Greece’s parliament approved a tax framework for crypto assets on November 5, setting a 10% rate on individual gains and exempting annual gains of up to €500. The rules are scheduled to take effect on January 1, 2027. A separate 15% rate has been proposed for staking and decentralised finance (DeFi) income, but the details remain unsettled. The framework establishes Greece’s first broad system for taxing digital assets, while reporting and audit procedures for trades on overseas platforms still await further guidance.
10% tax on gains, with losses carried forward
Under the approved framework, annual crypto gains of up to €500 are tax-free; gains above that threshold are taxable. Eligible losses may be carried forward for five years to offset future gains.
A proposal put forward by the Finance Ministry in October set a 10% tax on individual disposal gains, generally calculated as the sale price minus the acquisition cost. The precise calculation and reporting procedures have yet to be set out in implementing rules. The ministry had also proposed that swaps between crypto assets would not trigger an immediate tax charge, but lawmakers raised questions about the final wording. The treatment of such transactions therefore remains unclear.
Staking and DeFi tax treatment still under review
The Finance Ministry’s October proposal would treat income from staking, lending and DeFi liquidity rewards as interest income, subject to a 15% rate and separate from trading gains. For now, these provisions remain part of the proposal; their final form and scope have not been confirmed.
The framework also provides for a 12-month voluntary disclosure window through which investors can declare crypto gains from previous years. Those who meet specified conditions may avoid penalties and interest for late filing. The government expects to issue further guidance on transparency requirements and tax audits in the coming weeks.
Overseas platforms complicate enforcement
A practical challenge for Greek authorities is that local investors commonly use overseas crypto exchanges, making their activity difficult to track in full. A senior Finance Ministry official said the government could not yet estimate how much revenue the new tax might raise, as the size of the market is difficult to establish accurately. Future transparency and audit rules will help determine how authorities verify taxpayers’ declarations.
Crypto tax rates and holding periods vary across Europe
At 10%, Greece’s capital gains rate is among the lower rates in Europe, where tax treatment varies considerably. The comparisons cited put Cyprus at 8%, Belgium and Bulgaria at 10%, and Croatia at 12%. Italy is set to raise its standard rate on crypto capital gains to 33% in 2026, while Romania has raised its rate to 16%. Sweden taxes qualifying crypto gains at 30%.
Some countries exempt certain gains when assets are held for a minimum period. Germany and Portugal provide exemptions for specified gains after one year, while the thresholds are six months in Luxembourg, two years in Croatia and three years in the Czech Republic. Switzerland, Slovenia and Malta are also listed as jurisdictions where qualifying private investors may be exempt from capital gains tax on crypto assets.
Tax liabilities across Europe can depend not only on the amount of a gain, but also on residency, holding period and how the activity is classified. Greece has approved its framework, but investors are still awaiting rules on filing calculations, crypto-to-crypto swaps, and income from staking and DeFi.