.

We use institutional-grade crypto tax software to handle high-transaction-volume portfolios, manual reconciliation for complex DeFi positions not handled by automated tools, and coordinated IRPF + Modelo 721 + Modelo 720 preparation to ensure full consistency across all declarations.

Frequently asked questions

Do I need to declare crypto if I have not sold anything? If you held crypto at a foreign exchange or wallet and the total value exceeded €50,000 on 31 December, you must file Modelo 721 by 31 March, even if you made no sales and have no taxable gains. Modelo 721 is an informational return — it does not create a tax liability. The tax liability only arises when you sell or swap.

I moved to Spain mid-year and acquired Spanish tax residency. Do I declare all my crypto holdings? From the year you become a Spanish tax resident, your worldwide income and assets are within the Spanish tax net (unless you are on the Beckham Law). You declare on IRPF any gains realised from the date you became resident. For Modelo 721, the threshold check is based on the 31 December balance — if you became resident in November and your crypto was above €50,000 at 31 December, you file Modelo 721 for that year. For the Beckham Law regime, gains on pre-residency crypto are generally excluded.

Can I offset crypto losses against gains on Spanish shares? Yes — both are in the savings base. Net crypto losses can be offset against net gains from Spanish or foreign shares, investment funds, and real estate (savings base only). Crypto losses cannot be offset against salary, rental income, or other general-base income.

How does the AEAT know about my Binance or Coinbase holdings? For Spanish-registered Binance entities, the exchange reports directly to the AEAT under the domestic reporting framework. For foreign entities (Binance International, Coinbase US), the AEAT relies on Modelo 721 filings and the increasingly automated EU information exchange framework (DAC8, applicable from 2026). After 2026, EU-wide automatic reporting of crypto transactions will significantly expand the AEAT’s visibility into foreign exchange holdings.

What if I use a hardware wallet and no exchange? Self-custody wallets (Ledger, Trezor, MetaMask) are covered by Modelo 721 if the total value exceeds €50,000. There is no reporting entity to submit data to the AEAT on your behalf — the compliance burden is entirely on you. On-chain transaction records are permanent and accessible, and as the AEAT develops analytics capabilities, previously invisible on-chain activity may become visible through address-clustering and exchange-linked transfer tracking.