How P2P Lending and Property Crowdlending is Taxed in Spain

Crowdlending is very popular in Spain, and I have written about my experience with property crowdfunding platforms in Spain before. For the purposes of this article, crowdlending and crowdfunding are interchangeable — they are treated the same for tax purposes.

This also covers P2P lending platforms in Europe. As a Spanish resident, all interest income from these platforms is taxed under the same savings income rules described below.

How P2P and Crowdlending Income is Classified

Any interest you earn is declared as rendimientos del capital mobiliario — income from movable capital. This puts it in the same category as interest from bank deposits or dividends from stocks.

A few important rules:

• You must declare interest even if you never withdrew it from the platform — reinvested returns still count.
• Income earned in a given year is declared the following year. Interest received in 2025 goes into your 2025 Renta declaration, which you file in April-June 2026.
• You declare your worldwide income in Spain’s IRPF. Foreign platforms are treated the same as Spanish ones.

Where to Report It in Your Tax Return

In the Modelo 100 (IRPF), interest from P2P and crowdlending platforms goes in casilla 027 — Rendimientos del capital mobiliario a integrar en la base imponible del ahorro. You enter the gross amount before deducting any retenciones or platform fees.

If a foreign platform withholds tax at source (Mintos, for example, withholds 5% for confirmed EU/EEA residents), you declare that withholding separately in casilla 588 as foreign taxes paid, then claim the corresponding double taxation deduction.

Retenciones: What Spanish Platforms Do For You

Most Spanish crowdfunding platforms automatically deduct 19% from your profits and pay it directly to Hacienda. Once you access your Hacienda account, you will see those retenciones pre-populated in your draft declaration.

Foreign platforms generally do not apply any Spanish withholding. That means the income won’t appear in your draft automatically — you have to add it yourself.

The Current Savings Income Tax Bands

P2P lending and crowdlending interest is taxed within Spain’s base imponible del ahorro (savings tax base). The bands as of 2025 are:

• Up to €6,000: 19%
• €6,000 to €50,000: 21%
• €50,000 to €200,000: 23%
• €200,000 to €300,000: 27%
• Over €300,000: 30%

The 19% retention applied by Spanish platforms matches the lowest band — which is why it works as a starting-point withholding. If your total savings income exceeds €6,000, you will owe the difference at the applicable higher rate.

Note on recent changes: Spain added the 27% band (€200k–€300k) in 2023, and the top rate above €300,000 increased from 28% to 30% from January 1, 2025, under Ley 7/2024. If you have been using an older version of this article as reference, make sure your tax advisor is working from current figures.

These rates apply across all savings income — P2P interest, bank deposits, dividends, and capital gains from asset sales all stack together in the same base.

Real Estate Crowdfunding: Same Rules, With One Difference

Income from property crowdfunding platforms (like Urbanitae, Civislend, or Housers) is taxed as savings income in the same way as standard crowdlending interest.

The distinction comes from how the platform structures the investment:

• Crowdlending (debt) projects: Interest paid to you is taxed as rendimientos del capital mobiliario (casilla 027). Withholding applies at 19%.
• Equity projects: Dividends are also treated as rendimientos del capital mobiliario. If the project ends through a sale of the underlying asset and you receive a liquidation quota, that may be treated as a capital gain (ganancia patrimonial) instead — in which case no automatic withholding occurs and you must report it manually, with the acquisition price and sale price.

If you received income from foreign property crowdfunding platforms, they will normally send you the full amount with no Spanish withholding deducted. You then declare it in your IRPF during the April–June filing window of the following year.

Losses from Defaults

If a loan defaults and you lose principal, you can declare that loss as a pérdida patrimonial in casilla 389. Losses can offset capital gains, and any unused losses carry forward for up to four years.

The catch: losses are only deductible once the debt is formally deemed uncollectible — typically after 12 months or more have passed with no recovery, or when the platform confirms the loan is unrecoverable. Provisional impairments during active recovery processes generally do not qualify.

Withholding Tax on Foreign Platforms (Latvia, Estonia)

Some popular European P2P platforms are based in Latvia (Mintos, TWINO, ViaInvest, Nectaro) or Croatia (PeerBerry, Esketit). Spain has double taxation treaties with both countries.

Under the Spain–Latvia treaty, the general withholding rate on interest is 10%, though a most-favored-nation clause can reduce this further. Mintos currently applies a reduced withholding of 5% for investors who have confirmed their EU/EEA tax residency by providing their Spanish NIF.

If you have not confirmed your tax residency with Mintos, the platform may withhold up to 25.5%. You can request a refund of excess withholding from the Latvian State Revenue Service (VID) if the treaty rate was lower than what was actually deducted.

Whatever withholding a foreign platform has applied, declare it in casilla 588 and claim the double taxation relief — so you are not taxed twice on the same income.

Modelo 720: Do You Need to File?

Modelo 720 is Spain’s annual declaration of assets held abroad, due by March 31 each year for the previous year’s holdings.

For P2P lending, the position has been clarified through a DGT (Dirección General de Tributos) binding ruling: loans you have made to third parties through a platform are generally not required to be declared in Modelo 720, as they are not considered securities or financial accounts. However, there are two situations where you may have an obligation:

• Uninvested cash sitting in a foreign platform’s account: If this is held in a segregated client account that functions like a bank account, and the total value across all such accounts exceeds €50,000, you may need to declare it.
• Platform accounts that issue securities or Notes: Some platforms (Mintos restructured its model to issue regulated Notes) may mean your holdings technically qualify as financial instruments — which would bring them into scope.

The rules here are genuinely unclear and evolving. If you hold significant balances in foreign platforms, get a specific opinion from a gestor or tax advisor who is familiar with P2P investing. Do not assume you are either definitely obliged or definitely exempt.

Key Practical Steps Each Year

1. Download your annual tax statement from each platform — most provide a PDF or CSV summary of interest received and any withholding applied.
2. Check your draft Renta declaration in April. Spanish platforms should appear automatically; foreign ones almost certainly will not.
3. Add foreign interest manually to casilla 027 (gross amount) and foreign withholding to casilla 588.
4. If any loans defaulted and are confirmed uncollectible, add those losses to casilla 389.
5. Review Modelo 720 obligations by late March if you hold over €50,000 in uninvested cash at foreign platforms.

You can find more information about paying taxes in Spain on this site.

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