Few Spanish tax rules have a more famous namesake: the Beckham Law (officially Régimen especial para trabajadores desplazados) got its nickname from David Beckham, who joined Real Madrid in 2003 and was one of the first celebrities to benefit from the then-new regime. The irony: professional footballers have been excluded since 2010 – but for
To work freelance in Mallorca, you must register as an Autónomo (self-employed/sole trader). The Spanish system differs significantly from other countries. What is an Autónomo? The Autónomo is Spain’s equivalent of a sole trader. You are covered by social security, pay quarterly income tax and manage your own accounting. Requirements NIE number Residency (EU citizens:
A Spanish bank account is essential for life in Mallorca. Rent, utilities, internet – everything is paid by direct debit (domiciliación bancaria). Which bank? CaixaBank: Largest Spanish bank, many branches in Mallorca BBVA: Good online banking, some English service Banco Sabadell: Strong in the Balearics Bankinter: Good for international clients Deutsche Bank Spain: German-speaking service
The Modelo 720 is an informative tax declaration for assets held abroad. Every tax resident in Spain with overseas assets exceeding 50,000 euros in any of three categories must file this form. Who must file? All tax residents in Spain who own overseas assets above 50,000 euros as of 31 December in: Bank accounts abroad
The Spanish tax landscape is complex, especially for expats in Mallorca. A tax advisor who understands both your home country and Spanish tax systems is almost indispensable. Here is what to look for and what a tax advisor can do for you. Why hire a tax advisor in Mallorca? Avoid double taxation: Agreements between countries
Moving to Mallorca means dealing with the Spanish tax system. For expats, there are several key considerations – from double taxation agreements to wealth tax and special reporting obligations. When do you become tax resident in Spain? The 183-day rule is decisive: anyone spending more than 183 days per calendar year in Spain becomes a
