HOW TO BECOME A TAX RESIDENT IN SPAIN WITH FIDULINK
With its exceptional cultures and landscapes, Spain remains a safe haven for living and investing. The number of investors and residents coming to settle there each year shows the great interest for this country. Despite relatively weak economic growth in recent years, the Spanish government is strengthening its policy of encouraging entrepreneurship and employment. With this in mind, Spain offers a flexible and advantageous tax system compared to other European countries. FIDULINK advise you to invest in this prosperous country.
The benefits of a tax resident
A gradual reduction of tax rates, a significant tax exemption and a booming economy place the Spanish state among the first promising countries in terms of investment. To take better advantage of the Spanish tax system, FIDULINK bring to your knowledge that the corporation tax is fixed at 15% and the wage and employer charges are lower than in other countries. Employer contributions paid by a Spanish tax resident are in fact set at 255,86 Euros per month, regardless of income. A system that presents a unique opportunity for investors. In addition, there are the allowances and deductions provided for according to each personal situation, such as the number of dependent children for individuals or the deductions for travel expenses for professionals. In addition, the wealth tax has recently been abolished. FIDULINK invites you to learn about the other tax benefits of Spain.
The criteria for becoming a tax resident in Spain
Becoming a resident in Spain can be done without any problem. One of these two conditions must be met to be considered a Spanish tax resident: to stay in the country for more than 183 days during a calendar year or to have a center of economic interests in the country. The procedure to be followed must be initiated beyond 3 months of stay with the central register of foreigners (Oficina de Extranjeros). FIDULINK recommends that you move from being a tourist to a resident. But, FIDULINK informs you that only European Union nationals can benefit from a long stay and become a Spanish tax resident.
If in 2007, the Spanish government has decided that it is no longer necessary to grant a residence permit, FIDULINK believes that the acquisition of a NIE (Numero de identificacion de Extranjero) is currently essential. It is considered a fiscal identification number or NIF (Numero de Identificacion Fiscal) for foreigners. An unexpired identity card or passport is sufficient to proceed with this request. A registration certificate will then be issued. Once you are in possession of a NIE; you can easily carry out other procedures such as registering with the town hall (Ayuntamiento), opening a bank account ...
