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Currency and money matters

If you have made money by selling a property or by investing, there are forms to fill out, taxes to pay and many things to consider. But by doing a little bit of homework you can save yourself an awful lot of stress and money.

Investing and investments

If you invest in the Spanish stock-market as a non-resident, you will not be taxed on your profits in Spain. When you sell your property you can change Euros to the currency you want and send it to your home account without any restrictions. It used to be (Pre 2007) that foreigners had to pay 35% capital gain tax when selling property but this has now changed with the intervention of the EU who declared it unfair. Foreigners now pay 18% CGT just like the Spaniards.

If you want to buy property and obtain a loan from abroad, you can do this without any restrictions on 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.

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

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 amongst the highest in Europe. It is highly recommended to check what the charges are.


If you have your pension income sent to a Spanish bank account, make sure they do not charge you currency exchange commission as it 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 amount of 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 advice.

Specialist currency exchange companies

If you need to make a number of Currency exchange and money transfers to Spain you should consider a company who specialises in this field. Currency specialists such as these are able to obtain more favourable exchange rates as well as reduced commissions saving more of your money for you.