Crypto Taxation in Europe: Spain vs Portugal, Germany, and France
One of the most frequently searched topics by Spanish crypto investors is whether it’s worth changing tax residency to pay fewer taxes. This article provides a thorough and updated comparison (2025) of cryptocurrency taxation in Spain, Portugal, Germany, and France.
Spain: The Reference Framework
Gains from Crypto Sales (Savings Base GPO)
- From €0 to €6,000: 19%
- From €6,000 to €50,000: 21%
- From €50,000 to €200,000: 23%
- From €200,000 to €300,000: 27%
- Over €300,000: 28%
Staking, Yield Farming, Airdrops
- Investment income → same savings rate (19%-28%).
- Airdrops and miningLarge rewards → debated: general base (up to 47%) or savings base?
Exemptions
- No holding period exemption.
- Losses can be offset against gains in the same year (and the following 4 years) in the savings base.
Reporting
- Form 172 (mandatory for exchanges with a Spanish presence).
- Form 721 (crypto abroad > €50,000).
- DAC8 (progressive implementation until 2026).
Portugal: The Paradise That Was (and the 2023 Reforms)
The Situation Until 2022 (The "Crypto Paradise")
For years, Portugal was Europe’s "crypto tax haven" because there was NO taxation on crypto gains for individuals. It was completely tax-free.
The 2023 Reform: IRS on Cryptoassets
With the 2023 Budget Law, Portugal introduced a specific tax on cryptoassets:
Gains from Crypto Sales (Capital Gains):
- Assets held less than 1 year: flat rate of 28% (or integration into the general base, up to 48% if more favorable).
- Assets held more than 1 year: EXEMPT from taxation.
This exemption for holding periods longer than 1 year is the key differentiator from Spain. An investor in BTC who bought it 2 years ago can sell it tax-free in Portugal.
Crypto Income (Staking, Lending):
- Flat rate of 28% (as investment income).
Crypto Mining:
- Considered an economic activity → taxed as employment or professional income (up to 48% + social security).
The NHR (Non-Habitual Resident): Additional Advantage
Portugal’s special NHR tax regime (now transformed into IFICI from 2024 after the reform) can provide additional exemptions or reduced rates for foreign residents for 10 years.
Germany: The One-Year Exemption
The European Benchmark for Long-Term Holding
Gains from Crypto Sales:
- Assets held less than 1 year: taxed as ordinary income → marginal rate of 14%-45% + solidaritätszuschlag (5.5% on IS).
- Assets held more than 1 year: EXEMPT (§ 23 EStG: private assets held for more than 1 year are not subject to the Jahresfrist).
This one-year exemption rule is the foundation of the German strategy: buy crypto and hold for at least 366 days before selling.
De Minimis Threshold: Gains < €600 annually from "Spekulationsgeschäfte" (speculative transactions < 1 year) are exempt.
Staking and Yield Farming: In 2022, the German Ministry of Finance issued draft guidelines stating:
- Staking rewards are ordinary income upon receipt.
- If held for more than 10 years (extended from 1 year for staking due to the extension) → exempt upon sale.
- This extension to 10 years has been debated, and its exact application remains under discussion.
Airdrop: Ordinary income upon receipt if action is required; if no action is required → may be exempt at the time of receipt with GPO upon sale.
German IRPF Marginal Rates
- Bracket from €0 to ~€11,604: exempt (Grundfreibetrag).
- Bracket from ~€11,604 to ~€66,761: 14%-42%.
- Over ~€66,761: 42% (+ 5.5% Soli).
- Over €277,826: 45% (Reichensteuer).
France: Favorable Flat Rate but No Time-Based Exemption
PFU (Prélèvement Forfaitaire Unique) for Crypto
Gains from Crypto Sales:
- Flat rate of 30% (PFU): includes 12.8% IR + 17.2% social contributions.
- Option: tax at the marginal rate of the progressive scale if more favorable (generally not for high incomes).
No Holding Period Exemption: Unlike Germany and Portugal, France does not offer an exemption for holding assets for more than 1 year.
De Minimis Threshold: Annual capital gains < €305 → exempt.
Staking and Mining:
- Since 2023: staking and mining rewards are classified as BIC/BNC (analogous to economic activity income) → progressive scale rate (up to 45%).
- Upon selling tokens received from staking → 30% PFU.
France vs Spain Comparison:
- For gains > €50,000, France (30% flat) is generally more favorable than Spain (up to 28% for gains but with the progressive savings rate).
- For lower incomes (< €50,000), the rates are similar.
Summary Comparison Table (Crypto Gains, 2025)
| Country | < 1 Year | > 1 Year | Staking | Mining | Reporting |
|---|---|---|---|---|---|
| Spain | 19-28% | 19-28% | 19-28% (RCM) | Up to 47% (AE) | Form 172/721 |
| Portugal | 28% | EXEMPT | 28% | Up to 48% (AE) | IRS Declaration |
| Germany | 14-45% | EXEMPT | Ordinary Income | 14-45% (AE) | Jahresfrist |
| France | 30% (PFU) | 30% (PFU) | Up to 45% (BIC) | Up to 45% (BIC) | 30% PFU |
Is It Worth Changing Residency?
Factors to Consider
- Size of Crypto Portfolio with Capital Gains: The larger it is, the more impact the change will have.
- Planned Holding Period: Germany and Portugal are ideal for long-term HODLers.
- Costs of Changing Residency: Rent, actually living in the country, bureaucratic management, disconnecting from Spain.
- Spanish Exit Tax: Leaving Spain with latent capital gains > €4M in shares may trigger this tax.
- Actual Days of Presence: You must spend >183 days in the new country and <183 in Spain.
- Remaining Economic Ties: If your main economic activity remains in Spain, you may still be considered a Spanish tax resident even if you live elsewhere.
The AEAT "Blacklist"
The AEAT closely monitors residents who move to low-tax countries "fictitiously." Portugal and Germany are countries with normal taxation (not tax havens), so genuinely relocating there does not raise special suspicion.
Updated: April 2026 | Tax Year: 2025