The AEAT practical guide for the 2025 return sets out the savings-base scale in two halves: a state scale (art. 66.1 of the IRPF law) and an autonomous scale (art. 76). Each combined rate is the state rate plus the identical autonomous rate.

State and autonomous rates: AEAT Practical Guide to Income Tax 2025. Combined rate and combined tax are computed by QuantRoutine as state plus autonomous.

In the savings base, income from movable capital includes income from holdings in the equity of entities and from lending your own capital to third parties (unless the payer is a related entity). If gains and losses net to a negative balance, that balance can offset positive income from movable capital in the savings base, up to 25% of that positive balance. Any negative balance left after that offset is carried forward and offset in the following four years, in the same order.

A loss on securities admitted to trading cannot be included in the tax year in which it arises if homogeneous securities are bought in the two months before or after the sale (article 33.5 of the IRPF law). Selling an ETF at a loss and buying the same ETF back inside that window therefore blocks the loss for that year.

When you hold homogeneous securities and sell only some of them, the units treated as sold are the ones you acquired first (FIFO).

A capital gain or loss is allocated to the tax year in which the change in your assets takes place. An accumulating ETF makes no distribution, so for that fund the taxable event is the sale.

Spanish tax law has a deferral regime for reinvestment between collective investment institutions (article 94 of the IRPF law). It applies to redemptions of units in collective investment institutions that are investment funds.

The deferral does not apply if the redemption proceeds are made available to you by any means. The deferral does not apply when the units sold or bought are units of listed investment funds (fondos de inversión cotizados). From 1 January 2022 it also does not apply to funds similar to listed investment funds, whatever the regulated market or multilateral trading facility they are listed on. The regime also requires acquisitions, subscriptions, sales and redemptions to go through distributors registered with the CNMV.

A transitional rule keeps the deferral for units of foreign listed funds acquired before 1 January 2022, provided the proceeds are reinvested in collective investment institutions other than listed funds.

Trade Republic’s Spanish customer agreement states that its Spanish branch handles mutual-fund orders under the traspasos regime.

The IRPF law makes you a Spanish tax resident if either of the first two tests is met; the third is a presumption.

A Spanish resident is taxed on income wherever it arises and whatever the residence of the payer.

Modelo 720 is an information return on assets and rights located abroad. It covers three blocks, each a separate obligation: accounts at financial institutions located abroad; securities, rights, insurance and income deposited, managed or obtained abroad; and real estate abroad.

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For 2025 the general exempt minimum for wealth tax residents is €700,000, unless the autonomous community has set its own amount. The Balearic Islands set it at €3,000,000, Catalonia at €500,000 and the Valencian Community at €1,000,000.

Exempt minimum only. Regional rates and regional reliefs are not covered by the sources read for this page.

Article 31 of the Wealth Tax Law sets a limit on the full wealth-tax quota. In rulings of 29 October 2025 and 3 November 2025, the Supreme Court held that this limit applies to non-residents as well as residents.

The temporary solidarity tax on large fortunes (ITSGF) was extended by Royal Decree-Law 8/2023. Wealth tax returns for 2025 were due between 8 April and 30 June 2026.

People who acquire Spanish tax residence as a result of moving to Spain can opt to be taxed under non-resident income tax rules while remaining IRPF taxpayers, for the year of the change of residence and the five following tax years.

Under the regime, the general taxable base is taxed at 24% up to €600,000 and 47% above it. The option is made on Modelo 149, within six months of the start date of the activity shown in the Spanish Social Security registration.

When a taxpayer loses Spanish tax residence by moving abroad, gains on shares and fund units can be taxed even though nothing was sold, if the taxpayer was resident for at least ten of the previous fifteen tax periods.

The rule applies when the market value of the shares and units exceeds €4,000,000 combined or, failing that, when a holding in one entity is above 25% with a market value above €1,000,000.

Tax-law statements on this page trace to these documents. Broker statements trace to QuantRoutine’s verified broker fee files. Dates are the dates each document was read.

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