Finance in Spain
Bank Accounts
Opening a bank account in Spain is easy. You simply walk into your chosen bank with your passport and in half an hour your account will be open. If you are not able to go into your bank in person (you may be on a tight schedule and not have time) we can easily open the account for you or you can ask you Lawyer to do it. Perhaps the most difficult thing is actually deciding on which bank to use. We have a short list of banks that we have found to be most helpful and competitive for non residents.NIE (Foreigner Identification No.)
If you want to make any major purchase (I.E. house, car) in Spain you need an NIE which you can get by applying at the local Police Station. All that is required is your passport plus a photocopy of the passport, a passport sized photo and a completed application form. We can help you with this and usually accompany our clients to the police station to make sure everything is done correctly.Transfer of Capital
There is generally no restriction on the import of capital into Spain, but it is advisable to keep records showing that the funds were transferred from abroad and not derived from income earned in Spain. Residents should check with their bank in case any special formalities are necessary.Transfers of Capital from Spain are governed by Spanish Foreign Exchange Regulations.
Residents in Spain are allowed to take out up to 6,010.12 Euros in cash per trip before having to make a Customs Declaration. They may also bring that amount into Spain without having to declare it. Anything above that should be declared on Form B1, available on entry into Spain.
If you want to transfer large sums then it is usual to transfer the funds electronically through the banking system using the IBAN or SWIFT system. For transfers of large sums we recommend that you need to discuss exchange rates etc with your bank and also we recommend that you consult a foreign exchange specialist to compare rates.
Taxation
Residents, including retired people, are liable to pay tax on income earned in Spain or from property held in Spain. This includes Property or Real Estate Tax, Wealth and Capital Gains Tax, Inheritance Tax, and local municipal charges. We can provide general tax information in house regarding tax rates etc... However, taxation is a complex issue, and professional advice should be sought. Therefore if you need specific advice we can recommend a professional who will know what they are talking about.Other Services
We work with several specialists who are able to help with the following issues:-- Personal Taxation
- Investing capital for income or growth
- Offshore tax structures
- Spanish companies for tax efficient purchase of Spanish property
Contact details found on our contact details page.
