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Spain is the second-largest country in Western Europe both in size and in population, which means the lifestyles here are as diverse as they come…
Settle in a bustling city, in a resort-style beach community, in the rugged mountains or the dessert of the north, on an unknown stretch of coastline that sees no tourists, on your own farm in this fertile land known as “the garden of Europe” for how much produce it provides its neighbors…
Reviewed By Kathleen Peddicord
Kathleen is the Live and Invest Overseas Founding Publisher. She has more than 30 years of hands-on experience traveling, living, and buying property around the world.
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| Information Type | Spain Data |
|---|---|
| Population | 47,910,526 (September 2024) |
| Gross Domestic Product PPP (GDP) | US$1.606 trillion (2024) |
| GDP Per Capita | US$34,045.17 (2024) |
| Inflation Rate | 2.9% (2024) |
| Currency | Euro |
| Exchange Rate Versus U.S. Dollar | 1.13 euro per U.S. dollar (May 2025) |
| Language | Castilian Spanish (official) 74%, Catalan 17%, Galician 7%, and Basque 2% |
| Capital | Madrid |
| Population of Capital City | 6.8 million (metropolitan area) |
| 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 |
| Current Leader | Prime Minister Pedro Sánchez (since 2018) |
| Income Tax Rate for Residents | 20% to 47% |
| Property Tax | 0.4% for urban properties and 0.3% for residential, plus an annual 3% tax on the cadastral value of real estate owned by nonresidents. |
| Capital Gains Tax | Residents: 20% to 24%Nonresidents: 19% to 23% |
| Inheritance Tax | From 7.65% to 34%, after certain tax-free amounts have been deducted. |
| Rental Income Tax | Nonresident: flat rate 24.75% |
| Transfer Tax | Scaled at 8%, 9%, 10% |
| Sales Tax | 21% |
| Restrictions on Foreign Ownership of Property | No |
| Local Chamber of Commerce | Av. Diagonal 452-454 08006 Barcelona Tel: 902-448-448 |
| American Chamber of Commerce | Barcelona: Pl. Francesc Macià, 5 Piso 1º 1Tel: 34-93-415-99-63 |
| Primary Exports | Chemicals, fruit and vegetables, machinery, motor vehicles, olive oil, petroleum products, shoes, small metal manufactures, textiles, wine. |
| Residency and Visa Requirements | Many non-EU citizens require a visa to enter Spain. If the stay is intended to be under three months (90 days), a tourist visa may be required. This is called a Schengen visa, valid for all of the countries in the Schengen Area, and is issued by the Spanish Embassy in the home country (or the embassy of the Schengen country in which a traveler will arrive).Anyone arriving in Spain with the intention of staying longer than three months requires a Residence Visa (Visado de Residencia). This must be requested from and issued by the Spanish Embassy of the applicant's home country, before departure for Spain. It is different to the standard 90-day Schengen visa in that it allows the holder to begin the residency application process. Application for residency is not typically accepted from anyone arriving on a Schengen visa. Golden Visa program. This allows anyone from outside the EU to obtain residency by investing 500,000 euros either in government bonds or real estate. |
| Special Benefits for Foreign Residents or Retirees | Residency in Spain doesn’t just allow you to live in Spain. You can stay as long as you like in any of the 26 Schengen visa countries, meaning you could move as you wanted among Spain, France, Italy, Germany, Austria, Switzerland, and beyond. |
| National Airline | Iberia |
Reviewed By Kathleen Peddicord
Kathleen is the Live and Invest Overseas Founding Publisher. She has more than 30 years of hands-on experience traveling, living, and buying property around the world.
Start Your New Overseas Life Today
A world full of fun, adventure, and profit awaits! Sign up for our free daily e-letter, Overseas Opportunity Letter, and we’ll send you a FREE report on the 10 Best Places To Retire In Style Overseas Today 2024
We Value Your Privacy! We will not share your email address with anyone else, period.
Spain has three VAT rates:
Standard Rate: 21%
Reduced Rate: 10% (applies to certain goods and services)
Super-Reduced Rate: 4% (applies to basic necessities like bread, milk, books, and medicines)
Yes, there are no restrictions on foreigners, including non-EU citizens, purchasing property in Spain. Foreigners can buy residential, commercial, or land properties without needing to be residents
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