Europe · Money guide
Spain is one of the world's most popular relocation destinations, drawing retirees, remote workers and families with its climate, lower living costs and established international communities along the Costa del Sol, Costa Blanca and the islands. Wherever you are moving from, the biggest money decisions are funding the non-lucrative or digital nomad visa, transferring property and pension funds at the right exchange rate, and registering with the Spanish tax authority once you become resident.
Written by Matt Woodley · Reviewed against official sources · Last reviewed 15 June 2026. Figures are indicative — confirm visa and tax thresholds with the official source linked below.
Currency
EUR €
Rent (1-bed, city)
€800–€1,300/mo
Living costs (ex-rent)
€650–€900/mo
Transfer time
1-2 days
Living costs run roughly 20–30% below northern Europe outside Madrid and Barcelona. Eating out, fresh produce and utilities are cheap; imported goods and cars are not. A couple on the coast typically budgets €1,800–€2,400 a month all-in, before one-off moving and visa costs.
Indicative monthly rent (1-bed, city centre)
€800–€1,300
Indicative monthly living costs (excl. rent)
€650–€900
Non-lucrative visa: ~€28,800/year + €7,200 per dependant
Spain's non-lucrative visa (the main route for non-working residents and retirees) requires you to show income or savings of 400% of the IPREM — around €28,800 for the main applicant in 2026, plus roughly €7,200 for each dependant. The digital nomad visa instead requires proof of remote income of about €2,650/month. Funds are usually evidenced with bank statements, so the balance must be visible in your account when you apply.
Official source: Spanish Ministry of Foreign Affairs (visa guidance)You can open a Spanish non-resident account before you move (banks like CaixaBank, Sabadell and BBVA offer them), then convert it to a resident account once you have your NIE and residency. You will need an NIE number for almost every financial step — buying property, signing utilities, or opening a full account. Spanish IBANs begin with ES and work across the SEPA zone.
Spain's currency is the euro, so your exposure is your home currency against the euro (for example GBP/EUR, USD/EUR or AUD/EUR). Major pairs against the euro can move 3–6% over the few months a property purchase or relocation takes, which on a six-figure sum is thousands of euros — so the timing and method of your conversion matters far more than most movers expect.
Because Spain is in SEPA, euro-to-euro payments are near-instant and cheap once your money is in the Eurozone — the cost is in the initial conversion into euros. On a €250,000 property purchase, the gap between a bank's rate and a regulated specialist's can be €8,000–€10,000. Property completions take 1–3 months from the Arras deposit, during which the exchange rate can swing several percent, so a forward contract is widely used to lock the rate in advance. Always send property funds to the Notario's client account, never directly to the seller.
| Route | Typical cost |
|---|---|
| High-street bank | €6,250–€10,000 (2.5–4% margin + fees) |
| Regulated currency specialist | €250–€1,500 (0.1–0.6% margin) |
| Typical saving | €8,000–€10,000 |
Indicative: banks typically apply a 2.5–4% exchange-rate margin plus a transfer fee; regulated specialists typically apply 0.1–0.6% with no fee. Your actual cost depends on the provider, amount and timing.
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You become a Spanish tax resident if you spend more than 183 days a year in the country. Residents are taxed on worldwide income and must file the Modelo 720 declaration for overseas assets above €50,000. Non-resident property buyers pay a 3% retention on purchase. Spain has double-taxation treaties with most countries, which generally prevent the same pension or income being taxed twice — check the treaty between Spain and your home country.
Get your NIE
Apply for the foreigner identification number — required to open a full account, buy property or sign contracts.
Open a Spanish account
Start with a non-resident account remotely, then upgrade once your residency is granted.
Lock your transfer rate
If buying property or moving a lump sum, consider a forward contract to fix the rate while you complete.
Move funds via a specialist
Use a regulated currency provider and SEPA to move savings and the property deposit to the Notario.
Register for tax
Once resident, register with the AEAT and file the Modelo 720 if your overseas assets exceed €50,000.
For the non-lucrative visa you must show around €28,800 in annual income or savings for the main applicant, plus about €7,200 per dependant. On top of that, budget for the first few months' rent, a deposit (typically one to two months), the NIE process, and a buffer for the currency conversion. Most movers plan for €18,000–€30,000 of accessible funds beyond the visa requirement.
Use a regulated currency specialist rather than a high-street bank. Specialists charge 0.1–0.6% margin with no transfer fee, versus 2.5–4% plus fees at a bank — a saving of roughly €8,000–€10,000 on a €250,000 purchase. Use SEPA for the euro leg once funds are in the Eurozone, and consider a forward contract to lock the rate between the Arras deposit and completion.
Not strictly, but it helps. You can open a non-resident account remotely to receive your transferred funds, pay a property deposit and set up utilities. You will need an NIE number first for a full account, and you will convert it to a resident account once your residency is approved.
If you spend more than 183 days in a calendar year in Spain, you are tax resident and taxed on worldwide income. You must also file the Modelo 720 declaring overseas assets above €50,000. Spain's double-taxation treaties generally ensure pensions and income are not taxed twice — confirm the treaty with your specific home country.