Would you like to live in Spain?
Some valuable tips for moving to the Canary Islands.
What do you need to know?
When moving to Spain, it is important to complete the checklist below to avoid potential problems now and in the future.
1. Obtaining a residence permit or visa - is it necessary? ,
If you plan to live or stay in Spain for the next 90 days.
EU citizens and non-EU citizens have different requirements, with EU residents applying for residence permits and non-EU residents usually applying for visas.
If you are a resident of a European Union country:
And you intend to stay in Spain for more than 90 consecutive days, you must obtain a residence permit, even if you are a citizen of an EU Member State. Obtaining a residence permit in Spain is usually a quick, simple and inexpensive process for EU residents.
The process is expedited and streamlined by law for all citizens of EU Member States and usually takes less than 30 days.
Non-European residents who plan to stay in Spain for more than 90 consecutive days must apply for a visa in order to legally live and work in the country. Visas available include tax-exempt visas such as Digital Nomad Visas and Golden Visas, which do not require renewal based on residency. The 90/180 days rule applies to those who have not been granted a visa, which means that they cannot spend more than 90 days in Spain in any 180 days. Depending on the type of visa chosen, the processing time may vary from less than 30 days to more than half a year.
2. Opening a bank account - is a basic requirement for any business you plan to undertake in Spain. Spanish banks are required to comply with strict anti-money laundering laws, which makes it essential to provide clear evidence of the origin of the funds. The following documents are necessary to open a bank account in Spain:
A valid passport
Latest, current Tax Declarations
International tax code
3. NIE ( Número de Identificación de Extranjero ) is an administrative identification number required for tax purposes in Spain. Having this number is essential for almost any business in Spain and you will probably be asked for it by almost everyone you come into contact with. Some of the activities for which it is NOT necessary are:
Buying/selling/renting real estate.
Inheritance of assets in Spain.
Import / purchase / sale of a car.
Import / purchase / sale of boats.
Taking out insurance.
Work in Spain (only short-term work <3 months).
Obtaining a mortgage.
Paying import duties when importing goods into Spain at customs offices (aduanas) at airports.
Some private overseas schools require a NIE number from parents and/or new (foreign) students to enroll!
4. Work: If you are a resident of an EU country, you can work in Spain without a work permit. However, if you are a citizen of a non-EU country, you will need a work permit to work legally in Spain. Without a work permit, you will not be able to work in Spain and both you and your employer will be subject to heavy fines.
5. Taxes. It's important to make sure you comply with Spanish tax laws.
If you are a freelancer or self-employed, you must register with the Spanish social security system and submit quarterly tax returns, including personal income tax and VAT (IGIC - for the Canary Islands region)
If you are employed, your employer will register you with the Spanish Social Insurance Agency and you may be required to file annual tax returns based on your income. It's important to keep track of your taxes and seek professional advice to avoid potential fines or penalties.
6. Whether you are planning to buy, invest or rent a property in Spain, it is important to seek the advice of a qualified Financial Advisor before making any decision. This will help you avoid potential legal problems in the future.
Activ Canarias Properties has many years of experience in the broadly understood Consulting , Financial Advisory and sale and rental of real estate.
We guarantee our clients the necessary guidance, support at every level of the transaction to ensure a smooth and successful operation / advice.
In conclusion, it is important to remember that if you spend more than 183 days a year in Spain, you will become tax resident. It is important to seek advice from a legal and tax professional to fully understand the legal and tax implications of this decision. In our company, we have a team of experienced professionals who can provide the necessary guidance to make informed decisions.
Activ Canarias Properties has many years of experience in helping clients buy, sell or rent real estate. You can contact us via email at admin@activcanariasproperties.com or info@activcanarias.com , by phone at (+34) 619.631.397. or +48.664.776.234. by filling out our contact form to make an appointment.
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