Taxation of non-resident individuals in Spain: hot topics and open questions
| Autor | Javier Arregui Bravo y Alex Pié Ventura |
| Cargo | Abogados del Área de Fiscal y Laboral de Uría Menéndez (Barcelona) |
| Páginas | 54-69 |
54
Artículos
TAXATION OF NON-RESIDENT
INDIVIDUALS IN SPAIN: HOT
TOPICS AND OPEN QUESTIONS
Javier Arregui Bravo y Alex Pié Ventura
Abogados del Área de Fiscal y Laboral de Uría Menéndez (Barcelona)
Taxation of non-resident individuals in Spain: hot topics and open questions
This article reviews various issues of interest in relation to the main wealth taxes affecting non-resident indi-
viduals who invest in Spain: Net Wealth Tax and Inheritance and Gifts Tax. Following a general overview of
the taxation of non-residents, we also analyse the major judgments that have put an end to discriminating
non-residents in the field of inheritance, the main nuances to be considered in non-residents applying family
businesses tax benefits and some observations regarding characteristic investment structures in Spain.
KEY WOR DS:
TAXATION , NON-RES IDENT INDIV IDUAL S IN S PAIN, NET WEA LTH TAX , INH ERITAN CE AND GIFTS TAX, FAMILY BUSI NESSE S.
La imposición patrimonial en España de no residentes: temas de interés y cuestiones pendientes
Este artículo revisa diversas cuestiones de interés en relación con las principales figuras impositivas de natu-
raleza patrimonial que afectan a los no residentes con inversiones en España; particularmente, el Impuesto
sobre el Patrimonio y el Impuesto sobre Sucesiones y Donaciones. Entre las cuestiones analizadas, además de
una aproximación general a la imposición de los no residentes, se encuentran los pronunciamientos que han
puesto fin a la discriminación de los no residentes en el ámbito sucesorio, los principales matices a considerar
en la aplicación de los beneficios de empresa familiar a no residentes o algunos comentarios sobre estructuras
típicas de inversión en nuestro país.
PALABR AS CL AVE:
IMPUESTOS, NO RESIDENTES E N ESPAÑA, IMPUESTO SOBRE E L PATRIMON IO, IMP UESTO SOBRE SUCESI ONES Y DON ACIONES , EMPRES A FAMILIAR.
FECHA DE RECEPCIÓN: 30-12-2021
FECHA DE ACEPTACIÓN: 31-12-2021
Arregui Bravo, Javier; Pié Ventura, Alex (2021). Taxation of non-resident individuals in Spain: hot topics and open ques-
tions. Actualidad Jurídica Uría Menéndez, 57, pp. 54-69 (ISSN: 1578-956X).
55
Actualidad Jurídica Uría Menéndez, 57, septiembre-diciembre de 2021, pp. 54-69
1. Introduction
The climate, prices, culture, infrastructure and good quality public services are some of the reasons
that make Spain an attractive destination to live, work, travel, or simply invest.
In 2019, Spain was the fourth most invested in country in the European Union, behind only France,
Germany and the UK, and in 2020 foreign investment rose slightly, contrary to the sharp falls re-
corded worldwide as a result of the COVID-19 pandemic1. Spanish companies attract international
investors: specifically, the sectors that attracted most interest and investment in 2020 were financial
and insurance activities, information and telecommunications, manufacturing and construction. In
recent years, the real estate sector has also led investment figures in Spain, having absorbed 20%
of total foreign investment between 2014 and 20192. Although the pandemic has caused a signi-
ficant decline in this field during 2020, the trend in 2021 has pointed to a rapid recovery. It is also
remarkable that, of all housing acquisitions in Spain in 2020, non-nationals acquired 11.3%, a figu-
re that is higher than the average in recent years and shows a growing interest in settling in Spain3.
Naturally, taxation can contribute to boosting or discouraging investment decisions. Depending on
the investor’s profile and the type and purpose of their investment, its tax impact and thus strategy
analysis may be different. For instance, institutional investors, banks, insurance companies, invest-
ment funds or pension funds, among others, would analyse how taxes affect their investments’
profitability, whereas multinational companies that set up in Spain will seek attractive tax regula-
tions to do business.
As regards non-resident individuals who invest their fortunes or savings in Spain, whether in real
estate, financial products, businesses, etc., they will essentially focus on the taxation linked to ge-
nerating income, as well as to holding and later transferring assets. In this respect, two relevant
taxes apply in Spain, which are levied on owning assets and their transfer for no consideration,
respectively: Net Wealth Tax (“NWT”) and Inheritance and Gift Tax (“IGT”). This article explores
important aspects of these taxes and how they may affect non-resident individuals who invest in
Spain.
2. Tax residence in Spain
Analysing the tax status of any natural person requires first assessing their tax residence. Non-Spa-
nish tax residents are those who either do not meet the Spanish-law requirements to be considered
tax residents, or who do meet them but are not tax residents because the tie-breaker rules of a
double tax treaty apply.
1 Bank of Spain (2021). La Balanza de Pagos y la Posición de Inversión Internacional en 2020.
2 National Statistics Institute (Instituto Nacional de Estadística). Inversión Extranjera Directa en España.
3 Caixabank Research (2021). Informe sectorial: El sector inmobiliario en la nueva normalidad.
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