Madrid

Figures are planning estimates for one person, reviewed June 2026. Run your own numbers in the cost calculator.

BBVA and Santander are Spain's largest banks with the most English-friendly services. Openbank (Santander's online-only subsidiary) is popular with digital-savvy expats — fully digital, no branch visits needed. CaixaBank has the largest ATM network. NIE (Número de Identificación de Extranjero) is required for any financial activity — apply at police stations or online. Account opening requires: NIE, passport, proof of address (empadronamiento certificate), and sometimes proof of income. Processing is usually same-day once you have the NIE. Wise and Revolut are widely used for international transfers.

Errors in tax filing can result in significant penalties. Progressive income tax (IRPF) ranges from 19% to 47%, varying slightly by autonomous community. The Beckham Law (Ley Beckham) is a major incentive: qualifying new tax residents can opt to pay a flat 24% rate on Spanish-source income (up to €600,000) for 6 years, instead of the progressive rates. This applies to DN visa holders and relocated employees. Capital gains are taxed at 19-26%. Self-employed workers (autónomos) must register and pay monthly social security contributions (minimum ~€230/month rising yearly) plus income tax. IVA (VAT) at 21% applies to most freelance services. Spain has double taxation treaties with 90+ countries.

Full expat tax guide →

Important: Visa regulations change frequently. Always verify current requirements with the official embassy or consulate before making plans. This guide provides general information as of 2026. Spain launched its Digital Nomad Visa in January 2023, allowing remote workers to live in Spain for up to 5 years. Requirements: work remotely for a non-Spanish company (or be a freelancer with primarily non-Spanish clients), earn at least €2,334/month (or €2,100 plus proof of savings), have private health insurance, no criminal record, and proof of a genuine work relationship for at least 3 months. The Beckham Law tax benefit applies to DN visa holders. Non-lucrative visa is available for retirees/those with passive income (€2,400/month). Student visa is widely used as an entry point. EU citizens have free movement. Processing time is typically 20-45 business days through the Spanish consulate.

Compare visa options → · Nomad visa guide →

Understanding the healthcare system is crucial for any expat — it affects your daily peace of mind, your budget, and your visa eligibility. Here's a comprehensive guide based on real advisory experience. Spain has an excellent public healthcare system (Seguridad Social) available to registered workers and social security contributors. Coverage includes GP visits, specialist referrals, hospital care, prescription medications (with co-pay), and mental health services. Quality is high — Spain regularly ranks in the top 10 globally for healthcare. Private health insurance is common among expats (€50-200/month) for faster specialist access and English-speaking doctors. Major private providers include Sanitas, Adeslas, and DKV. Health insurance is required for all visa applications. Emergency rooms treat everyone regardless of insurance status.

• Rich cultural scene — Prado, Reina Sofía, 200+ museums, world-class art
• Late-night lifestyle culture — dinner at 10pm, bars open until 3am, weekday socializing normal
• Central Spain location — AVE high-speed trains to Barcelona (2.5hr), Seville (2.5hr)
• Growing tech scene — south Madrid 'Silicon Alley', increasing startup activity

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