Best Broker for Spanish Investors (2026):
IBKR, Trade Republic, DEGIRO, Trading 212 & XTB
Spanish investors face a specific set of constraints: Modelo 720 reporting, no automatic Hacienda data from foreign brokers, and PRIIPs/KID rules that block US-domiciled ETFs. This guide ranks five of the most-used options against those filters — cost, custody, regulatory standing, and how painful they make your tax declaration.
Some of the links on this site are affiliate links, meaning we may earn a commission at no extra cost to you if you sign up through them. This does not affect our reviews or recommendations — we only feature products we genuinely believe are useful for investors. This site provides educational content only, not personalized investment advice. Investments can lose value and past performance does not guarantee future results. You are responsible for your own financial decisions and for confirming the tax and legal rules that apply in your country.
TL;DR
- Best overall: IBKR — direct custody, near-zero FX costs, best Modelo 720 reports.
- Best for savings plans: Trade Republic — CNMV-registered, banking licence, €0 on autopilot ETF investing.
- Best low-cost ETF starter: DEGIRO — commission-free ETF list, well-established in Spain.
- Best zero-commission + cash interest: Trading 212 — fractional shares, competitive EUR cash rate.
- Best CNMV-regulated option with local offices: XTB — Spanish office, zero commission up to €100k/month.
- None of these five brokers report to Hacienda automatically — you declare manually every year.
- Modelo 720 triggers at €50k overseas assets per category — all five count as overseas.
- PRIIPs/KID rules block US ETF tickers (VTI, SPY). Build your plan around UCITS equivalents.
- Custody vs nominee structure affects both Modelo 720 clarity and your position in a broker failure.
- FX cost matters more than headline commissions for most EUR-base investors.
Modelo 720 and the other tax obligations every Spanish investor needs to know
These details shape your broker choice more than any fee comparison. Get them right before you open an account.
Modelo 720 is Spain’s annual overseas-asset declaration. If your total financial assets held outside Spain exceed €50,000 per category (securities, cash, and real estate are separate categories) at 31 December, you must file by 31 March for the previous year. Every broker in this guide holds assets outside Spain — so all five accounts count toward the threshold.
You only re-file after the initial declaration if values increase by more than €20,000 vs the last filed figure, or if you close or modify positions. The first filing is the hardest — after that the burden lightens significantly.
- Broker entity name and country
- Account number
- ISIN of each position held
- Quantity and acquisition date
- Acquisition cost and year-end market value
- 19% on gains up to €6,000
- 21% on €6,000–€50,000
- 23% on €50,000–€200,000
- 27% above €200,000
- Accumulating ETFs defer tax until sale — typically more efficient than distributing.
The D-6 form (foreign investment declaration) was significantly narrowed in scope in 2022–2023. Individual retail investors holding ordinary listed securities through foreign brokers generally no longer need to file it. The Modelo 720 remains the key annual reporting obligation above the €50,000 threshold. If you have specific concerns — particularly around significant transactions or unlisted assets — verify with a gestor, but for a straightforward UCITS ETF portfolio the D-6 is almost certainly not relevant.
This guide focuses on the most popular international brokers available in Spain. But there is a structurally different alternative worth knowing: Spanish-domiciled brokers (regulated by the CNMV and supervised by the Banco de España) report your transactions directly to Hacienda and auto-populate the borrador de la Renta. Using one eliminates the Modelo 720 obligation entirely.
MyInvestor is the most commonly cited example — a Madrid-based digital bank backed by Andbank with direct CNMV and Banco de España oversight, offering access to ETFs, funds, and index portfolios. The trade-off is typically a narrower product range and less competitive FX workflow than IBKR. If Modelo 720 compliance is your primary concern and you prefer a simpler tax experience, a Spanish broker may suit you better than any option in this guide. This guide does not review MyInvestor in depth — it covers international brokers only.
Custody vs nominee: why it matters in Spain
How your broker holds your assets affects both your Modelo 720 reporting and your legal position if the broker fails.
Assets are registered in your name at the central securities depository. You own the shares directly.
- Cleanest Modelo 720 reporting — you are the named owner
- Best segregation in a broker insolvency scenario
- Standard at IBKR by default
- Available on DEGIRO’s Custody account type
Assets held in the broker’s name on your behalf. You have a contractual claim, not direct ownership.
- Still requires Modelo 720 declaration — beneficial interest counts
- Protection depends on the broker’s regulatory framework
- Standard at Trade Republic, Trading 212, and XTB
- Acceptable for most ETF portfolios with regulated brokers
Interactive Brokers — best overall for Spanish investors
The benchmark for European investors who want institutional-grade access without institutional fees. For Spain specifically, it ticks the most boxes on custody, FX, and tax reporting quality.
- Available to Spanish residents via IBKR Ireland (EU-regulated, MiFID II)
- Direct custody — assets in your name, cleanest Modelo 720 trail
- FX at near-interbank rates (~0.002%) — the biggest practical advantage vs all others here
- Access to Spanish (BME), XETRA, and 150+ global markets
- Broad UCITS ETF catalogue: iShares, Vanguard, Amundi, Xtrackers
- Detailed activity reports with ISIN, cost basis, and year-end value — exactly what a gestor needs for M720 and IRPF
- Interest on uninvested EUR cash (verify current rate)
- W-8BEN processed within the platform — reduces US dividend withholding to 15%
- Platform complexity — Trader Workstation has a steep learning curve
- IBKR Lite (zero commission) is US-only; EU accounts pay tiered/fixed commissions (~€1.25+ per trade)
- Activity fee if equity < $2,000 — worth knowing before funding
- No Spanish-language dedicated support team
- No automatic Hacienda reporting — you still declare manually
Trade Republic — best for automated savings plans in Spain
CNMV-registered, BaFin-regulated, and holding a full banking licence. Trade Republic has become one of the most-used brokers in Spain for passive ETF investing — primarily because its savings plan feature removes almost all friction from monthly investing.
- CNMV-registered (number 693) and BaFin-regulated — strong EU regulatory standing
- Full banking licence (Trade Republic Bank GmbH) — cash covered by German deposit guarantee up to €100,000
- Savings plans (planes de inversión) in UCITS ETFs at €0 commission — set and forget
- €1 flat fee per manual trade — predictable and low for occasional orders
- Interest on uninvested EUR cash (verify current rate — has been among the highest in EU neobrokers)
- Clean, minimal app — one of the easiest onboarding experiences available in Spain
- W-8BEN handled within the platform
- Annual tax statement provided for IRPF and Modelo 720 use
- FX cost not cleanly published — embedded in Lang & Schwarz exchange spread; not ideal for frequent non-EUR trades
- Nominee structure — assets not in your name; Modelo 720 obligation remains for eligible portfolios
- No multi-currency accounts — EUR-base only
- Narrower product range than IBKR — no options, bonds, or futures
- No automatic Hacienda reporting — you still declare manually despite the banking licence
- App-only interface may feel limiting as portfolio complexity grows
DEGIRO — best low-cost ETF starter for Spain
Widely used in Spain and one of the cheapest options for plain ETF investing. AFM/DNB-regulated, now under the Flatex Bank umbrella — which added German deposit guarantee coverage for cash balances.
- Available to Spanish residents with Spanish-language interface
- Commission-free ETF Core Selection covers many popular UCITS trackers
- Low flat fees on other orders (€2–€3 depending on exchange)
- Custody account option for direct asset registration — cleanest nominee-free structure available here besides IBKR
- Annual statement and tax report available for Modelo 720 and IRPF use
- Well-established and widely trusted in Spain
- Cash held at flatexDEGIRO Bank — German deposit guarantee up to €100,000
- 0.25% FX fee — adds up on non-EUR ETF listings over time
- Basic account uses pooled Stichting structure (not direct custody)
- Custody account excludes some commission-free Core ETFs
- No interest on uninvested cash by default
- No savings plans / automatic recurring ETF investing feature
- No automatic Hacienda reporting — declare manually
Trading 212 — best for commission-free investing + cash interest
Zero commission, fractional shares, AutoInvest (Pies), and meaningful EUR cash interest in a clean app. Growing fast in Spain. CySEC/FCA-regulated with a nominee structure. Note: Trading 212 uses IBKR as custodian for many of its positions — meaning the underlying asset is held at IBKR, but your contract is with T212.
- Zero commission on all stocks and ETFs — genuinely free execution
- Fractional shares: invest from €1 in any ETF or stock
- Pies / AutoInvest: hands-off recurring portfolio investing with automatic rebalancing
- Interest on uninvested EUR cash (competitive rate — verify current terms)
- Clean mobile app — one of the best onboarding experiences for first-time investors
- Broad UCITS ETF catalogue including major index trackers
- W-8BEN handled within the platform
- Nominee structure — Modelo 720 obligation remains as usual; check statement format with your gestor
- 0.15% FX fee on non-EUR denominated securities
- CySEC-regulated for EU users — passported into Spain, not locally supervised
- Annual statement format may require extra work for gestors unfamiliar with T212
- CFD product sits on the same platform — discipline required; use Invest only
- No automatic Hacienda reporting — declare manually
XTB — best CNMV-regulated option with a physical Spanish presence
A Polish-listed broker with a registered office in Madrid and direct CNMV supervision. The strongest local regulatory standing of the five options in this guide, with Spanish-language support and resources.
- CNMV-registered with a physical Madrid office — strongest local regulatory standing in this guide
- Zero commission ETF investing up to €100k/month (0.2% above that)
- Spanish-language support and extensive education resources
- xStation 5 — clean, intuitive platform suited to beginner and intermediate investors
- 3,000+ ETFs including major UCITS index trackers
- Interest on uninvested EUR cash (verify current rate)
- FOGAIN protection up to €100,000 for eligible accounts
- W-8BEN handled within the platform
- CFD products on the same platform — easy to drift from the ETF section
- FX spread applies on non-EUR ETFs — similar in effect to DEGIRO’s 0.25%; not cleanly published
- Less exchange depth vs IBKR — fewer niche listings available
- Nominee account structure — Modelo 720 obligation remains as usual
- Commission above €100k/month: 0.2% (irrelevant for most retail investors)
- No automatic Hacienda reporting — declare manually
All five brokers compared
| Factor | IBKR | Trade Rep. | DEGIRO | T212 | XTB |
|---|---|---|---|---|---|
| Available in Spain | ✅ | ✅ | ✅ | ✅ | ✅ |
| Regulator | CBI (IE) | BaFin (DE) | AFM (NL) | CySEC | CNMV ✅ |
| CNMV-registered | Passported | Yes (#693) | Passported | Passported | Yes ✅ |
| Spanish office | No | No | No | No | Yes ✅ |
| Custody model | Direct ✅ | Nominee | Mixed* | Nominee | Nominee |
| Banking licence | No | Yes ✅ | Yes (flatex) | No | No |
| ETF commissions | ~€1.25+ | €0 (plans) | €0–€3 | €0 ✅ | €0 ✅ |
| FX cost | ~0.002% ✅ | Embedded | 0.25% | 0.15% | Spread |
| Cash interest (EUR) | Yes | Yes ✅ | No | Yes | Yes |
| Savings plans | No | Yes ✅ | No | Pies / AutoInvest | No |
| Tax reports quality | Detailed ✅ | Good | Good | Partial | Good |
| Auto Hacienda report | No | No | No | No | No |
| UCITS ETF access | Broad ✅ | Good | Good | Good | Good |
*DEGIRO Custody = direct registration; Basic = pooled Stichting. Fees and rates subject to change — verify on each broker’s official site before opening.
How to choose — and how your needs will change over time
The right broker at €5,000 is often different from the right broker at €100,000. The most common pattern among Spanish investors: start simple, migrate when the scale justifies it.
Most long-term Spanish ETF investors go through a recognisable progression. In the early stages — small monthly contributions, learning how it all works — platforms like Trade Republic, Trading 212, or XTB make sense. Zero or near-zero commissions, easy apps, savings plan automation. The setup friction is low and the errors are cheap.
As the portfolio grows past €50,000 — where Modelo 720 kicks in and FX costs start compounding significantly — IBKR becomes the rational upgrade. Its FX advantage of ~0.002% vs 0.15–0.25% elsewhere is marginal on €200/month but meaningful on larger lump sums and a six-figure portfolio. The setup effort pays off quickly at scale. Many investors run both: IBKR for the main ETF portfolio, Trade Republic for a small monthly savings plan because of the automation.
If yes (or when you do), prioritise IBKR or DEGIRO Custody for the cleanest Modelo 720 reporting trail. Direct custody means you’re the named owner and the declaration is straightforward. At this portfolio size, IBKR’s FX advantage is also the most meaningful.
Trade Republic is the pick. Set an amount, choose a UCITS ETF, let it run on a fixed date each month. No decisions, no friction. The best savings plan implementation available to Spanish investors in 2026.
XTB is the only broker here with direct CNMV supervision and a physical Madrid presence. All others passport into Spain via their home regulator (CBI, BaFin, AFM, CySEC). Both routes are legally valid under MiFID II — this is a preference question, not a safety question.
Trading 212 or Trade Republic for the cleanest beginner experience. Zero or near-zero commissions, modern apps, fractional shares. IBKR has more depth but requires more setup time. Come back to it when the portfolio warrants the migration.
Consider a Spanish-domiciled broker (e.g. MyInvestor) as an alternative to everything in this guide. No Modelo 720 obligation, automatic Hacienda reporting. The product range and FX workflow will be less flexible, but the admin burden is significantly lower.
Ready to open an account?
All five brokers are available to Spanish residents and support UCITS ETF investing. Pick based on your Modelo 720 situation, portfolio size, FX needs, and how much automation you want — then keep the strategy simple.
Go deeper
Frequently asked questions
Do I have to file Modelo 720 if my broker account is below €50,000?
No — the filing obligation only triggers once assets in a given category (securities, cash, real estate are separate categories) exceed €50,000 in total value at 31 December. Below that threshold there is no obligation. Track your balances annually in case you cross the threshold — the initial filing is required in the year you first exceed it.
Do I need to file Modelo D-6 as a Spanish investor with a foreign broker?
For most retail investors, no. The D-6 obligation was significantly narrowed in scope in 2022–2023. Individual investors holding ordinary listed securities — stocks, ETFs — through foreign brokers generally no longer need to file D-6. The Modelo 720 remains the key annual obligation once the €50,000 threshold is crossed. If you have more complex situations (significant capital flows, unlisted assets, corporate accounts), always verify with a gestor.
Do IBKR, Trade Republic, DEGIRO, or Trading 212 report my trades to Hacienda automatically?
No. None of the five brokers in this guide are domiciled in Spain, so none of them populate the borrador de la Renta automatically. You are responsible for entering capital gains, losses, and foreign dividend income manually in your annual IRPF declaration. This is the main practical difference versus a Spanish-domiciled broker like MyInvestor. Most people work with a gestor to handle this; IBKR’s activity reports and Trade Republic’s annual tax statements make the process significantly easier.
Is Trade Republic available in Spain and worth using?
Yes. Trade Republic is registered with the CNMV (number 693) and regulated by BaFin. It holds a full banking licence, meaning EUR cash balances are covered by the German deposit guarantee up to €100,000. Savings plans (planes de inversión automáticos) in UCITS ETFs are €0 commission — manual trades cost €1. It’s the strongest automated savings plan option currently available to Spanish investors, well-suited to set-it-and-forget-it monthly ETF investing.
Is IBKR available and regulated for Spanish residents?
Yes. IBKR operates in Spain via Interactive Brokers Ireland Limited, regulated by the Central Bank of Ireland under MiFID II, which provides EU-wide passporting rights including to Spain. CNMV oversight is indirect, but MiFID II provides equivalent investor protections. Spanish residents can open an account fully online, and IBKR’s activity reports are detailed enough for any gestor to work with.
Can Spanish investors buy US ETFs like VTI or SPY?
Generally no for retail accounts. PRIIPs/KID rules under EU law block access to most US-domiciled ETFs that don’t provide a compliant Key Information Document. The practical solution is UCITS ETFs tracking the same indexes — Vanguard, iShares, and Amundi all offer UCITS equivalents of the major US index funds with near-identical long-run performance characteristics.
Does using a nominee broker change my Modelo 720 obligations?
No. The obligation is based on the economic reality of your assets, not the legal holding structure. A beneficial interest in securities through a nominee account counts toward the €50,000 threshold and must be declared. The Modelo 720 simply identifies the broker as the legal holder acting on your behalf. Trade Republic, Trading 212, and XTB all use nominee structures — all three require the same Modelo 720 declaration as IBKR or DEGIRO.
Which broker produces the best statements for a Spanish gestor?
IBKR. It produces detailed activity reports including ISIN, acquisition cost, acquisition date, and year-end valuations — exactly what a gestor needs for Modelo 720 and capital gains declarations. Trade Republic and DEGIRO also provide clear annual tax statements. XTB provides annual reports. Trading 212 provides full transaction history, though the format may require extra preparation for gestors unfamiliar with the platform — worth exporting and sharing in advance to confirm suitability.
Are accumulating UCITS ETFs more tax-efficient in Spain?
Yes, generally. Distributing ETFs generate taxable income (rendimientos del capital mobiliario) each time a distribution is paid, regardless of whether you reinvest it. Accumulating ETFs roll dividends back into the fund, deferring the tax event until you sell. For most long-term investors in the accumulation phase in Spain, accumulating ETFs are the more tax-efficient choice — confirm your specific situation with a tax adviser.
Is XTB a safe broker for Spanish investors?
XTB is a publicly listed Polish company (Warsaw Stock Exchange) with direct CNMV registration in Spain and a physical Madrid office. Client funds are segregated, and XTB Spain falls under FOGAIN protection for eligible accounts up to €100,000. It has the strongest local regulatory standing of the five brokers in this guide.
QuantRoutine provides educational content only. Nothing on this page is an offer, solicitation, or recommendation to buy or sell any security or to open an account with any specific broker. Investments can lose value, and past performance does not guarantee future results. Tax rules — including Modelo 720 thresholds, CGT rates, D-6 scope, and IRPF reporting obligations — can change and vary by individual circumstances. Always consult a qualified Spanish tax adviser (gestor or asesor fiscal) for guidance specific to your situation. Verify each broker’s current fees, eligibility criteria, and regulatory status on their official website before opening or funding an account.