FIFO and swaps
For homogeneous assets the Agencia Tributaria applies FIFO: when you sell part of a holding, the units bought first are treated as sold first. Its binding consultations (consultas vinculantes) on virtual currencies confirm FIFO and treat an exchange of one cryptocurrency for another as a permuta: a disposal of the coin you give, valued at the market value of what you receive.
Enter a swap as a sell of the coin you gave up at its euro value that day, and the received coin as a buy at the same value. Fees on purchase add to cost; fees on sale reduce proceeds.
The savings-base scale
State and regional rates combined for the savings base in 2025: 19% up to €6,000, 21% from €6,000 to €50,000, 23% from €50,000 to €200,000, 27% from €200,000 to €300,000 and 30% above €300,000 (the top rate was 28% in 2024 and was raised by Ley 7/2024). Because the scale is progressive, crypto gains are taxed on top of your other savings income — interest, dividends, share sales — which is why the calculator asks for that amount.
Losses from transmissions offset gains of the same type; a remaining net loss can offset up to 25% of positive savings income from interest and dividends and is carried forward for four years.
net gain = Σ FIFO gains and losses of the year (sales and swaps)
tax = savings scale applied to net gain, starting above other savings incomeSources and simplifications
Agencia Tributaria: IRPF manual (ganancias y pérdidas patrimoniales) at sede.agenciatributaria.gob.es and the savings-base scale in article 66 and 76 of Ley 35/2006 as amended by Ley 7/2024.
- The Basque Country and Navarre have their own tax regimes and are not covered; the scale shown is the common-regime one.
- Model 721 (foreign-held crypto over €50,000) and the wealth tax are separate obligations.
- Staking and lending rewards are capital income (rendimientos del capital mobiliario) and are not included.
Frequently asked questions
+What is the crypto tax rate in Spain in 2025?
Crypto gains are taxed in the savings base at 19% up to €6,000, then 21%, 23%, 27% and 30% above €300,000.
+Is a crypto-to-crypto swap taxable in Spain?
Yes. The Agencia Tributaria treats it as a permuta: a disposal of the coin you give up at the market value of what you receive.
+Which method does Spain use for cost basis?
FIFO for homogeneous assets: the earliest units bought are treated as the first sold.
+Can I carry forward crypto losses in Spain?
Yes, net losses in the savings base can be carried forward for four years, with limits on offsetting against interest and dividends.
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