Crypto Taxes in Portugal 2026: When You Pay 28% and When You Pay Nothing

Last reviewed: November 2026 · Reviewed by Stéphane Gombauld, tax expert, technologist and digital nomad

You hold Bitcoin, Ether or altcoins and you live in Portugal, or you are about to move there. Portugal stopped being a crypto tax-free zone on 1 January 2023, but it still has one of Europe's friendliest rules for long-term holders. After reading this, you will know which crypto events are taxed in 2026, at what rate, how to report them, and what happens when you leave.

Portugal cryptocurrency taxes in 2026: the key figures

What changed for 2026

• Crypto reporting by exchanges started. The EU's DAC8 directive applies from 1 January 2026, and 2026 data must be exchanged between tax authorities by 30 September 2027 (European Commission).
• The crypto paragraphs of art. 10 CIRS were re-worded and renumbered by Decreto-Lei n.º 97/2026 of 20 May. The 365-day, swap and exit rules all remain in the article.
• A clear exit value. Art. 43(12) CIRS, in the wording set by the same decree-law, fixes the exit gain: on departure, the gain is market value on the day residence ends, minus acquisition cost.
• Lower progressive rates. Decree-Law 212/2026 of 4 November cut the first six brackets for all 2026 income. The scale runs from 12.2% to 48% above EUR 86,634. This matters only if you aggregate short-term gains.

Is this guide for you?

Read on if you…

• are a Portuguese tax resident, or plan to become one, and own crypto-assets;
• sell, swap, stake, lend or mine crypto;
• want to time sales around the 365-day threshold or a move abroad.

Probably not your case if you…

• hold crypto only through a company (corporate tax applies, see corporate income taxes in Portugal);
• are not resident in Portugal and have no Portuguese-source income.

How does Portugal tax crypto gains for individuals?

Since the 2023 Budget, selling crypto-assets for value is a capital gain under category G (capital gains) of the IRS (Imposto sobre o Rendimento das Pessoas Singulares, personal income tax). The rule sits in art. 10(1)(k) CIRS.

What counts as a crypto-asset?

The Code defines a crypto-asset as any digital representation of value or rights that can be transferred or stored using distributed ledger technology. Two carve-outs matter:

• Unique, non-fungible crypto-assets (NFTs) are outside the definition, so this regime does not apply to them.
• Crypto-assets that qualify as securities are excluded from art. 10(1)(k). Tokenised shares or bonds follow the securities rules instead.

Held 365 days or more: excluded

Gains on crypto held for 365 days or more are excluded from tax. Here's the catch: losses on those coins are excluded too. You cannot use a long-term loss against short-term gains.

The exclusion has a residence condition in art. 10(24). It does not apply when you or the payer are resident outside the EU/EEA, in a country with no tax treaty or information-exchange agreement with Portugal. The same limit hits the swap rule. Selling on an exchange based in such a country can cost you both. One wrinkle: since the May 2026 renumbering, art. 10(24) still cites the old paragraph numbers, so the AT's reading decides until the text is fixed.

Held less than 365 days: 28%

The net short-term gain of the year is taxed at the 28% special rate in art. 72(1)(c) CIRS. The gain is the sale value minus the acquisition value.

You can opt to aggregate (englobamento) this gain with your other income. Then it is taxed at the progressive rates of art. 68 CIRS, up to 48%. Aggregation only helps if your total taxable income is low.

Which coins did you sell? FIFO

You cannot pick your cheapest or oldest lot. Under art. 43(8)(g) CIRS, the coins sold are deemed to be those acquired first (first in, first out). This decides both your cost and whether the 365-day test is met.

Losses

A net loss on short-term crypto disposals can be carried forward for five years. The condition: you must aggregate that income in the year of the loss. This is set by art. 55(1)(d) CIRS. Weigh the higher progressive rate against the value of the carried loss before ticking the box.

Are crypto swaps, staking and mining taxed in Portugal?

Crypto-for-crypto swaps

When you pay for crypto with other crypto, no tax arises. The coins you receive take the acquisition value of the coins you handed over. Tax comes later, when you sell for euros or other fiat money.

The text speaks of acquisition value. It does not say expressly whether the holding period restarts on the swap. Keep the original purchase date and the swap date for every lot, so you can defend either reading.

Staking, lending and other crypto income

Any remuneration from crypto operations that is not a sale is category E (investment income), under art. 5(2)(u) CIRS. Good news: when that income is paid in crypto, it is not taxed on receipt. Under art. 5(11), it is taxed as a capital gain when you sell the coins received.

Paid in euros instead? Then it is investment income. Without Portuguese withholding, it is taxed at 28% under art. 72(1)(d) CIRS, or 35% if the payer sits in a blacklisted jurisdiction.

Mining, validation and professional trading

Issuing crypto, including mining, and validating transactions through consensus mechanisms are commercial activities under art. 4(1)(o) CIRS. That makes them category B (business income), taxed at progressive rates.

Under the simplified regime (turnover up to EUR 200,000, art. 28(2) CIRS), only part of revenue is taxed. The coefficients in art. 31(1) CIRS are:

• 0.95 for crypto mining – 95% of mining revenue is taxable;
• 0.15 for other crypto-asset operations carried on as a business.

If you trade as a business, expect category B treatment, social security contributions and bookkeeping duties.

How do you report crypto on your Portuguese return?

1. List every disposal of the year: date bought, date sold, acquisition value and sale value in euros.
2. Split the lots into held 365 days or more and held less than 365 days.
3. Report the gains in the capital-gains annex of your IRS return (Modelo 3). Long-term disposals are declared too, as excluded income.
4. Decide on aggregation for short-term gains, especially if you have losses to carry forward.
5. File between 1 April and 30 June of the following year, as set by art. 60(1) CIRS.

In practice, exchanges inside the EU now report your transactions under DAC8. Your figures should match what the tax authority (AT, Autoridade Tributária e Aduaneira) will receive.

Residents vs non-residents: who pays what?

The exit rule bites. When you stop being resident, art. 10(25) treats it as if you sold your crypto that day. The gain is market value on that date minus cost (art. 43(12)). The deemed sale is still a disposal under art. 10(1)(k), so coins held 365 days or more stay excluded. Coins held under 365 days can trigger 28% tax on gains you never cashed. Read our guide to ceasing your Portuguese tax residency before you move.

Arriving instead? The date your residence starts decides which disposals Portugal can tax as a resident. See our guide to obtaining tax residency in Portugal.

What about IFICI?

The IFICI regime (art. 58-A EBF) gives a 20% rate on qualifying employment and business income for 10 years. It is built for qualifying jobs, not for crypto gains. Do not assume it covers your trading. Details are in our guide to tax incentives for expats and digital nomads in Portugal.

Common mistakes (and what they cost)

• Assuming Portugal still does not tax crypto → short-term gains taxed at 28%, plus late-payment interest and penalties.
• Counting the 365 days on your portfolio, not per lot → one early sale turns an excluded gain into a 28% one.
• Selling through a platform in a non-cooperative country → the 365-day exclusion can be lost on gains you thought were tax-free.
• Not recording the euro value of staking rewards → when you sell, you cannot prove your acquisition value, so the taxable gain grows.
• Leaving Portugal without a plan → loss of residence is treated as a sale, so you can owe tax with no cash in hand.

Frequently asked questions

Is crypto tax-free in Portugal in 2026?

Partly. For individual residents, gains on crypto held for 365 days or more are excluded from tax. Gains on crypto held for less than 365 days are taxed at 28%, or at progressive rates if you opt to aggregate. Mining, validation and professional trading are business income. NFTs and crypto-assets that are securities follow other rules.

Do I pay tax when I swap one crypto for another in Portugal?

No. Under art. 10 CIRS, paying for crypto with crypto does not trigger tax. The coins you receive take the acquisition value of the coins you gave up. Tax arises when you sell for fiat money. Keep both the original purchase date and the swap date for every lot.

Are staking rewards taxed in Portugal?

Staking and other crypto remuneration are category E investment income under art. 5(2)(u) CIRS. When paid in crypto, they are not taxed on receipt. They are taxed as a capital gain when you sell the coins received. Rewards paid in euros are taxed as investment income, usually at 28%.

How is crypto mining taxed in Portugal?

Mining and validation are business activities under art. 4(1)(o) CIRS, so they are category B income at progressive rates. Under the simplified regime, 95% of mining revenue is taxable (coefficient 0.95, art. 31 CIRS). You must open an activity with the AT and pay social security on that income.

What happens to my crypto if I leave Portugal?

Losing Portuguese tax residence is treated as a sale of your crypto-assets at market value on that date (art. 10(25) and 43(12) CIRS). Coins held for less than 365 days can produce a 28% tax bill on unrealised gains. Coins held for 365 days or more stay within the exclusion. Plan the departure date with your lot ages in mind.

Do exchanges report my crypto to the Portuguese tax authority?

Yes, increasingly. The EU DAC8 directive applies from 1 January 2026. Crypto-asset service providers collect your 2026 transaction data and report it, and EU tax authorities exchange it by 30 September 2027. Assume the AT will see your exchange activity and file consistent figures.

Related guides

• Capital gains tax in Portugal: shares, funds and property
• Tax incentives for expats and digital nomads in Portugal
• Ceasing your Portuguese tax residency, step by step
• Portugal tax landscape overview
• How Malta taxes cryptocurrencies
• Cryptocurrency taxes in Austria
• All country tax guides

Sources

• Art. 10 CIRS – Mais-valias (capital gains) – Autoridade Tributária e Aduaneira
• Art. 5 CIRS – Category E income – Autoridade Tributária e Aduaneira
• Art. 31 CIRS – Simplified regime coefficients – Autoridade Tributária e Aduaneira
• Art. 72 CIRS – Special rates – Autoridade Tributária e Aduaneira
• Art. 43 CIRS – Gain calculation, FIFO and exit value – Autoridade Tributária e Aduaneira
• Art. 55 CIRS – Loss carry-forward – Autoridade Tributária e Aduaneira
• DAC8 – crypto-asset reporting – European Commission

This guide is general information, not personalised tax advice. See how we research and review.