Taxation in Spain 2023

Summary:

Content
1. Taxation of tax resident in Spain (IRPF)
2. Special Tax Regime (Beckham Law)
3. Taxation of non tax resident in Spain (IRNR)
4. Reporting obligation of assets located overseas (Form 720) and obligations about cryptocurrencies (Form 721)
5. Net Wealth Tax
6. New Tax for “high-net-worth individuals”

Taxation in Spain 2023

Summary of the main tax obligations of individuals in Spain for 2023.

Taxation of tax resident in Spain (IRPF)

Individuals who are considered as resident for tax purposes in Spain, are subject to the Personal Income tax on their worldwide income. They are subject to tax in respect of all the income obtained within the tax year, regardless of who is the payer of that income or where such income has been generated.

Special tax regime (Beckham Law)

Those individuals who, due of their arrival in Spain, were to be considered as tax resident of Spain, may choose to be subject to tax under the Special Tax Regime (Beckham Law).

Taxation of non tax resident in Spain (IRNR)

Non-tax resident individuals are subject to tax in Spain in respect of their Spanish source income (income generated within the Spanish Territory).

Net wealth tax

Individuals who are tax resident of Spain are subject to the Net Wealth tax on their worldwide net wealth, whenever it is located.

Reporting obligation of assets located overseas (Form 720) reporting obligation of crypto currencies (Form 721)

The reporting obligation of assets located overseas (Form 720) does not imply a tax payment. From January 2023, individuals will have to report about the cryptocurrencies that they hold. The information will be filed trough Form 721. The deadline is the same as the Form 720.

Tax on high-Networth individuals

The Spanish Government has announced a new tax for high Net-Worth individuals.

Download our Summary of Taxation of Individuals for 2023 Fiscal Year.

With information about

  • Taxation of tax resident in Spain (IRPF)
  • Special Tax Regime (Beckham Law)
  • Taxation of non tax resident in Spain (IRNR)
  • Reporting obligation of assets located overseas (Form 720) and obligations about cryptocurrencies (Form 721)
  • Net Wealth Tax
  • New Tax for “high-net-worth individuals”

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