American in Spain: Financial planning and investing tips for U.S. Expats moving to Spain

When it comes to top destinations abroad for Americans and U.S. expats, Spain is certainly one of the favorite choices. There are roughly 40,000-50,000 Americans residing in Spain, depending on the source you reference.

For Americans thinking about making the move abroad – whether it's for temporary work for a U.S. company, a job that is based in Spain, or retirement – there are many financial components to consider. It's not just as simple as leaving your U.S. finances behind when you board the plane.

Walkner Condon's Keith Poniewaz, Ph.D., walks you through several of the key financial considerations to be aware of if you're planning a move or even just thinking about one. A financial advisor who works with U.S. expats, Keith covers Foreign Earned Income Exclusion (FEIE), trusts and inheritance, why the location of your investments matters, and more.

Is relocation from the U.S. to Spain in your future? You can schedule a meeting to discuss your details more in-depth with our team of U.S. expat financial advisors below.

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–––––––––– Video Contents ––––––––––
0:00 - Intro
0:27 - U.S. Expat Reporting Obligations
0:50 - Moving to Spain for Work
1:36 - Investing in Retirement Accounts
3:33 - Location of Assets when Investing
4:30 - Estate Planning in Spain
6:37 - Taxes on Estate & Inheritance
8:37 - Gifting Strategies & Planning
9:07 - Managing Assets in Retirement
9:35 - Questions about Moving to Spain?
9:52 - Disclosures

[FlorentGulliver]

I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for....

[olegkon]

We were considering retirement to Portugal, but they are shotting down NHR, very disappointed.
We visited both Portugal and Spain, and loved Spain.
So is couple retiring in Spain now will pay lesser taxes than Portugal?
We are americans, and roughly will get social security about $3000/mo and 401k $2000/mo. Will be paying roughly $250/mo in US taxes.
How much taxes we will roughly pay in Spain? I am 59 today.

[Joe-cbex]

Hi, I have a question. You mention that as an expat working in Spain, you can contribute to a pension plan via your job. In my case, I don’t have a plan through my job. Could I create a Spanish pension account? Or would this be considered a PFIC and not make it possible to declare it on my US taxes? Thanks

[jacquelineadams]

Thank you for having made this video. I'm a U.S. citizen, moving to Spain soon, and it's a helpful introduction to several issue that I had not yet thought about. I'll be reading your website to learn more about your company's services. For now, may I please ask you if you could please advise? Do employers in Spain deduct your tax from your gross income and if so, how do you get them to comply with the U.S.-Spain tax treaty if showing it to them has not worked? And what else can one do, concretely, to gain the benefits that the treaty provides? Thanks in advance.

[numberand]

If you are both a Spanish citizen and reside there over 183 days, but are also a US citizen with a remote job from a US company where do you pay your taxes Spain or US? Can't seem to get a clear answer online.

[gestapoid]

Why does Spain utilize airships for inheritances? 😉

[rossscott]

Hi there, If you sell your house in the USA and have a capital gain would you be able to decrease or eliminate the gain if you purchase a house in Spain? Thank you.

[lizcoleman]

Do you have a website? Also, retiring to Spain within next couple of months and will need help with my and my husband's US and Spanish taxes. Is that a service you provide? Final question is that we'd like to purchase a house in Spain. Can we purchase from a US bank account? Thank you

[goranradonjic]

Great video 👍
Is it same for Canadian planing to move to Spain. I own apartment in Canada with no mortgage on it, planing to move to Spain and live from renting that apartment in Canada. Do I have to declare that income to Spanish government and pay taxes on it?
Thank you.

[larrygranda]

You guys have luck with trade etc? I tried those and c++ language but now creating strategies on pluto trading as it is much more simpler and faster to test theories.

[herminakalf]

I will be retiring in Spain in a couple of weeks from California. I have an American Green Card and I am a citizen of the Netherlands. I'll be losing this Green Card when I stay in Spain longer than 6 months, which is my intention. I will still have to pay income tax in the US as well since my Social Security, as well as rental income come from the US.

I receive rental income from a home in California and I read that I would have to pay 24% tax and would have to pay quarterly in Spain (I hope you can help me with that later).

I will be registering at the townhall in Valencia and at the tax office in April. My question to you is, at what moment will I have to start paying taxes, at the moment of registration at the townhall, at the moment of registration at the tax office, or, you might now at what moment exactly. I hope to get your answer and I appreciate any help you can provide

[The_Paradox__]

What if I am a dual citizen? Does anything get simpler? Can I just renounce my American citizenship?

[JasonSmith-irzz]

What if I’m American, live in Spain but work remotely for a company based inside the USA. Do I have to pay taxes to Spain AND to USA??😣🔫

[kennielsen]

Checked out comments, but it doesn't look like they respond. I'll just ask my questions to the tax person here in Spain, who will file for me here.

[sker]

Simply said...it sucks being an American if you live out of the country. Best decision is to give up the citizenship.

[Lacteagalaxia]

New law invest 10.000 million € in spain and we will give you a pata negra ham!🤣