[ Offshore Tax ] Tax Implications of Spain's Non-Lucrative Visa on your US-Sourced Income

Obtaining a Non-Lucrative Visa allows you to live in Spain, but it also brings certain tax implications that US citizens should be aware of. The key consideration is your tax residency status.
• Tax Residency in Spain
In Spain, you're considered a tax resident if you meet at least one of the following criteria:
1. 183-Day Rule: Spending more than 183 days in Spain during the calendar year. Temporary absences are included in the count, except when tax residency in another country can be proven.
2. Center of Activities/Interests: Having Spain as the main base or center of your activities or economic interests. There is also a presumption that Spain is your habitual residence if your spouse (not legally separated) and underage dependent children permanently reside in Spain.
• Reporting Obligations and Taxation
If you become a tax resident of Spain, you'll have to file an annual tax return and report your worldwide income, including any US-sourced income.
As a Spanish tax resident, you may also be subject to taxes on investment income, such as capital gains, dividends, or rental income from US-based assets. Spain also has a wealth tax that may apply to your worldwide assets.
However, you may be able to claim a foreign tax credit on your US tax return to avoid double taxation.
• Dual Residency and Tax Treaties
In certain situations, a person may be considered a tax resident in both Spain and their home country, such as expatriates working in Spain. In such instances, the individual may qualify for relief or exemption from Spanish tax under a Double Taxation Treaty between Spain and their home country.
Becoming a tax resident of Spain as a holder of the Non-Lucrative Visa means you will be taxed on your worldwide income, including any US-sourced earnings or investment returns. Careful tax planning is advised to ensure compliance and minimize your tax burden.

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