Crypto Taxes Portugal 2026 – Capital Gains, NHR and What Changed

Portugal was once famous as a crypto tax haven. Rules changed in 2023. Here is the current tax situation for crypto investors in Portugal.

Portugal: No Longer Fully Tax-Free

Until 2022, Portugal did not tax personal crypto capital gains. This changed with the 2023 State Budget, which introduced capital gains tax on cryptocurrency held for less than 1 year.

Current Portuguese Crypto Tax Rules (2023 onwards)

• Held under 1 year: 28% capital gains tax
• Held over 1 year: Exempt (no capital gains tax)
• Crypto-to-crypto swaps are taxable events
• Staking/mining income: taxed as ordinary income at progressive rates (up to 48%)

The 1-Year Exemption Strategy

Portugal's 1-year exemption is one of the most favorable in Europe. Investors who hold crypto for more than 12 months pay zero capital gains tax. This incentivizes long-term holding over short-term trading.

NHR (Non-Habitual Resident) Regime

Portugal's NHR regime (being replaced by IFICI from 2024) offered significant tax benefits for new residents. Under the new IFICI regime:

• 20% flat rate on Portuguese-source income (certain categories)
• 10-year regime
• Crypto capital gains: subject to standard 28% rate (under 1 year)
• The original NHR's crypto tax-free treatment no longer applies

Crypto as Professional Income

If you are classified as a professional crypto trader, mining as a business, or earning crypto through services, income is taxed at progressive rates up to 48% (Category B income).

Reporting to AT (Autoridade Tributária)

Declare crypto gains in your annual IRS declaration (not the same as US IRS). Category G for capital gains, Category B for business income. Filing deadline: typically June 30 for the prior year.

Disclaimer: This article is for general informational purposes only and does not constitute tax advice. For individual tax advice, consult a licensed tax professional.