How are stocks and ETFs taxed in Spain?
Capital gains, dividends, and interest fall into the progressive savings base at rates of 19 to 30 percent. This scale applies uniformly nationwide, unlike general income tax with its regional surcharges.
Spain splits its income tax system into two baskets. Salary and rental income fall into the general base, with rates that vary considerably by region. Investment income like capital gains, dividends, and interest, by contrast, falls into the so-called savings base, which is uniform across the whole country.
This savings base is progressively tiered: 19 percent up to €6,000, 21 percent from €6,000 to €50,000, 23 percent from €50,000 to €200,000, 27 percent from €200,000 to €300,000, and 30 percent above that.
There's no advantageous holding period: a security held for a day gets taxed the same as one held for ten years.
The brackets work like income tax. Each rate only applies to the part of the gain within its bracket. An example: Lucía sells stocks with a €10,000 gain. On the first €6,000 she pays 19 percent, so €1,140. On the remaining €4,000 she pays 21 percent, so €840. Together that's €1,980, just under 20 percent.
In Spanish the two pots are called Base Imponible del Ahorro and Base General. For salary, the tax depends heavily on which region you live in. For investment income, the same scale applies everywhere. Whether Lucía lives in Madrid or Barcelona makes no difference to the tax on her stock gains, but it does for the tax on her salary.
For 2026 the rates are 19, 21, 23, 27 and 30 percent. Only the top bracket changed recently. It rose from 28 to 30 percent on January 1, 2025, the other four stayed unchanged.
A special rule is the so-called Beckham law for employees who newly move to Spain. For six years they pay a flat 24 percent on their Spanish employment income up to €600,000. Investment income from Spain is still taxed on the savings scale. Most investment income from abroad, such as dividends and capital gains in an account outside Spain, stays tax-free under this rule, though.
Summary
- Investment income falls into a nationwide, uniform progressive savings base of 19 to 30 percent.
- No advantageous holding period.
- Unlike salary, the Spanish region doesn't matter for taxing securities gains.
Did you get it?
How does taxation of investment income differ from salary in Spain?
Investment income falls into a nationwide uniform savings base; salary is additionally subject to regionally varying surcharges.
How many tiers does the savings base have, and how do they work?
Five tiers from 19 to 30 percent, applied cumulatively like income tax, only to the respective portion.
Does a tax-advantaged holding period apply to Spanish investment income?
No, taxation is independent of how long you held it.
Sources and further reading
- Agencia Tributaria, Escala del ahorro del IRPF, as of 2026 View source ↗
- Ley 7/2024, raising the top savings-base tier from 28 to 30 percent effective 1 January 2025
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