Your Money in Spain

Money Matters

Your money in Spain: the most important message here is that yes, you can take out all the money you have brought into Spain and more, if you have made money by selling a property or by investing.
There are forms to fill out, taxes to pay and delays, but you can do it. If you invest in the Spanish stock-market as a non-resident, you will not even be taxed on your profits in Spain.

When you sell your property you can change the Euros to the currency you want and sent it to your home account without any restrictions. You will have to pay 35% capital gain tax.

If you want to buy property and obtain a loan from abroad, you can do this without any restrictions up to € 1.500.000,-. The only condition is that the lender is not based in a tax-haven according to the Spanish government list.

Transactions through banks are completely free up to € 600,-. Anything above this amount must be declared by filling in a form at the bank. This only takes a minute.

Both residents and non-residents may open accounts at Spanish banks. They are distinguished from each other as different regulations apply to transfers for the resident and the non-resident.

If you are a resident, 25% of your interest earnings are withheld and paid to the Spanish taxman in your name, just the same as for the Spaniards. The interest on your account is only 0,1% of the average balance and the bank charges are one of the highest in Europe.

It is recommended to check what the charges are, so as not to get any surprises. When you get your pension send to your Spanish account, make sure they do not charge you exchange commission for this as this is against European Union Banking regulations.

The easiest way to invest your money in Spain, is by putting it on deposit with your bank. The interest paid depends on the amount invested and the time the deposit is held by the bank.

There are more intricate systems of investing money, for example by opening an offshore company and buying properties through that company. For this it is recommended to seek expert advise.