Spain

An Affordable Old World Lifestyle

If you are in search of a more cultured way of life, look to Spain. History, architecture, literature art, and music are part of daily life in many parts here.

Even for those looking a recreational retirement can enjoy Spain. Indeed, the Spanish coast is considered a golfer's paradise. However, in many other regards, it's one of the most over-hyped and disappointing stretches of coastline in the world. On the other hand, prices have been falling in this part of the world and now might be a good time to think about a golf getaway on the Spanish costa if the idea appeals to you.

In all, this may be Europe (the best of the Continent in many ways), but you can live here both well and economically.

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Population  46,754,784 (July 2011 est.)
Gross Domestic  Product (GDP) $1.369 trillion (2010 est.)
GDP Per Capita $29,400 (2010 est.)
Inflation Rate 2% (2010 est.)
Currency Euro
Exchange Rate Versus U.S. Dollar  0.755 (2010) euros (EUR) per US dollar -
Language Castilian Spanish (official) 74%, Catalan 17%, Galician 7%, and Basque 2%
Capital Madrid
Population of Capital City 5.762 million
Time Zone UTC/GMT +1 hour
Seasons temperate; clear, hot summers in interior, more moderate and cloudy along coast; cloudy, cold winters in interior, partly cloudy and cool along coast
International Dialing Code 34
Electricity 230V, 50 Hz
System of Government parliamentary monarchy
Name and Party Affiliation of Current Leader chief of state: King JUAN CARLOS I (since 22 November 1975); Heir Apparent Prince FELIPE, son of the monarch, born 30 January 1968
Income Tax Rate for Residents Are taxed on their worlwide income, progressive from 24% to 49%. Non-residents only pay taxes on income earned in Spain. 
Property Tax 0.4% for urban properties and 0.3% for residential + an annual 3% tax on the cadastral value of real estate owned by non residents. 
Capital Gains Tax Capital gains are taxed at 19% on the first EUR 6,000 and 21% on income exceeding this amount. 
Inheritance Tax from 7.65% to 34%, after certain tax-free amounts have been deducted.
Rental Income Tax All property owners are subject to a flat tax of 24% on gross rental income 
Transfer Tax 0.50%
Sales Tax 18%
Restrictions on Foreign Ownership of Property No
Local Chamber of Commerce http://www.cambrabcn.org/home
American Chamber of Commerce http://www.amchamspain.com/site/
Primary Exports Chemicals, Fruit and Vegetables, Machinery, Motor Vehicles, Olive Oil, Petroleum Products, Shoes, Small Metal Manufactures, Textiles, Wine.
Residency and Visa Requirements If a foreigner is granted a temporary residence he/she is authorized to stay in Spain for a period superior to ninety days and inferior to five years.
Special Benefits for  Foreign Residents or Retirees no
National Airline www.iberia.com/

 

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