Question
I am a non-EU citizen, and I am moving to Spain via a Spain Non Lucrative Visa. I have finished selling my house in my home country, and I am looking to buy a house in Malaga. I am wondering if I should transfer the money to Spain immediately and Capital Gains tax implications.
In Malaga, is there any safe place to keep savings with interest? Any information or advice from you would be very valuable to me.
Answers
These are the answers of Spainguru’s Facebook group members:
“At the moment, there are no brick-and-mortar banks in Spain that pay high interest or pay anything at all. To buy a property, I would recommend having the money in a reputable brick-and-mortar bank that can issue ‘cheques bancarios,’ which are usually required for property purchases.
Some banks can charge up to €500 for these cheques.
I use BBVA since 2004 and it is free if you are a resident. The cheques bancarios are also free and take 48hs to issue.
You can open an Online Account Without commissions + Debit Card and make a first purchase from €35. Enter my invitation code when you sign up and get €35 when you spend €35 with the card: 41000012499964 I hope this helps.”
“Check out the tax situation first—if you moved to Spain in the same tax year as you sold your house, you will have to pay capital gains tax in Spain.”
“If you have been in Spain for less than 183 days in 2024, you are not considered a tax resident this year; your tax residency will start in 2025.”
“Your first tax bill will be in 2026 (for the tax year 2025), and it doesn’t matter when you move your cash around.”
Conclusion
According to Spainguru’s Facebook group members, capital gains tax in Spain applies if the property sale occurred in the same tax year in which you moved to Spain.
Tax residency is determined by spending more than 183 days in Spain within a calendar year (among other rules).
If you moved and sold your house in the same year (provided you were physically in Spain longer than 183 days in a calendar year), you may be liable for Spanish capital gains tax if you sold your house after January 1st, the year you became tax resident in Spain.
However, if you stay in Spain for less than 183 days in the first year, you will not be considered a tax resident until the following year, and your first tax bill will be due in 2026 for the 2025 tax year.
When buying property in Spain, it is advisable to keep funds in a reputable local bank that can provide the necessary financial documentation for the purchase.
