Change of tax residence and cryptocurrencies: exit tax and its consequences

Spain has an "exit tax" or exit tax for people who cease to be tax residents and have certain assets. Cryptocurrencies have been included in its scope since 2024.

What is the exit tax?

The exit tax (exit tax or "Tax on latent capital gains in the transfer of residence") taxes unrealized capital gains on certain assets when the taxpayer ceases to be a tax resident in Spain.

The idea is that if during your residence in Spain your crypto portfolio has gained value, Spain "collects" that tax even if you have not sold, to prevent you from leaving and the capital gain being taxed in another country with lower tax rates.

When does the exit tax apply to cryptocurrencies?

The exit tax on crypto applies if all of these requirements are met:

1. You cease to be tax resident in Spain.
2. You have been a resident in Spain for at least 10 of the last 15 years.
3. The total market value of your crypto assets exceeds €4,000,000, or
4. The value of the cryptocurrencies exceeds €1,000,000 and the latent capital gains exceed €100,000.

Below these thresholds, the exit tax for crypto does not apply.

How does the calculation work?

The latent capital gain is calculated at the time of the transfer:

• Market value of crypto assets on the date of change of residence.
• Less: acquisition price (FIFO cost).
• The difference is the latent capital gain subject to the exit tax.

The tax rate is that of the savings base: 19-28%.

Example:

• You have 50 BTC acquired at average cost €20,000/BTC = total cost €1,000,000.
• Market value upon leaving: €90,000/BTC × 50 = €4,500,000.
• Latent capital gains: €3,500,000.
• Exit tax: 3,500,000 × effective rate ≈ ~€850,000 approximate (progressive savings rate).

"Transfer" and postponement countries

If you move to an EU or EEA country (European Economic Area):

• You can defer the payment of the exit tax until you actually sell the assets or change your residence to a country outside the EU/EEA.
• You must present Form 106 (declaration of transfer of residence).

If you go to a tax haven or a country outside the EU/EEA:

• The exit tax is paid immediately (in the personal income tax of the year of exit).

Change of residence and the following 4 years: anti-avoidance clause

If you return to Spain within 4 years following the move:

• The capital gains you paid in the exit tax will be regularized.
• If you have not sold the assets, the payment can be partially returned.

Countries with better crypto taxation for Spaniards

Many crypto investors consider moves to:

• Portugal: NHR (Non-Habitual Resident) until 2024, now IFICI program. Possible crypto capital gains exemption.
• Dubai (UAE): No income tax. Very popular among crypto-investors.
• Malta: MGA regulates crypto since 2018. Competitive tax regime.
• Slovakia/Estonia: Favorable treatments for cryptos in the EU.

But with the exit tax, moving with very high capital gains has a high exit cost.

Tax residence: when do you stop being a resident in Spain?

You stop being a tax resident in Spain when:

1. You spend more than 183 days outside of Spain in a calendar year.
2. Your core of economic and vital interests are abroad.
3. (Be careful: if your spouse and children are still in Spain, the presumption of residence in Spain persists).

Updated: April 2026 | Fiscal year: 2025