Portugal Crypto Tax Guide 2026

Read this first: Exempt is not the same as untaxed

If you hold a fungible crypto asset for more than 365 days before disposing of it, the gain is exempt from Portuguese capital gains tax — but the disposal still has to be reported on your Modelo 3 return, on Anexo G1. "Exempt" is a tax outcome; it is not a pass on declaring the transaction.
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Short-hold disposals (< 365 days) go on Anexo G at the 28% flat rate (or progressive rates if you elect aggregation). Passive crypto income (staking, lending rewards paid in fiat, certain airdrops) goes on Anexo E under Category E. Mining and other professional activity goes on Anexo B under Category B.

Portugal earned its reputation as a crypto-friendly territory in the years when there was simply no specific regime taxing digital assets.

That ended with the 2023 State Budget, which introduced a dedicated framework now codified in the Personal Income Tax Code (CIRS).

The 2026 filing cycle is the third full year under that regime, and the rules are settled enough that there is no longer any excuse for misreporting.

This guide covers how crypto is taxed in Portugal, how to calculate gains and income, and — critically — which Modelo 3 annex each type of transaction lands on. The deadline for the 2025 tax year is 30 June 2026 (the 2023 Budget extended the IRS deadline window to 1 April – 30 June).

The three categories at a glance

Portuguese law splits crypto into three PIT (Personal Income Tax) categories. Knowing which one a given transaction falls into tells you the rate, the annex, and whether the 365-day exemption applies.

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Securities tokens are taxed under the securities regime, not the crypto regime the 365-day exemption does not automatically apply, and aggregation rules over the €83,696 threshold can pull them into progressive rates regardless of holding period.

The 365-day rule: exempt but reportable

Article 10 of the CIRS exempts gains on the disposal of fungible crypto assets held for 365 days or more, provided the counterparty isn't resident in a blacklisted jurisdiction.

The exemption does not remove the duty to declare:

• Taxable < 365-day disposals → declared on Anexo G, Quadro 18-A (operações com criptoativos).
• Exempt ≥ 365-day disposals → declared on Anexo G1 (mais-valias não tributadas), the schedule reserved for non-taxable gains that the tax authority still wants visibility on.
• Disposals to counterparties in jurisdictions on Portugal's blacklist (Portaria 150/2004) — never exempt, regardless of holding period. Always Anexo G.

Why this matters in practice
Skipping Anexo G1 because "it's exempt anyway" is one of the most common filing errors flagged by Autoridade Tributária e Aduaneira (AT).

Crypto-Asset Reporting Framework (CARF) data-sharing from exchanges starts feeding AT systems in 2026, so the disposal will be visible to them. An undeclared exempt disposal looks identical to an undeclared taxable one until you prove the holding period and the burden of proof is on you.

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Calculating capital gains

FIFO (first-in, first-out) is the accounting method recommended by AT. Cost basis = acquisition price + allowable expenses (exchange fees, gas, professional valuation/contract costs). Gain = disposal proceeds − cost basis.

Worked example

• 13/01/2025 — Kevin buys 12 BTC at €12,000 each
• 12/02/2025 — Kevin buys 10 ETH at €1,400 each
• 15/03/2025 — Kevin sells 12 BTC at €20,000 each
• 17/04/2025 — Kevin sells 10 ETH at €1,800 each

BTC disposal: (€20,000 − €12,000) × 12 = €96,000 gain.

ETH disposal: (€1,800 − €1,400) × 10 = €4,000 gain.

Total gain: €100,000, all held < 365 days → Anexo G, taxed at 28% flat = €28,000.

If Kevin's total taxable income (including these gains) exceeds €83,696, he can elect aggregation — the gains then merge with his other income and are taxed at the progressive scale (12.5% – 48%). Aggregation is an election, not automatic.

Staking, mining, and other income

Staking and lending (Category E → Anexo E)

Where rewards are paid to you in fiat — or in a form treated as compensation for a passive investment — AT treats them as capital income under Category E and taxes them at 28% flat. Declared on Anexo E.

Where the reward is paid in-kind (new tokens), the practical AT position is that taxation is deferred to the moment of disposal: the gain on selling the newly received tokens is then a Category G capital gain (Anexo G or G1 depending on holding period). Cost basis on receipt is the fair market value at the time the tokens become disposable.

Mining (Category B → Anexo B)

Mining is treated as a commercial/industrial activity. Under the simplified regime (gross income < €200,000), 95% of gross mining income is taxable at progressive rates; 5% is a presumed expense allowance. If you cease the activity, 85% of the sale price of the operation is taxable. Declared on Anexo B.

Airdrops and forks

Airdrops are typically Category E income, valued in euros at the moment of receipt, taxed at 28%. A subsequent disposal then sits under Category G (with the 365-day clock starting at receipt). Forks are evaluated case by case — AT has not issued specific guidance, so the safe treatment is to value newly received fork tokens at fair market value on receipt and disclose.

NFTs

NFTs are excluded from the statutory definition of crypto assets in the CIRS, so the crypto regime does not apply. Disposals of NFTs by private individuals are, in practice, outside PIT. Where NFT activity is recurring or professional, AT may reclassify it as a Category B activity.

DeFi

There is no DeFi-specific guidance. The defensible position: yield denominated in fiat or stable-equivalent that resembles interest → Category E. Token rewards that you later dispose of → Category G on disposal. Liquidity provision and impermanent loss → analysed transaction-by-transaction, with conservative treatment recommended.

Crypto-to-crypto, wallets, inheritance

Tax-free in Portugal: buying crypto with fiat, swapping one crypto for another, transferring between your own wallets, holding ≥ 365 days, and inheritance (subject to Stamp Duty rules, see below).

Gifts, donations and Stamp Duty

Free transfers of crypto assets (gifts, inheritances) attract Stamp Duty at 10% where the assets are deposited with an institution located in Portugal, or where the donor (gifts) or beneficiary (inheritance) is domiciled in Portugal. Spouses, descendants and ascendants are exempt from this 10% rate.

Donations to qualifying nonprofits registered with AT yield an income tax credit of 25% of the value donated, capped at 15% of the donor's taxable income.

How to report: Modelo 3 line by line

Modelo 3 is the annual IRS return for individual taxpayers. It is submitted on Portal das Finanças, not on eFatura (which is the invoice-tracking portal). The crypto-relevant annexes are:

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Submission steps on Portal das Finanças

1. Log in to portaldasfinancas.gov.pt with your NIF and password (or Chave Móvel Digital / Cartão de Cidadão).
2. Open Cidadãos → Serviços → IRS → Entregar Declaração.
3. Select the tax year (2025 for the 2026 filing cycle).
4. Add the relevant annexes: G and/or G1 for disposals, E for passive income, B for professional activity, J for foreign-source income.
5. Enter each disposal in Anexo G/G1 Quadro 18 (one line per transaction, or aggregated by asset where permitted). Keep your FIFO workings — AT can request them.
6. Validate the return, correct any flagged errors, then submit. You receive an electronic receipt; settlement (refund or assessment) follows after AT processing.
7. Deadline: 1 April – 30 June 2026 for the 2025 tax year. Late submission triggers fines starting at €25 and scaling with delay and undeclared amount.

If you held in a foreign exchange
From 2026, exchanges resident in the EU report your account activity to AT under DAC8, and OECD CARF will broaden that to non-EU reporting jurisdictions from 2027. Your Modelo 3 figures should reconcile to those data feeds. Discrepancies are the single biggest trigger for AT review of crypto returns.

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Records AT can request

• Date, asset, quantity, and euro value of every acquisition and disposal.
• Wallet addresses and exchange account identifiers prove ownership and transfers.
• FIFO cost-basis workings for each disposal.
• Evidence of fees and other allowable expenses.
• Documentation of any losses claimed (including the offsetting transactions).
• For Category B: invoices, equipment receipts, and electricity bills supporting the activity.

Losses, lost or stolen crypto

Capital losses from short-hold disposals can offset Category G gains within the same year, and are reported on Anexo G. Losses from disposals to counterparties in blacklisted jurisdictions are not deductible. Crypto that is lost or stolen is not deductible under Portuguese rules — these are not treated as taxable disposals.

Planning levers (legal, not avoidance)

• Hold ≥ 365 days. The single biggest lever. Still requires Anexo G1.
• Convert volatile positions into stablecoins to lock in value. Crypto-to-crypto is not a taxable event; the stablecoin position then needs another 365 days from the original acquisition to clear the exemption. Confirm: the holding period runs from the original token's acquisition, not from each swap.
• Gift within the family. Stamp Duty is exempt for spouses, descendants, and ascendants.
• Donate to a qualifying nonprofit. 25% credit on the donated value, capped at 15% of taxable income.
• Elect aggregation when it lowers your effective rate. If your overall income sits in the lower progressive brackets, aggregating Category G gains can be cheaper than 28% flat.

This guide is for general information only and is not a substitute for advice from a Portuguese chartered accountant (TOC) or tax lawyer. Rules cited reflect the regime as of February 2026; check AT publications for changes before filing.