INTERESTED IN INVESTING IN REAL ESTATE IN SPAIN? GOLDEN VISA, TAXES ON RENTAL INCOME AND MORE

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Spain Golden Visa – Invest in Spain and Get the Residence Permit
The Golden Visa for Spain is a residence visa issued to a non-EU national who intends to make a significant investment in the Spanish economy. The visa offers the holder and their family members residency in Spain and visa-free access to the Schengen Zone.

In most cases, Spain Golden Visas are issued to someone who purchases real estate. However, they are also available to businessmen who invest in a Spanish company, which is why they are referred to as Spain Investor Visas as well.

What makes you either a resident or non-resident in Spain?
You are a non-resident in Spain if you live in the country for less than 183 days in a single year. If you are present for more than this, you are considered a resident.

Who has to file a tax return?
If you are a non-resident and your property is rented out in Spain, you are required to make a tax declaration for each quarter in which you have rental income. If the property is not rented out, non-residents must submit a deemed tax return.

Why Spanish tax residency status matters?
What are the tax rates?
“Impuesto Sobre la Renta de no Residentes” is a tax on rental income for non-resident landlords in Spain. If a property is rented, then an income tax return should be submitted and income tax paid to the Spanish tax office.

Ask for Tax Return Assistance
For the tax year 2020, the tax rate is 19% for residents of the EU, Norway and Iceland and the rental expenses (including mortgage interest) are allowed to be deducted from the gross rental income.

For residents of other countries, the tax rate is 24% with the rental income received being fully taxable with no deductions.

Can any deductions be made to reduce tax liability?
If you own a rental house, apartment or office space, you might be able to save taxes. EU citizens are entitled to deduct expenses from their net income in order to reduce their tax liability. A Residency Certificate will be required in order to deduct expenses.

Examples of Spanish property tax allowable expenses:
Note: The expenses are pro-rated as per the number of days the property is rented, except bank charges, management & letting agent fees.

Mortgage Interest (excluding capital element which is not allowable)
Bank charges
Local rates
Management fees
Letting agent fees
Insurance
Running costs
Cleaning
Maintenance and improvement costs
Building and Furniture depreciation /Capital allowances/