Are you an expat living in Spain? Do you know if you’re required to pay taxes on your worldwide income? Understanding the Spanish tax system can be confusing, especially for those who are new to the country. That’s why we’ve created a new YouTube video to guide you through the process of income tax in Spain for fiscal residents.
In this comprehensive guide, we cover everything you need to know about fiscal residency, tax obligations, and declarations. If you spend more than 183 days in Spain in a calendar year, you are considered a fiscal resident and must declare your worldwide income to the Spanish tax authorities. This includes income generated in Spain, as well as income generated in other countries.
Our video explains the concept of fiscal residency, including its criteria and implications. We also provide insight into the benefits and drawbacks of being a tax resident in Spain. Additionally, we discuss when you need to submit your tax return and what you must include as your income, such as pensions, savings accounts or ISAs, investment income, or rental income.
It’s important to keep accurate records of your time spent in Spain and your sources of income to avoid any potential penalties or legal consequences. Failure to comply with Spanish tax laws can have serious consequences, so it’s essential to understand your obligations as a fiscal resident.
Our new video is a must-watch for any expat living in Spain who wants to stay on top of their tax obligations. Don’t miss out on this valuable information and ensure that you’re fully prepared to declare your income and stay compliant with Spanish tax laws.