Guide to Crypto Taxes in Portugal for 2026

Portugal used to tax crypto gains lightly, and individuals could hold crypto without capital gains tax. That changed in 2023, when the government introduced a 28% tax on short-term gains, although long-term holdings (365 days or more) remain tax-free in most cases. Depending on whether you're staking, day trading, or earning crypto professionally, your income could be subject to different rates.

Pro tip
Use our free crypto tax calculator to estimate your Portugal tax liability.

Since 2023, Portugal taxes crypto under these categories.

• Category G capital gains. Dispose of a coin held fewer than 365 days and pay a flat 28% on the profit. Residents can opt to add short-term crypto gains to their other income and pay the progressive rates instead of 28%. This can help lower earners. The rule that forces high earners to aggregate short-term gains applies to securities, not crypto. Hold 365 days or more and the gain is exempt in most cases.

• Category E capital income. Staking rewards, lending interest and other pay from crypto operations count as Category E. If you are paid in euros, the 28% rate generally applies. If you are paid in crypto, tax is deferred until you sell or otherwise dispose of the tokens you received, and the gain is then taxed under the capital gains rules.

• Category B self‑employment. If crypto activity is organised like a business (constant day‑trading, large mining rigs, market‑making), Category B income is added to your other income and taxed at Portugal's progressive IRS rates, plus a solidarity surcharge on high incomes.

Tokens that qualify as securities are taxed under the securities rules, not the crypto rules. The 365-day exclusion and the swap deferral also do not apply when you, or the party paying you, are not tax resident in the EU, the EEA, or a country that has a tax treaty or tax information exchange agreement with Portugal. See CIRS art. 10 and the tax authority's crypto tax leaflet.

Portugal closed the Non Habitual Resident regime to new applicants in 2024. Its successor, IFICI, taxes qualifying work income at 20% for 10 years and does not cover crypto gains.

Here's a breakdown of common crypto transactions and how they're treated for tax purposes in Portugal.

Buying and holding cryptocurrency

Buying crypto is not a taxable event. You generally face tax when you sell for fiat or spend crypto, not when you swap one crypto for another. Keep each acquisition date so you can prove a holding period of 365 days or more if questioned.

Selling cryptocurrency

Sell within 365 days and gains are taxed at 28%. Sell after 365 days or more and those gains are usually exempt unless the token is a security or the buyer is resident in a country without a tax treaty or information exchange agreement with Portugal.

Commissions charged by crypto service providers carry 4% stamp duty when the provider or the client is based in Portugal.

Mining and staking cryptocurrency

Crypto staking rewards are Category E income. Crypto mining is treated as business income under Category B, where the simplified regime counts 95% of mining income as taxable when the coins are sold or disposed of.

Crypto‑to‑crypto trades tax

Swapping ETH for SOL is generally not taxed at the time of the swap. The SOL keeps the original cost of the ETH you gave up, and tax applies when you later sell for euros or other fiat.

Receiving cryptocurrency as payment

Wages paid in crypto are employment income under Category A. Freelance and merchant revenue in crypto falls under Category B. Convert the coin's value to euros on receipt and apply the normal income scale.

Pro tip
For more international crypto tax education, see our articles on crypto tax free countries and crypto taxes in Spain.

Gains on crypto held under 365 days are taxed at 28%. Gains on crypto held for 365 days or more are generally not taxed. The holding period starts when you acquire crypto and ends when you spend it or sell it for fiat.

Example: Selling Bitcoin before and after 365 days

You buy Bitcoin for €10,000 and later sell it for €15,000. Ignoring fees, your gain is €5,000.

• Held 200 days: the €5,000 gain is taxed at 28%, so you owe €1,400.

• Held 400 days: you owe no Portuguese capital gains tax, as long as the token isn't a security and the residency conditions above are met.

• Disposal of coins held for 365 days or more (if the token is not security‑like).

• Gifts to spouses or direct heirs are often exempt from stamp duty.

• Wallet transfers you make between your own addresses.

• Timestamp of every buy, trade, or sale.

• Euro value at the moment of each event.

• Proof of staking or mining payouts.

• Documentation that shows a token's legal status if you rely on the long‑term exemption.

Submit Modelo 3 between 1 April and 30 June. Any balance due must be paid by 31 August to avoid interest.

Exchange CSVs, DeFi wallet exports, bank statements for fiat ramps, and a simple ledger that marks each asset's purchase date. Keep records for at least four years, the usual window for the tax office to review a return. Keep them for ten years if you run crypto as a business with formal accounts.

• Split activity into Categories E, G, and B.

• Summarise gains from disposals under and over 365 days.

• Report taxable crypto gains (held under 365 days) in Annex G, table 18. Report exempt gains on crypto held 365 days or more in Annex G1, table 7. Category E income goes in Annex E, and professional activity goes in Annex B.

• Upload the return through the Portal das Finanças by 30 June.

• Pay any short‑term tax due by the August deadline.

• For each asset, subtract the euro cost basis from the euro sale price.

• Tally gains on lots held under 365 days, multiply by 28%.

• Add staking or lending income paid in euros and multiply by 28% unless you file as a professional. Staking or lending income paid in crypto is taxed when you later sell or dispose of those tokens, under the capital gains rules.

• If you operate under Category B, apply the progressive table to net business income.

Losses on crypto held for under 365 days can offset short-term crypto gains from the same year. If you opt to add these results to your other income (englobamento) in the year of the loss, you can carry a net loss forward for five years. Losses from trades with a counterparty in a tax haven don't count. Crypto held for 365 days or more is outside the tax, so those losses don't count either.

The tax code does not address airdrops directly. Tokens received as payment for a crypto operation are subject to Category E rules, with tax deferred until you sell them. Ask a tax professional how your airdrop is treated. If you later sell within 365 days, gains are short‑term; sell after 365 days or more, and they may be exempt.

Yield farming, liquidity pool rewards, and lending interest belong to Category E unless the activity is large enough to be a business, in which case Category B applies. If you are paid in crypto, tax is deferred until you sell or otherwise dispose of the tokens you received.

Portuguese companies include crypto revenue in normal corporate income. For 2026, the general IRC rate is 19% in mainland Portugal. Qualifying small and medium companies pay 15% on the first €50,000 of taxable profit and 19% on the rest. Municipal surtaxes can add a few points.

Local or EU exchanges must meet AML and KYC rules. Under MiCA, Banco de Portugal and the CMVM share supervision of crypto service providers. The transition for firms on the old Bank of Portugal register ended on July 1, 2026. The tax office can request customer data, so accurate filing is essential.

Since 2026, crypto service providers must report Portuguese resident users to the tax authority, which shares the data with other EU states.

High‑volume traders, miners with dedicated facilities, or anyone offering crypto services professionally fall into Category B. Category B income is added to your other income and taxed at Portugal's progressive IRS rates, plus a solidarity surcharge on high incomes.

Under the Category B simplified regime for individuals, 95% of crypto mining income is taxable, and 15% of income from other crypto operations is taxable. In both cases, the income is counted when you sell or dispose of the crypto.

Deducting crypto losses in Portugal

A Category B trader using organized accounting can deduct trading losses and business expenses, such as electricity costs and hardware depreciation. Under the simplified regime, the coefficients above set the taxable income rather than deducting each expense. Keep receipts and a daily position ledger.

If you spend crypto personally, treat it like any disposal: held under 365 days means 28% on any gain, held 365 days or more may be tax‑free. Merchants record the sale in euros on the spot date and include that amount in taxable income.

Rules depend on your facts, so check with a Portuguese tax adviser before you rely on any of these.

• Hold for 365 days or more before selling.

• Gift coins to direct family where stamp duty does not apply.

• Confirm your token's legal class so the long‑term exemption remains in effect.

• Filing late or not at all can mean a fine of €150 to €3,750. Leaving income off your return or misstating it can result in a penalty of €375 to €22,500, plus interest. Deliberate evasion can be a crime.