Real estate tokenization platforms in Spain: tax guide

The tokenization of real estate assets allows a property to be divided into digital tokens. Investors buy tokens that represent a proportional participation in the property, receiving income and capital gains. In Spain there are platforms that work under the Spanish and European regulatory framework.

What platforms operate in Spain?

Urbanitae

Urbanitae is a real estate crowdfunding platform regulated by the CNMV under Law 5/2015 on the Promotion of Business Financing. Allows:

• Investment in development projects (gain when selling).
• Investment in rental (periodic rentals).
• Minimum investment from €500.

###Housers
Housers is also regulated. Allows investment in rentals and purchase and sale projects.

Native blockchain platforms

Some more recent platforms use blockchain (Base, Ethereum, Polygon) to issue tokens representing the property or rental rights. These are in a grayer regulatory space (they may or may not fall under MiCA or securities regulation).

Types of investment and their taxation

1. Capital gains crowdfunding (real estate development)

• Investment in a construction or renovation project → the developer sells the property.
• Investors receive their share of the profit at the end of the project.

Taxation:

• The income is income from movable capital if it is instrumentalized as participatory loans to the promoter.
• If they are received as dividends from a company → also movable capital.
• If they are structured as simple loans: the return is interest → movable capital.

2. Rental Crowdfunding

• Investment that generates periodic income from the rental of the property.
• The investor does not have direct ownership of the property, but rather a participation title.

Taxation:

• Periodic income → return on movable capital (not real estate capital, because you do not own the property directly).
• You cannot apply the 60% reduction of real estate capital (which applies only to direct landlords of habitual residence).

3. Real estate tokens on blockchain

If the platform uses ERC-20 or other tokens to represent your rights:

• When receiving tokens: acquisition cost = price paid.
• Dividends or income received in USD/EUR → movable capital.
• Dividends received in tokens → movable capital valued in EUR.
• When selling the tokens on the secondary market → capital gain/loss.

Investment in real estate RWA (Real World Assets) in DeFi

Protocols such as RealT (tokenization of American real estate on Ethereum), Landshare (BSC) or Propchain issue foreign real estate tokens:

• You receive income in tokens (DAI, USDC) weekly → movable capital.
• Property tokens (RealTokens) can be sold on the market → GPO.
• The underlying property is in the US, Canada or another country: international tax rules apply.

Withholding for income from abroad

If you receive income from tokenized properties located in another country:

• There may be withholding tax from the country where the property is located.
• Spain allows deduction of this withholding for international double taxation (if there is an agreement).
• It is important to obtain the withholding certificate from the country of origin.

ITP in tokenization

The Property Transfer Tax (ITP) applies to the purchase and sale of real estate. If the tokenized property is sold:

• ITP is paid by the buyer of the property (the platform or SPV that manages the asset).
• Participation tokens are NOT real estate in themselves → they do not generate ITP for their purchase and sale in the secondary market.

Form 720: should I declare real estate RWA abroad?

If your investment in real estate tokens represents economic rights over real estate abroad with a value >€50,000:

• Model 720: it can be declared as "real estate abroad" or as "securities abroad" depending on the legal nature of the token.
• Regulatory uncertainty makes it prudent to include them if the value exceeds the threshold.

Real estate tokenization tax summary table

Updated: April 2026 | Fiscal year: 2025