Taxes · 🇵🇹 Portugal
Crypto and tokenized asset taxes in Portugal
Crypto held 365 days or more is tax-free when sold. Gains on crypto held for a shorter time are taxed at a flat 28%. Swapping one crypto for another is not taxed.
Crypto
Gains
28% flat if held under 365 days; 0% if held 365 days or more
Holding period
365 days: gains and losses on crypto held 365 days or more are excluded from tax (art. 10 CIRS, since 2023).
Losses
Losses on crypto held under 365 days reduce the net balance of capital gains taxed at 28%, which also includes gains on shares and other financial assets. Losses on crypto held 365 days or more are ignored.
Also
Only crypto that is not a security counts. NFTs are excluded. A crypto-to-crypto swap is not taxed; the coins received keep the cost of the coins given up. You can choose to add the gains to your other income and pay progressive rates instead of 28%. Moving your tax residence abroad counts as selling.
Income and tokenized assets
Staking, lending, yield
Any payment you earn from crypto operations (for example lending interest or rewards) is capital income taxed at 28%. If it is paid in crypto, nothing is due on receipt; it is taxed as a capital gain when you sell those coins. Mining and validating transactions through consensus mechanisms count as business income (Category B), taxed under the business income rules.
Tokenized stocks, bonds, funds
The crypto rules only cover crypto that is not a security. Tokenized shares or bonds that are securities fall under the normal securities rules: gains taxed at 28%, with no 365-day exemption; if held under 365 days and your taxable income reaches the top bracket, the gain must be added to your other income. No specific guidance on tracker certificates like xStocks.
Tokenized gold
No specific guidance on gold-backed tokens such as PAXG or XAUT.
Filing
Tax year
Calendar year; IRS return filed between 1 April and 30 June of the following year
Reporting
No tax is withheld; crypto gains and income go in the annual IRS return. DAC8 reporting by crypto service providers covers transactions from 1 January 2026 EU-wide.
Tax authority
Watch out
- The 365-day exemption and the tax-free swap do not apply when the other party is in a jurisdiction without a tax treaty or information-exchange agreement with Portugal.
- Swapping crypto into a tokenized stock may be a taxable sale, because tokenized securities are outside the crypto rules.
- Keep records of purchase dates; the 365-day rule depends on them.
- Leaving Portugal counts as selling your crypto for tax purposes.
Sources
- CIRS art. 10: capital gains incl. crypto (Portal das Finanças) · info.portaldasfinancas.gov.pt
- CIRS art. 72: special 28% rates · info.portaldasfinancas.gov.pt
- CIRS art. 5: capital income incl. crypto remuneration · info.portaldasfinancas.gov.pt
- CIRS art. 4: mining and validation as business income · info.portaldasfinancas.gov.pt
- CIRS art. 60: filing period · info.portaldasfinancas.gov.pt
Not confirmed
- Portugal's DAC8 law (Law 26/2026, first reports by 31 May 2027) — secondary sources only.
- Whether delegated staking rewards are capital income or business income — no AT guidance found.
- Carry-forward of crypto losses.
- Tax treatment of PAXG/XAUT and of tracker certificates (xStocks).
Researched 2026-11-09 for private individuals resident in Portugal. Information, not tax advice — rules change; check the tax authority before you file.