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Where to keep savings in Spain

Where to keep savings in Spain

Old Aug 28th 2017, 1:25 pm
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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!!!!
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