Crypto Tax in Portugal 2026 - The 365-Day Rule Explained

TL;DR: Portugal is no longer crypto tax-free, but it’s still attractive: hold a coin for 365 days or more and the gain is exempt from capital gains tax. Sell within 365 days and the gain is taxed at a flat 28%. Crypto-to-crypto swaps don’t trigger tax until you convert to fiat. The 365-day rule is the real lever, and it’s available to everyone, not just NHR holders. The cleanest way to track holding periods and file your Modelo 3 is software: I use CoinTracking.

Sort your Portuguese crypto taxes with CoinTracking

Portugal spent years as the go-to crypto tax haven, then introduced a tax regime in 2023. The reputation lingers, but the reality is more nuanced. The headline rule is genuinely generous, the 365-day exemption, but it comes with conditions, and short-term gains are taxed. Tracking which of your coins cross the one-year line is exactly what software is for.

Here’s how crypto is taxed in Portugal and how to prepare your return.

Best tools for Portuguese crypto taxes:

CoinTracking (my pick): deepest reporting, tracks holding periods precisely, with a 7-day free trial and plans from 200 transactions. Read the review.
Koinly: the easiest option, with a complete tax report and free to use until you download it. Read the review.

Try CoinTracking free

How Crypto Is Taxed in Portugal

Since the 2023 State Budget, crypto for individual investors is taxed under the personal income tax code (IRS). The defining rule is the holding period:

Held 365 days or more: the gain is exempt from tax (for crypto that is not classified as a security).
Held under 365 days: the gain is taxed at a flat (autonomous) rate of 28%, with an option to aggregate at progressive rates.

There’s an important carve-out: the 365-day exemption does not apply to crypto that qualifies as a security. Holdings acquired before 2023 do count toward the 365 days, and the exemption is also conditioned on the counterparty being in the EU/EEA or a country with an information-exchange agreement with Portugal.

Crypto-to-Crypto and Other Events

Crypto-to-crypto swaps generally don’t trigger tax: taxation is deferred until you convert to fiat or other non-crypto consideration. A 2025 ruling confirmed that a technical swap to a stablecoin (where there’s no direct fiat pair) doesn’t break the holding period.

Staking, Mining, and Professional Activity

Passive staking and lending income is treated as capital income (Category E) and taxed at 28%. Rewards paid in crypto aren’t taxed when you receive them: tax is deferred until you sell them for fiat or other non-crypto consideration, when they’re taxed as capital gains. Mining, transaction validation, and issuing crypto are treated as business income (Category B) at progressive rates, with most mining revenue taxable.

A Note on NHR

The old Non-Habitual Resident regime was repealed from 2024, apart from people already registered and some transitional cases. Its replacement (IFICI) is for qualifying professionals and researchers, so passive crypto investing alone doesn’t qualify you for it. The real tax-free lever in Portugal is the 365-day holding rule, which applies whether or not you have NHR or IFICI status.

Companies and Professional Traders

These rules are for individuals investing their own money. Crypto held through a Portuguese company is taxed as corporate income whatever the holding period. And if your trading is organized as a business activity, the gains can be treated as Category B business income at progressive rates instead.

How Portugal Compares

Germany is the closest match: crypto held for more than a year is tax-free there too, and short-term gains are taxed at your marginal income tax rate. Spain has no holding-period exemption at all and taxes every gain at its savings rates of 19% to 30%. In Portugal, simply holding crypto doesn’t trigger tax, so long-term holdings cost nothing to keep while you wait out the 365 days.

New Reporting From Your Exchange (DAC8 and Law 26/2026)

According to KPMG and other advisers, Law 26/2026 was published in the Diário da República on June 3, 2026, and transposes the EU’s DAC8 directive into Portuguese law. As a general rule, they say, it applies from January 1, 2026. As KPMG describes the law, exchanges and brokers have to report their users who live in Portugal, including trades between crypto and fiat currency and trades between two crypto-assets. A PLMJ guide puts the first annual report, covering 2026, at May 31, 2027, and other sources give a later date. Check the date against the law’s text, with the KPMG note and Bloomberg Tax’s report as starting points.

Under the new regime the tax authority is expected to receive platform data about your activity, including activity on platforms based abroad. Your return needs to match what the exchange says about you.

The Forms You Need to File

Crypto goes on the Modelo 3 IRS return with the relevant annexes: Anexo G for short-term gains (Quadro 18A), Anexo G1 for the exempt long-term holdings (Quadro 7), Anexo E for capital income, and Anexo J for foreign-sourced income. The filing window runs 1 April to 30 June each year (for the 2025 return it ran 1 April to 30 June 2026), with any tax due normally payable by 31 August.

How to Prepare Your Crypto Taxes in Portugal

Connect every account. Add each exchange and wallet so the tool can track acquisition dates, essential for the 365-day rule.
Import your full history. You need every transaction to identify which gains qualify as long-term.
Reconcile. Patch any data gaps with a CSV.
Generate the figures. Separate long-term (exempt) from short-term (taxable) gains and complete your Modelo 3 annexes.

Prepare your Portuguese report with CoinTracking

The Best Crypto Tax Tool for Portugal

CoinTracking is my pick for its depth, precise holding-period tracking, and lifetime-licence value. If you want the simplest experience, Koinly produces a complete tax report and is very beginner-friendly. CoinTracking has a 7-day free trial and Koinly is free to use until you download a report, so import your history and check the numbers first. For the wider field, see my guide to the best crypto tax software.

Disclaimer: This is general information, not tax advice. Portuguese crypto tax rules change and your situation is unique. Confirm the details with a qualified Portuguese tax adviser before you file.

Frequently Asked Questions

Is crypto still tax-free in Portugal?

Not entirely. Since 2023, crypto held under 365 days is taxed at a flat 28%. But crypto held for 365 days or more is exempt from capital gains tax (for assets that aren’t securities), so long-term holders can still pay zero. The exemption has conditions, including the counterparty’s jurisdiction.

How long do I need to hold crypto to avoid tax in Portugal?

365 days or more. Gains on non-security crypto held for at least a year are exempt from capital gains tax. Holdings acquired before 2023 count toward the 365 days. Gains on crypto held for less than a year are taxed at 28%.

Is swapping crypto taxable in Portugal?

Generally no. Crypto-to-crypto swaps defer taxation until you convert to fiat or other non-crypto consideration. A 2025 tax authority ruling confirmed that a technical swap to a stablecoin to reach fiat doesn’t break the holding period.

Do I still get crypto tax benefits under NHR in Portugal?

NHR was repealed from 2024, apart from people already registered and some transitional cases. The real tax-free lever is the 365-day holding rule, which applies whether or not you have NHR status.