Spain's solidarity wealth tax (ITSGF) and crypto

The temporary solidarity tax on large fortunes (ITSGF) is a Spanish state tax levied on net estates above three million euros. It was created in 2022 to neutralise the regional rebates of wealth tax: where wealth tax is rebated, the ITSGF restores the burden; where wealth tax is paid, its bill is credited against the ITSGF to avoid double taxation. For the holder of a sizeable crypto estate, the practical consequence is that the region of residence no longer determines, on its own, whether holding crypto-assets is taxed.

The analyses in this section examine how the two taxes interlock when applied to crypto portfolios: valuation, thresholds and the planning of the holding.