Crypto Taxes in Greece: In-Depth Guide
Crypto taxes in Greece include 15% capital gains tax on profits, 9%-44% income tax on mining, staking, and payments, and 22% for crypto-business-related earnings.
Greece is adopting EU tax rules like MiCA and DAC8, which will tighten crypto tax reporting. However, local laws still decide how crypto gains, mining, and staking are taxed. Both Greek residents and foreign investors must stay updated on AADE’s tax rules to avoid penalties and legally reduce their taxes.
This Greece crypto tax guide explains capital gains tax, income tax, all taxable crypto transactions, and how to report your crypto earnings. Let’s get started.
How Does the Independent Authority for Public Revenue (AADE) View Cryptocurrency?
In Greece, cryptocurrency is not considered legal money. Unlike the euro, it is not officially accepted as a way to pay for goods or services.
For tax purposes, the Independent Authority for Public Revenue (AADE) treats cryptocurrency as an asset. This means crypto taxes in Greece apply to buying, selling, and trading, just like other investments.
Since Greece follows EU tax rules, new laws like MiCA and DAC8 might change how cryptocurrency taxation in Greece works in the future and bring more uniformity among other European countries. But for now, Greece’s crypto tax laws follow local rules.
How is Crypto Taxed in Greece?
The Greek tax system applies different rates to cryptocurrency transactions depending on how the assets are used. The main types of taxes are capital gains tax, income tax, and business income tax. Let’s go over each of them one by one.
Capital Gains Tax
If you make a profit by selling, spending, swapping, or getting rid of cryptocurrency, you must pay capital gains tax. The tax rate depends on whether you’re an individual or a business.
Individual investors: A 15% capital gains tax applies to crypto profits.
Professional traders or businesses: If you trade often, mine on a large scale, or run a crypto-related business, the AADE may tax your earnings as business income at a corporate rate of 22%.
Businesses can also deduct expenses like electricity and equipment costs, which is especially relevant for crypto mining.
Income Tax
If you earn cryptocurrency through mining, staking, airdrops, or as payment for goods or services, it is considered ordinary income in Greece. This means it is taxed like a salary or freelance earnings.
The taxable amount is based on the crypto’s fair market value (FMV) at the time you receive it. The Greek income tax rates range from 9% for income up to €10,000 up to 44% for income over €40,000.
For the latest details, check their official income tax page.
How to Calculate Crypto Taxes in Greece
Knowing how to calculate your crypto taxes is important to stay compliant with cryptocurrency taxation in Greece. Your tax method depends on whether your gains count as capital gains or income.
Capital Gains Calculation
To figure out your crypto capital gains tax in Greece, use this simple formula:
Capital Gains = Selling Price – Cost Basis
Selling Price: How much you sold the crypto for.
Cost Basis: What you originally paid, including any fees. Greece allows two accounting methods to calculate cost basis, and the method you choose affects how much tax you pay.
Let’s understand this using an example. Suppose you bought and sold Bitcoin at different times and in different quantities:
- January: 1 BTC at €40,000
- June: 1 BTC at €20,000
- December: Sold 1 BTC for €50,000
Now, let’s see how your capital gains tax changes depending on the method used:
FIFO (First-In-First-Out): The oldest crypto you bought is the first to be sold. This is the most common method.
The first purchase (January) is used as the cost basis:
Capital Gains = €50,000 – €40,000 = €10,000 taxable gain
Average Cost Basis: This method adds up the total cost of all your crypto and finds an average price per unit. It makes calculations easier but isn’t always the best for tax-saving purposes.
So, taking the same example, let’s calculate the capital gain now:
- Step 1: Total purchase cost: €40,000 + €20,000 = €60,000
- Step 2: Total BTC held: 2 BTC
- Step 3: Average cost per BTC: €60,000 ÷ 2 BTC = €30,000 per BTC
- Step 4: For 1 BTC, the cost basis is: 1 BTC × €30,000 = €30,000
Capital Gains = €50,000 – €30,000 = €20,000 taxable gain
This shows why tracking your transactions and choosing the right method can make a big difference when dealing with crypto taxes in Greece.
Income Tax Calculation
If you earn crypto from mining, staking, airdrops, or as payment, it’s taxed like regular income. The amount you owe is based on its value when you receive it.
For example, if someone pays you 0.1 BTC for a job when Bitcoin is worth €40,000, your taxable income is €4,000. This is then taxed according to Greek income tax rates. Later, if you sell that 0.1 BTC for more than its original value, you’ll also owe capital gains tax on the profit.
Keeping track of every transaction is key for crypto tax reporting in Greece. Tools like Bitcoin.Tax can help automate the process.
Crypto Taxable Events in Greece
Not all crypto transactions are taxed, but some activities count as taxable events under Greece’s crypto tax laws. These include:
Selling crypto for fiat
If you sell crypto for euros or any fiat currency at a profit, you owe a 15% capital gains tax on the gain.
Spending crypto on goods/services
Paying for goods, services, or bills with crypto is taxed like selling. If the value of your crypto increased since you bought it, the profit is taxed as capital gains.
Swapping one crypto for another.
Trading Bitcoin (BTC) for Ethereum (ETH) or any other crypto swap is taxable. You must report the fair market value (FMV) of the crypto you receive. If it’s worth more than what you originally paid, the difference is taxed as capital gains.
Getting paid in crypto
Salary, freelance work, or business payments in crypto are taxable income. The taxable amount is based on its FMV at the time you receive it. Income tax rates range from 9% to 44%.
Mining, staking, and lending rewards.
Mining income is taxed as personal or business income, depending on scale. Business miners may deduct expenses like electricity and hardware.
Staking and DeFi rewards (like yield farming or liquidity mining) are most likely taxed as income based on FMV when received.
Airdrops
Free tokens from airdrops are likely taxable income, based on their FMV at the time of receipt.
NFT Taxation
Greece has no clear NFT tax rules, but NFTs are likely taxed as digital assets. Selling an NFT could trigger capital gains tax. If you create and sell NFTs regularly, it may count as regular or business income.
Tax-Free Crypto Transactions in Greece
Some crypto activities aren’t taxed under Greece crypto tax laws, meaning you won’t owe capital gains or income tax on them.
Buying and holding crypto
Simply buying crypto isn’t taxable. You only owe capital gains tax in Greece only when you sell or dispose of it for a profit.
Transferring crypto between personal wallets
Moving crypto between your own wallets or exchange accounts is not taxable. However, keeping records is important for tracking your cost basis for future sales.
Receiving crypto as a gift
If someone gifts you crypto, you generally don’t pay tax. But if the gift exceeds inheritance and gift tax limits, it may be subject to Greek inheritance and gift tax rules.
- Inheritance tax: 0-10% for close relatives (tax-free up to €150,000).
- Gift tax: 0-10% (tax-free up to €800,000 for spouses/children).
How to Reduce Crypto Tax Liability in Greece (Legal Strategies)
Greek tax authorities (AADE) are cracking down on cryptocurrency taxation in Greece. These regulations require crypto exchanges to report user transactions, making it harder to hide crypto income. That means if you use a Greek or EU-registered exchange, your data is shared with tax authorities. This makes avoiding taxes very risky and illegal.
But…
While crypto taxes in Greece can’t be avoided, there are smart ways to legally reduce what you owe. Here are some effective strategies:
1. Tax Loss Harvesting
Tax loss harvesting means selling crypto at a loss to reduce your taxable gains. If you made a profit on some trades but are holding losing assets, you can sell them before the tax year ends to lower your tax bill.
Suppose:
- You made €10,000 profit from selling Bitcoin.
- You’re also holding Ethereum at a €5,000 loss.
- If you sell the ETH, your taxable gain drops from €10,000 to €5,000.
- Instead of paying €1,500 in tax (15% of €10,000), you now owe only €750 (15% of €5,000).
Unlike in the U.S., Greece has no strict wash-sale rules, meaning you can sell crypto at a loss and buy it back shortly after while still getting the tax benefit. However, it’s best to double-check with a tax expert first.
2. Holding Crypto Long-Term
One easy way to lower your tax bill is to trade less. Every time you sell or swap crypto, you trigger a taxable event. But if you just hold, there’s no tax. By waiting to sell, you delay your tax obligation and can cash out when rates are more favorable. However, this strategy isn’t for everyone for obvious reasons.
3. Deducting Expenses
You can reduce your crypto taxes in Greece by deducting certain expenses related to your transactions and activities.
Some common deductions include:
- Transaction fees from buying, selling, or swapping crypto
- Electricity and internet costs if used for crypto activities
- Software and subscriptions for tracking or trading
- Mining or staking costs, like hardware and maintenance
- Tax and accounting services
Keeping good records is key for crypto tax reporting and can help you legally pay less tax in Greece.
4. Gifting Crypto Strategically
In Greece, you can gift crypto to close family members tax-free if it stays under €800,000 (for spouses, children, and parents). This lets you transfer crypto wealth without paying capital gains tax.
Suppose:
- You own €100,000 worth of Bitcoin.
- If you sell, you owe 15% capital gains tax (€15,000).
- But if you gift it to your spouse or child, they take on your cost basis, and the transfer itself isn’t taxed.
This can be a smart way to pass down assets while avoiding an immediate tax bill. Just be sure to track transfers properly to stay within Greece’s gift tax exemptions.
5. Consulting a Tax Professional
Greek crypto tax laws are still changing, so getting them right is important to avoid penalties or paying too much. A crypto tax expert can help you structure your portfolio in a tax-friendly way. They can also help you choose FIFO or Average Cost Basis to reduce capital gains tax.
Just like businesses hire accountants, serious crypto investors and traders can save money in the long run by working with a tax expert.
Penalties for Crypto Tax Evasion in Greece
If you don’t report capital gains, mining/staking income, or business-related crypto earnings, you could face:
- Late tax payments in Greece come with a 0.73% monthly penalty, which increases to 10% after a year and an extra 10% for each following year. Not paying taxes for over four months is a criminal offense with serious consequences.
- Fines for incorrect or incomplete filings range from €100 to €2,500, depending on the mistake and intent.
As we mentioned before, Greek tax authorities are watching crypto taxes in Greece more closely, especially with new EU rules like DAC7 and DAC8.
Since exchanges report transactions to authorities, hiding crypto income is much harder, if not impossible. Staying compliant is the best way to avoid fines.
How to Report Crypto Taxes in Greece
If you buy, sell, trade, or earn crypto, you must report it to Greek tax authorities (AADE). Not reporting could lead to fines, audits, or penalties.
Tax Year: January 1 – December 31
Filing Deadline: June 30 of the following year (e.g., 2024 taxes are due by June 30, 2025)
Where to File: TAXISnet (obtain username and password here)
Who Needs to Report: Individuals, traders, businesses, and foreign residents with a Greek tax number (AFM)
What to Report:
- Capital gains from selling, swapping, or spending crypto
- Income from mining, staking, airdrops, or payments
- Business-related crypto earnings and expenses
- Cost basis method used (FIFO or Average Cost Basis)
- Transaction records (timestamps, purchase & sale prices)
Since crypto taxes in Greece can be complicated, many investors use Bitcoin.Tax. It helps automate cost-basis calculations, track gains and losses, and generate tax forms that can be submitted to AADE.