If you’re planning a move to Spain or have recently moved, it’s important to know how much tax you might end up paying. There are very few accessible and easy to use resources available in English for foreigners moving to Spain, and it can therefore be easily overlooked and misunderstood.
Millennials With Money has developed a detailed and downloadable tax calculator to help you understand how much tax and social security based on a range of inputs:
- Work income: Whether it is earned in Spain or from outside of Spain
- Pension: For income if you are retired and receive a state or private pension
- Property Income: For those earning income from rental properties, in or outside of Spain
- Investing Income: For dividend or interest income, or profits generated from the sale of assets (such as property or stocks)
In addition, the advanced version of the calculator includes a range of additional features to give a more detailed and accurate calculation:
- Choose your Region: Choose the region of Spain you are living in to understand how your tax estimate changes based on each autonomous community’s tax rates.
- Tax Deductions and Social Security Advantages: Compare your tax calculation considering the Beckham law, other tax deductions or your social security contributions as a new autónomo.
- Currency converter: Convert your foreign currency income into Euros by simply inputting the latest exchange rate.
- Graphs: A visual representation of your tax calculation, showing net income, taxes and social security.
This file can be used by people employed by a Spanish company, people who have registered as self-employed (autónomo) in Spain, and people who are not economically active, such as retirees or people on a Non-Lucrative Visa (NLV).
DISCLAIMER: This file is for informative and educational purposes only and does not constitute tax advice or professional recommendations. Millennials With Money OÜ cannot be held responsible for any decisions taken based on calculations in this document.
