Anyone here live in Spain and trade?
I currently live in the UK and trade the Nasdaq and Dax using spreadbetting on IG.
We are moving to spain so I want to carry on my trading - I know IG have an international set up what I’m not clear on is the best way to trade in spain to restrict tax and options etc.
Is it simply trading using CFDs? Anyone use IG to trade in Spain and have any advice? Spreadbetting seems to have a large tax liability in Spain?
I just read that spread betting has up to a 48% tax in Spain. Ouch!
I hope you can find a legal solution!
Apparently spain has a progressive income tax which has to be paid on trading profits. It starts at 19 % and ends at 26 %. And spain has also a progressive wealth tax starting at 0.2 and ending at 3.5 %. But there is an tax free allowance between 500.000 and 700.000 euro, which depends on the region in spain.
I couldn’t find anything about if you have to pay for social security.
Don’t try to avoid it. Be happy to be one of those who actualy have to pay taxes because they make money!
Just remember that the UK has a double taxation agreement with Spain so that you do not pay tax on the same income in both countries
Yes its crazy isn’t is 48%!!!
It will have to be CFDs
thanks appreciate it
I think you have to be resident in the country you’re being taxed in for quite a considerable amount of time in the calendar year. So if you wanted to pay UK tax you would have to be coming to and from Spain quite a lot and be in the UK for long periods of time. If you’re moving to Spain and staying put I think you just have to pay Spanish tax.
If you want to dodge tax you should probably look to move to a country that doesn’t have capital gains or income tax such as Monaco, Dubai etc.