The campaign for the 2022 income tax return has begun and those who have assets in cryptocurrencies must comply with the tax obligations just as it is done in current currency.

One of the main innovations this year in the draft of the income tax return is the specific section to declare the balance held in these investment products.

The rise in this type of asset has caused the Tax Agency to modify the tax return model so that the taxpayer can declare the balance held in virtual currencies such as bitcoin.

Likewise, the Treasury has developed the necessary tools to facilitate control and surveillance actions in the operations carried out in virtual currency, due to the increase of investment in cryptocurrencies.

Until now, the corresponding balance in bitcoins or virtual currencies had to be included in the generic section of goods and rights of economic content. This year, however, taxpayer’s residents in Spain who have assets in cryptocurrencies must be taxed in the same way as they do in investment funds or shares.

The final amount obtained from sales or yields must be declared in the savings taxable base as a gain or loss at a minimum rate of 19% and a maximum of 26%.

Provided that the established requirements are met, cryptocurrencies must also be taxed in Wealth and Inheritance and Donations.

Regarding Income Tax (IRPF) it will only be necessary to declare the gains that report yields, transmissions, or sale in bitcoins.

This information does not constitute under any circumstances legal advice, serving only for informational purposes. In case you need professional services in Global Immigration and Mobility, please contact us.

* It should be taken into account that the regulations of any of the countries analyzed, as well as the established procedures, may change at any time and without prior notice.

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