Our country has everything to attract expatriates. The good weather and the exquisite gastronomy are compounded by the tax benefits of living in Spain. Still don’t know them?
The Spanish tax residence is decisive to know what taxes you have to pay in our country. For this purpose, you are considered to be it if you meet one of these requirements:
- You reside in Spain more than 183 days a year (even if they are not consecutive).
- Your spouse or children reside in Spain.
- You carry out economic activities in Spain.
Paying tax in Spain as a resident
Anyone who has tax residence in Spain, whether Spanish or foreign, must pay taxes in our country. For this purpose, a tax identification number is assigned: the NIE.
It is important to bear in mind that the fiscal year in Spain coincides with the calendar year (it includes the economic returns generated between January and December). The deadline to declare personal income tax is from May 1 to June 30 of the following year.
What are the taxes in Spain for expats?
Taxes all earnings (savings, wages, pensions, premiums, etc). The resident must pay for his worldwide income, while the non-resident only pays for his earnings in Spain.
It only applies to residents in Spain who have great wealth worldwide.
Applies to disposals made in Spain (non-residents) or in the world (residents).
What is the tax threshold in Spain?
It depends on the type of taxes in question, your specific tax situation and even your place of residence (each Autonomous Community has its own fees and benefits). Focusing on personal income tax, the sections in the general regime are:
- Up to € 12,450 earnings: 19%.
- € 12,451-20,200 earnings: 24%.
- € 20,001-35,200 earnings: 30%.
- € 35,201-60,000 earnings: 37%.
- More than € 60,000 earnings: 45%.
At GM Lawyers we can help you make the most of the tax benefits of living in Spain. Start saving on paying your taxes while you enjoy your idyllic stay on the Costa del Sol.
