Portugal stopped being a country where crypto was simply untaxed. What replaced that is not complicated, but it turns on one date, one mandatory accounting method, and a swap rule with a genuine loose end.
The 365-day line
| Held for | Treatment | Declared on |
|---|---|---|
| Under 365 days | Category G gain, taxed at 28% | Anexo G, quadro 18A |
| 365 days or more | Excluded from the gain | Anexo G1, quadro 7 |
FIFO is not a choice
Which coins you disposed of decides which side of the 365-day line the disposal falls on, so the ordering rule matters more here than it does for most assets. Portugal fixes it by statute: first in, first out. You cannot elect a different lot, and you cannot pick the parcel that produces the better answer.
That has a practical consequence worth planning around: adding to a position resets nothing, but disposing from it consumes your oldest — and therefore your most likely to be past 365 days — holdings first.
Swapping one crypto for another
A crypto-to-crypto swap is not itself a taxable event. The acquisition value carries across to what you received, so the gain is measured when you eventually leave crypto rather than at each hop between assets.
Staking and rewards
- Staking is Category E — investment income, not a capital gain.
- Carried on as a habitual activity, it is Category B — the same category as freelancing, with the obligations that brings.
- A reward paid in crypto is taxed on disposal, not on receipt — the token arriving is not the taxable moment. A reward paid in currency is taxed when it arrives, like any other investment income.
Leaving Portugal
Losing Portuguese tax residence triggers a deemed disposal of crypto holdings — an exit charge. It is declared on Anexo G1, the same annex as the long-held positions.
What this page does not tell you
Three things are genuinely unresolved in the sources rather than merely omitted here: whether the 365-day clock survives a swap, how NFTs are carved out, and whether stamp duty attaches to any crypto event. Anyone stating those confidently is going beyond what the statute says.
Is crypto tax-free in Portugal?
Not generally. A disposal of crypto held for under 365 days is a Category G gain taxed at 28%. Gains on holdings of 365 days or more are excluded — but still declared, on Anexo G1.
What is the crypto tax rate in Portugal?
28% on Category G gains from crypto held for under 365 days.
Which annex do I use for crypto?
Anexo G, quadro 18A for disposals under 365 days; Anexo G1, quadro 7 for holdings of 365 days or more and for the exit charge on loss of residence.
Can I choose which coins I sold?
No. FIFO is mandatory by statute — first in, first out — so disposals consume your oldest holdings first.
Is swapping one crypto for another taxable in Portugal?
No. The swap is not a taxable event and the acquisition value carries across to the asset received. Whether the 365-day holding clock also carries across is not resolved in the statute.
How is staking taxed?
As Category E investment income by default, or Category B where it is carried on as a habitual activity. A reward paid in crypto is taxed on later disposal rather than on receipt.
What happens to my crypto if I leave Portugal?
Losing Portuguese tax residence triggers a deemed disposal — an exit charge — declared on Anexo G1. Nothing needs to be sold for it to apply.