Taxes on peer to peer investments in Europe | Your guide to taxes!

When you search the internet its extremely unclear how peer to peer income will be taxed. Sources that do give you answers are sometimes rather answers for local tax laws and are not applicable in your country.

I always display my income tax This is exactly the reason why in my monthly portfolio blogs I always show my income without the 30% taxes I am paying in Belgium, subtract it in my goals update.

I want to avoid that my readers need to go trough what I went trough and that is why I created the ultimate guide on tax laws for peer to peer!

What kind of taxes apply to you?

The first thing you need to find out is what kind of taxes apply to you. There is not one tax rate but three tax rates that can determine how high you will be taxed.

Resident taxes

Resident taxes are the taxes in your country of origin. Depending of the country you live in these can be taxed high or low. In my experience they are usually higher then the second type of taxes, because its much harder to optimize these taxes. Basically the only way to get rid of them is to move to another country! That is a challenge as most countries have either high taxes or a bad job market.

Taxes in the peer to peer platform’s country

The second type are the taxes you might need to pay in the country where the platform is located. These taxes are actually less likely since most investors platform try to optimize their location to be in a low tax zone. Its not a coincidence so many platforms are located in the Baltic states. The withholding taxes of Latvia and Estonia are 0%, so settling here will give the platforms a big advantage. Although the low regulation in those countries might play some role as well.

Taxes in the borrowers country

The third part that might apply is the taxes in the country of the borrowers. If your contract is not with the platform but directly with the borrower (or loan originator) then you might need to pay interest there. In such a case I would expect that the interest goes directly from the borrowers account to yours, and I think this is not a likely situation.

European map of resident taxes

In case you do consider to move country then hopefully this map will help you decide where to go! Additionally should you want to know more about the tax situation in your country then this should give you some idea.

disclaimer “I am not a tax specialist. I interpreted resident tax information at external sources (noted bellow). Please let me know if something is not accurate.”

Now its not all black and white. In this map I usually took the worst possible case but actually for several countries there are excellent exceptions. For Portugal for example if you move there for another country the first 10 years you pay no taxes in your peer to peer investments. For UK there is some tax benefits you will get when investing in peer to peer. I got the information at PWC who are usually fairly accurate, however I do not exclude I misinterpreted anything. Bellow is a table with more detailed information per country.

CountryCrowdlending tax rateAdditional information
Armenia20Income tax rate (10-20%)
Azerbaijan10First 7 years is tax free
Bosnia and Herzegovina10
Czech Republic15
Denmark42Income tax for locals, from 36% up to and capped on 42%. The first 800 EUR is tax free
Estonia20Taxed as income at 20% flat rate
Finland3030% for the first 30k, 34% for anything above. Taxable income and capital are included in the above.
Georgia5Falls most likely under the capital gains tax
Germany2637525% + solidarity tax
Greece15Not applicable for non-residents if held in foreign currency
Ireland33Non-residents can be excempted
Kazakhstan10Falls under capital gains tax
Kosovo10Falls under personal income tax (flat rate of 10%)
Latvia20A 0% PIT applies on dividends paid by a Latvian/EU/EEA company or one from any other country if there is evidence that CIT or PIT has been withheld at source.
Liechtenstein0I could not find any evidence of withholding tax on crowdlending in Liechtenstein. My conclussion is that there is none.
Lithuania20Interest income received on consumer credits granted via peer-to-peer lending platforms or funds lent via crowdfunding platforms in Lithuania
or in another EEA country is non-taxable, provided that the amount does not exceed EUR 500 per calendar year.
The rest I believe will be taxed with capital gains tax going from 15-20%. NeoFinance is withholding taxes at 15% interest tax. I have written them asking to deposit this amount back.
Malta10Falls most likely under capital gains tax (8-10%)
Moldova12Capital Gains taxes at 12%
Montenegro9Non-residents get taxed at 5%
Netherlands30The 30% is calculated based on how much Net Worth you hold rather then on how much interest your investment makes. Ranges go from 1.8% (30k-100k), 4.2% (100-1M) and 5.33 (above 1M)
North Macedonia15
Norway16.2Taxed on income tax rates going from 1.9% - 16.2%
Portugal28Foreigners moving to Portugal do not need to pay any taxes on peer to peer lending the first 10 years
Slovakia25When it comes from foreign sources it is taxed as taxable income going from 15-25%
Slovenia27.527.5 is a flat rate for investments under 5 years
Spain23Progressive rate. 19% (first 6000), 21% (6000-50000) and 23% (above 50.000) depending of the income
Turkey15A bit unclear, I am not confident the 15% is correct. Please message me if you have expierence with peer to peer taxes in Turkey
Ukraine18Same as all other passive income
United Kingdom45For tax benefits see, 0% taxes for investments up to 20,000 pounds. Above 20.000 pounds of investments its taxed by a progressive income tax rate and can go up to 45%. Additionally UK tax law allows bad debts (i.e. borrower defaults) to be offset against income.

Do platforms withhold taxes?

I looked at over a dozen platforms and I found that almost none of the platforms are actually charging taxes.

In case of platforms located in the Estonia and Latvia this was to be expected since they fall under a 0% tax rate there. But I am a little bit surprised about platforms located in other countries. Inquiring about this usually got me the same reply that they are not withholding taxes and you should look into your resident taxes. Questions about why this was the case did not get me a fulfilling answer to be honest. I am not a tax expert unfortunately but I would want at least the platform to know why I should not pay any taxes in the country they are located. If its because they fall under a zero tax rate somehow then just make sure you can answer that when your investors ask.

CroatiaRobocashRobocash does not withhold any taxes
Czech RepublicBondsterBondster does not withhold any taxes
EstoniaBitOfProperty, Bondora,Bulkestate, CrowdEstate, CrowdEstor, Estateguru, EvoEstate, Iuvo Group, Monethera, TFGCrowd, Wisefund, BrickStarter0% Tax rate in Estonia, so no need to withhold taxes. Crowdestate does withhold taxes. More about this later.
IrelandFlenderFlender does not withhold any taxes
LatviaGrupeer, Lendy, Mintos, PeerBerry0% Tax rate in Latvia, so no need to withhold taxes
LithuaniaNeoFinance0% if interest is under 500 EUR, after that 10% (lithuanian tax laws)
NetherlandsLendahandLendahand does not withhold taxes
SpainHousersHousers is Withholding the tax rate in the country of origin of the projects. So 19% for Spanish projects e.g.. Brickstarter is not. No adress is noted on the Brickstarer website
United KingdomFastinvest,KuflinkFastinvest does not withhold any taxes. Kuflink neither and tax information seems to be mainly aimed at UK investors.

How are the platforms helping us out?

If we just have to write down the profit we have at the beginning of the year and write it down at the end of the year for all our platforms it can be very cumbersome. At least for the normal people outthere who do not check their Mintos account daily, and who do not write down the exact profit they made at the end of every month.

Lucky most peer to peer platforms have at the very least a way to get out the information you will require for the Tax Authorities.


Crowdestor does not have a tax report, but you can get the information from the “Transactions” screen. Here you can enter a date and you can select “interest payment for project” for example as filter. You can then export it to PDF or excel, that should be enough as evidence. One improvement here I can think of is a multiselect list on the transactions type.


Grupeer allows you to download an income statement report from the overview screen. This should be more than enough to do your taxes.

Grupeer is currently generating the top income for me so its really useful they have this income statement.


Mintos allows investors to get a Tax report in the account setting. The report is very basic (unless you live in Germany, Estonia or Latvia) and shows just some basic data. But it should be more then enough to report your taxes:

Basic income statement for Belgian taxes

The funny thing is the site mentions that there is a special report for Estonia, Germany,.. but when I requested the report for Estonia it looked 100% identical as the Belgian report, but anyway as I said its more then enough.

If you haven’t tried Mintos yet then make sure to check out my Mintos review to find out if this could be something for you!

Iuvo Group

Iuvo Group has a very good account statement screen where you can get information you can supply to the Tax authorities. You can see the yearly profit and download the information.


I had to mention NeoFinance here. As its a regulated platform there is a 15% withholding tax they charge. Now you should now that as a foreign investor the first 500 EUR of investing is tax free. After that there is a 10% tax rate.

I have been trying to figure out how to get these taxes back but so far I have not. NeoFinance is actually working actively on the case. They have a very nice website with a lot of information here, but this one crucial part is lacking. After many mails and some very tiresome talks on facebook they did see that this was a gap in their information and NeoFinance is working on improving the information for investors. When they do I will update this section, and even though its only 8 EUR I need to retrieve still I plan to go to the process to make it easier for you guys.


In the statement screen PeerBerry gives you a good overview of the profit you made last year. But you can’t export the overview only the full transaction list (which is a bit much imo). Perhaps you can take a screenshot and attach it to your taxes. Then again you are usually not obliged to add evidence unless they specifically ask for it. Not in Belgium anyway. Just writing down the interests should be enough.

What about other platforms?

I might add more platforms here later, but I believe by now it should be clear to you how you can retrieve the information. If you find something strange or special about any peer to peer platform (tax related) then let me know and I will add them here!

Where can I find more information about resident taxes?

The absolute best source is still your Tax Authorities. While I’m not familair with Tax Authorities in other countries I do ask many questions to the Belgium Tax Authorities, their answers are just as good as those from an accountant. I have asked them about peer to peer and ETFs. The earlier you ask the right questions, the earlier you can plan for investments where you pay less taxes.

Another source that is very reliable, and that was also the main source of my research is pwc. It holds Tax information for pretty much any country and will have good information, especially if you live in the EU you can count on up to date and accurate information. Check them out here!

In a future blog I want to add some examples about specific countries, but already a dozen hours or more went into this research and that kind of research would be considerably more difficult. Have you already reported taxes in your country? Please let me know with some screenshots or photos if possible, then I can add this here to make it easier for others in the future.

I am interested in more in depth and valuable content!

If you are then subscribe and follow me on my FIRE journey. Follow my successes, my failures and my research so you dont need to go trough the mess I had to go trough! I hate to say it but I wish I would have read my blog 5 years ago already, this would have given me such a better start in life!

7 thoughts on “Taxes on peer to peer investments in Europe | Your guide to taxes!

  1. Thank you for this comprehensive overview. It must have taken quite some time to make.

    A few comments regarding Denmark:
    – Interest is taxed as capital gains – not income tax per se, although there is some relation between those two.
    – The first €800 is not tax free. There is a basic deduction of app. €6.222,77 annually for income in general. But I wouldn’t include it here, as it would only be relevant for investors with little to no other income sources.
    – I believe Denmark is placed in the wrong category on the map. It should be in the slightly lighter shade of red.

    Please don’t take this as criticism of this overview in general. I know how difficult it is to collect and present comparable tax data between countries.

  2. Thank you for this comprehensive overview. It must have taken quite some time to make.

    A few comments regarding Denmark:
    – Interest is taxed as capital gains – not income tax per se, although there is some relation between those two.
    – The first €800 is not tax free. There is a basic deduction of app. €6.222,77 annually for income in general. But I wouldn’t include it here, as it would only be relevant for investors with little to no other income sources.
    – I believe Denmark is placed in the wrong category on the map. It should be in the slightly lighter shade of red.

    Please don’t take this as criticism of this overview in general. I know how difficult it is to collect and present comparable tax data between countries.

      1. In Belgium you have the principal of “goede huisvader” when it comes to taxes in investments. If it falls under this, you don’t pay any taxes.

  3. HI.

    Thank you for collecting and publish this information!
    I have been thinking of a similar idea, but didn’t know where to start.

    I have one question about Denmark, and the statement “The first 800 EUR is tax free”

    I have spend several hours last month trying to understand the danish tax-system and regulation regarding p2p/crowdlending abroad.

    There is not much written, and you have to contact “skat” (Danish tax department) to get further information for a specific situation..

    As far i understand, please correct me if i’am wrong.
    There a a lot of rules and regulations, but to keep it simple.

    Two important terms:
    Capital income (profit from stocks, crowd-lending etc)
    Personal income (Income from day job/primary income)

    There are three income groups with different taxation:

    You have a threshold about 6000euro from Capital income.
    This income will be added to your personal income, and if you get into the high income group, you pay a higher taxation.

    But to keep it simple… The 6000euro (-ish) you pay a flat 42% tax.
    If you have any expenses or costs up keeping the capital income, it can be subtracted from the capital income.

    There are soooo much more that have effect on this, so not even our tax-system get it right every time.

    But to sum it up, i have no knowledge of the “tax free 800 euro”, but do really like the idea 😉

    1. Hi Dave, the tax free part in Denmark is on any income, not specifically peer to peer. So perhaps not very useful that I added it, since most people will have other incomes as well apart from peer to peer

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