Go Back  British Expats > Living & Moving Abroad > Europe > Spain
Reload this Page >

Where to keep savings in Spain

Where to keep savings in Spain

Old Aug 28th 2017, 1:25 am
Forum Regular
Mustard's Avatar
Joined: Feb 2015
Location: Madrid
Posts: 158
Mustard is an unknown quantity at this point
Default Re: Where to keep savings in Spain

Originally Posted by spainrico
Fred is definitely right..............
Today I learnt that when you want to take money out of a Spanish investment (as against a normal bank account) 20% is automatically withheld to cover the tax on the profit. This is not accounted for until the next declaracion de renta (tax return) when a refund (or maybe demand if the investment was exceptionally profitable hahaha) is given or offset against tax owed.
So today I am left with a shortfall of money in the return of my investment so I will have to take a mortgage (with its associated costs) whilst the government enjoys my money interest-free until next June.
Rip off or what?
I find that difficult to believe. What type investment was it? Surely you mean 20% on the gains.

If not, it would mean that if you invested 5000€ in an investment fund and then a week later sold the investment for 5000€, the bank would withhold (20%) 1000€. until your next tax return!!!!
Mustard is online now  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Contact Us - Manage Preferences Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Your Privacy Choices -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.