If you’re a non-resident homeowner in Spain, you’re going to be thrilled with Spain’s latest legislative updates – a move that looks set to revolutionise your Spanish tax experienceandput more money in the back of your pocket.
The process of filing your Modelo 210 for your non-resident property taxes is often a time-consuming and complicated process that leaves thousands of owners confused and worried, however, if you rent out your property in Spain, the process just got much easier.
As of February 2024, non-resident property holders in Spain must now submit their tax returns on rental income annually, instead of quarterly. Gone are the days of grappling with quarterly tax returns multiple times each year! Now, you’ll only need to file one annual return for rental income.
This approach means less paperwork and fewer deadlines to adhere to throughout the year, making it much easier to stay compliant with Spanish tax regulations. For rental income earned in 2024, the new filing period will now run from January 1 to January 20, 2025, with the tax due by January 15, 2025, for those who pay via direct debit.
No need for a Spanish bank account
The good news doesn’t stop there! From February 1, 2024, individuals are also now permitted to use their bank accounts from the SEPA area (Single European Payments Area) to pay their non-resident taxes in Spain. This enhances the accessibility and convenience of the tax payment process for non-resident property owners and eliminates the need for a Spanish bank account.
This initiative is geared towards minimising the complexities associated with property ownership in Spain, ultimately aiming to enhance the manageability of taxes for international property owners.
Property owners from the following countries may now use their local bank accounts to pay their taxes: Ireland, France, Belgium, The Netherlands, Germany, Sweden, Norway, Denmark, Poland and Italy, among others.
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