Moving to and managing money in Spain

Time spent in Spain, a visa or residence permit, and registration with the local authorities are related but separate steps. Nationals of some countries can enter more easily than they can settle.

The test for tax residence is not always the same as the test for immigration status. Keep a record of days and ties.

Opening an account is often easier once you have a local identification number and an address. Non-residents can sometimes bank in Spain, but the checks are stricter.

Tell existing banks if you become resident elsewhere. Some products, including certain tax-advantaged accounts at home, do not travel unchanged.

Spain taxes residents on a broad basis and non-residents on Spanish-source income, including some property income. Wealth and inheritance rules can also be relevant, and regional differences matter.

Double-tax treaties may reduce the same income being taxed twice, but they do not remove the need to file. Confirm the position before you move.

A purchase typically involves a lawyer of your own, checks on the property and the seller, and completion before a notary. Costs and taxes vary by region, value and whether you are resident.

An expat mortgage, where available, will look at income, existing debt and the property. A UK decision in principle is not a Spanish offer.

Becoming resident can change which investments you may hold and how they are taxed. Some home-country wrappers lose their advantage or become reportable.

Ask providers, before you move, whether they will keep the account open and what reporting they will produce.

Public healthcare access depends on your status and contributions. Private international or local health insurance is often used to bridge a gap or to meet visa conditions.

Buildings and contents cover should be arranged for the Spanish property itself, not assumed from a policy written for a home in another country.

Working from Spain for a foreign company, invoicing as a sole trader, or forming a Spanish company are different arrangements with different registrations.

Where you manage the company from can matter as much as where it was incorporated.

Property deposits and completion funds should be planned early. Spanish banks and notaries will expect the money to be traceable.

Compare the all-in cost of a large euro transfer, not only the advertised fee.