Spain Capital Gains Tax Guide 2026 — Shares, Property & Crypto (19-28%)

Overview of CGT in Spain

• Tax base: Capital gains (ganancias patrimoniales) in Spain are included in the savings tax base (base imponible del ahorro) for residents. This means they are taxed separately from employment and business income, at a different — generally favourable — scale.
• Residents vs. non-residents: Spanish residents are taxed on their worldwide capital gains (gains on assets wherever located). Non-residents are taxed only on gains from Spanish-situated assets (primarily real estate, shares in Spanish companies, and certain other Spanish assets).
• Definition of a gain: A capital gain is generally the positive difference between the acquisition value (cost plus costs of acquisition and improvements) and the transfer value (sale price minus costs of sale). Losses (pérdidas patrimoniales) are calculated similarly.

Rates for Residents 2026

• Up to €6,000 — 19%: The first €6,000 of capital gains (net of losses) are taxed at the lowest savings rate of 19%. This covers the majority of small investors' gains.
• €6,001 to €50,000 — 21%: Gains falling in this bracket are taxed at 21%. This bracket covers most moderate gains from investments.
• €50,001 to €200,000 — 23%: The rate increases to 23% for gains in this range. This is where most significant property gains and large share disposals fall.
• €200,001 to €300,000 — 26%: At 26%, this bracket applies to very substantial gains.
• Over €300,000 — 28%: The top savings rate of 28% applies to gains exceeding €300,000. This is the maximum marginal rate for capital gains (significantly lower than the top IRPF income rate of 47%).

Shares & Securities

• General rule: Gains from the sale of shares, bonds, and other securities are treated as savings income. The calculation is straightforward: sale price (minus sale costs) minus acquisition price (plus acquisition costs).
• Listed shares: For shares listed on a stock exchange, the gain is the difference between sale price and the average acquisition cost (if shares were bought at different times). The FIFO method may apply for partial sales.
• Reinvestment exemption for start-ups: Gains from the sale of shares in newly created companies (empresas de nueva o reciente creación) may be exempt if the proceeds are reinvested in another qualifying start-up within 1 year. The exemption is capped at the general limits of the start-up promotion regime.
• Stock options: Gains from stock options (options on shares in the employing company) are generally treated as employment income (rendimientos del trabajo) rather than capital gains, up to a certain threshold. The excess over €50,000 is treated as savings income.
• Tax-free transfers (traspasos): Transfers of units between Spanish-regulated investment funds (fondos de inversión) are not a taxable event. The tax is deferred until the units are finally redeemed. This allows investors to switch between funds without triggering CGT — a significant advantage for portfolio management.
• Fondos garantizados: Guaranteed investment funds also benefit from the traspaso deferral regime. Foreign UCITS funds may not qualify for traspaso treatment in all cases.

Property

• No indexation relief (post-2014): For property acquired after 31 December 2014, the gain is calculated in nominal terms (sale price minus purchase price, adjusted only for documented costs and improvements). There is no indexation relief to adjust for inflation.
• Transitional rules (pre-1994): Property acquired before 31 December 1994 benefits from transitional rules that can reduce the taxable gain. The number of days the property was held between the acquisition date and 19 January 2006 is used to calculate a reduced gain on the portion until that date, subject to a cap of €400,000 (per taxpayer) for properties acquired before 31 December 1994.
• Principal residence exemption — over 65: If you are 65 or older, the capital gain on the sale of your principal residence (vivienda habitual) is fully exempt. There is no cap on the exemption amount, and no requirement to reinvest.
• Principal residence — under 65 reinvestment: If you are under 65, the gain on the sale of your principal residence is deferred (no tax due at the time of sale) if you reinvest the entire proceeds in a new principal residence within 2 years. The deferred gain reduces the acquisition cost of the new property, and the tax becomes due when the new property is sold (unless reinvested again or an exemption applies).
• Improvements: Capital improvements to the property (structural changes, major renovations, extensions) can be added to the acquisition cost, reducing the taxable gain. The improvement must be documented with invoices and building permits.

Crypto Gains

• Treatment as savings income: Gains from the sale or exchange of cryptocurrencies and other cryptoassets are treated as savings income (ganancias patrimoniales) and taxed at the same progressive rates as other capital gains (19–28%).
• Crypto-to-crypto trades: Exchanging one cryptocurrency for another (e.g., Bitcoin for Ethereum) is a taxable event in Spain. The gain is calculated as the difference between the market value of the crypto received and the acquisition cost of the crypto given up. All trades must be declared on an annual basis.
• Reporting obligations: In addition to declaring gains in the annual IRPF return (Modelo 100), crypto holders may need to file: (a) Modelo 172 — an annual information return on crypto balances held in foreign exchanges and wallets (if the total holding exceeds €50,000), (b) Modelo 173 — for crypto held on Spanish platforms. The AEAT receives data from Spanish crypto exchanges and some foreign exchanges under international information-sharing agreements.
• Mining and staking: Income from mining and staking is treated as economic activity income (if carried on professionally and regularly) or as other capital income (if occasional). The income is the market value of the crypto received at the time of receipt, and expenses (electricity, hardware) may be deductible if it constitutes an economic activity.
• NFTs: Sales of NFTs are treated as capital gains (if the NFT is held as an investment) or as business income (if the creator sells their own work). The tax treatment depends on the nature of the activity.
• Airdrops and hard forks: Crypto received via airdrops or hard forks is treated as a capital gain at the time of receipt, valued at market price. The cost basis is generally zero unless the taxpayer can demonstrate a cost.

Loss Offsets

• Same-year offsetting: Capital losses in the same tax year can be offset against capital gains in the same year. Losses are first offset against gains of the same type (e.g., share losses against share gains, property losses against property gains).
• Carry forward — 4 years: If losses exceed gains in a given year, the excess can be carried forward for up to 4 years and offset against future capital gains. After 4 years, any remaining loss expires.
• Limitation on offsetting: As of recent reforms, the offsetting of losses from transfers of assets (capital losses) against gains from other capital gains is subject to certain limits: losses from shares and funds can only be offset against gains from the same type, and losses from transfers of assets cannot be offset against the general tax base (only against the savings tax base).
• Wash sale rule: Spain does not have a specific wash sale rule (like the US), but the AEAT may challenge transactions that appear to be artificial or aimed solely at tax avoidance (the GAAR — general anti-abuse clause in the LGT — Ley General Tributaria).

Non-Resident CGT

• EU/EEA residents (with certificate): Non-residents who are resident in another EU/EEA member state and hold a valid certificate of tax residence are taxed at 19% on capital gains from Spanish assets. The gain is calculated net of costs and improvements.
• Non-EU residents: Non-residents from outside the EU/EEA are taxed at 24% on capital gains from Spanish assets.
• Property sales — 3% withholding: When a non-resident sells property in Spain, the buyer must withhold 3% of the sale price and remit it to the AEAT within 30 days. The seller files a non-resident tax return (Modelo 210) to calculate the final tax due, and any excess withholding is refunded (or additional tax paid if the gain exceeds the 3% of the sale price).
• Shares in Spanish companies: Non-residents selling shares in Spanish companies are generally not subject to Spanish CGT unless the shares represent a substantial holding (≥25% in certain circumstances for non-residents from tax havens) or the assets of the company consist mainly of Spanish real estate (the "look-through" provision). Most sales of listed shares by non-residents are exempt under the applicable provision of the IRNR.

CGT Exemptions

• Principal residence over 65: Full exemption on the sale of the main residence for taxpayers aged 65+ (no cap, no reinvestment required).
• Reinvestment in principal residence (under 65): Deferral of the gain if the proceeds are reinvested in a new main residence within 2 years.
• Exemption for reinversión en empresas de nueva creación: Gains from the sale of shares in qualifying start-ups may be exempt if reinvested in other qualifying start-ups.
• Gifts to family: Capital gains can arise on gifts (donations) of assets. The gain is the difference between the market value at the date of the gift and the acquisition cost. However, gifts to lineal descendants and ascendants are treated as a capital gain at market value, which is then subject to ISD (inheritance and gift tax) on the donee side.

FAQ

Are capital gains taxed as ordinary income in Spain?

No, capital gains for residents are taxed under the savings tax base (base del ahorro) at separate, generally lower progressive rates (19–28%) rather than the general income rates (19–47%). This makes Spain relatively favourable for investors compared to countries that tax capital gains as ordinary income.

What is the cost basis for inherited shares?

For inherited shares, the cost basis is the market value at the date of death (or the value used for inheritance tax purposes). This means the beneficiary's capital gain is calculated from the date of inheritance, not the original purchase date. This is a "step-up in basis" — a very favourable tax treatment.

Do I pay CGT on gifted assets?

Yes, if you gift an asset to someone, you are deemed to have sold it at market value. The difference between the market value at the date of the gift and your acquisition cost is a capital gain, subject to CGT. The recipient pays inheritance and gift tax (ISD) on the value received. For gifts to close family, the combined tax cost should be analysed carefully.

Can I offset casino or gambling losses against capital gains?

No, gambling losses have not been deductible since the 2012 tax reform. Prior to 2012, gambling losses could be offset against gambling gains, but this was eliminated. Gambling winnings are treated as capital gains (ganancias patrimoniales) but losses are not deductible.

How does the traspaso between investment funds work?

When you transfer units from one Spanish-regulated investment fund (fondo de inversión) to another, no tax is triggered. The gain is deferred until you fully or partially redeem the units. This allows you to change your investment strategy (e.g., from a conservative fund to an equity fund) without incurring CGT. The traspaso must be reported on the annual tax return (Modelo 100) as a transfer without tax effect.

Disclaimer

This guide provides general information about Spanish capital gains tax for the 2026 tax year. Tax rates, exemptions, and regulations may change. The information does not constitute professional tax advice. All investors should consult with a qualified Spanish tax advisor for advice tailored to their specific asset portfolio and circumstances.