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Investing in Spain: key questions answered – Expatica Belguim

Want to invest in Spain? Here are some answers to key questions on everything from property to stocks, pensions, and taxes.

If you are moving to Spain and are considering investing in t…….

Want to invest in Spain? Here are some answers to key questions on everything from property to stocks, pensions, and taxes.

If you are moving to Spain and are considering investing in the country, you’ll be glad to know there are a variety of options available. From buying property to stocks and shares. However, you will need to do your research, rules and tax implications can differ from those in your home country. Before you invest in Spain, it’s worth getting a good understanding of the topics covered below:

Investment in Spain

Prior to COVID 19, Spain experienced an economic resurgence. Its economy had been hard hit by the financial crash of 2008. The country boasts some of the most popular tourist destinations in Europe, giving the economy a lift. House prices are rising and sustainability is becoming more of a focus. In addition, as a member of the European Union (EU) Spain has a post-COVID economic recovery plan backed by the EU.

Major bank Santander says Spain’s strengths include its developed infrastructure, important tourism sector, diversified economy, and high quality of life. On the other hand, the country also has high unemployment, high indebtedness, and a complex regulatory system.

Spain ranked 30th out of 190 countries in World Bank’s 2020 Doing Business report, with high rankings for cross-border trading and paying taxes, but below-par scores for getting credit and starting a business.

In terms of savings and investment culture, the pandemic has had a marked impact. In 2020, Spanish households had a savings rate of 14.2% of their disposable income. The savings rate in previous years was much lower, however. Pandemic lockdowns led to reduced consumer spending around the globe. Savings fever gripped Spain. The volume of bank deposits increased by €20 billion in March-April 2020. That’s equal to 1.6% of Spain’s GDP in 2019, notes CaixaBank.

Savings account investments in Spain

You can get a savings account in Spain (cuenta de ahorro) at a national or regional bank (cajas), though many regional savings banks have either closed or merged with bigger providers since the financial crisis.

You can put cash away and gain interest with a savings account. However, your money could be better invested elsewhere. This is because most banks in Spain currently pay very little interest (if any at all) on savings. For example, some providers only offer token rates such as 0.01%. To get a higher rate, you might need to deposit a specific amount each month or lock up your savings for a fixed time. Some providers also offer specific savings accounts for younger people or parents saving toward their child’s future.

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Source: https://www.expatica.com/es/finance/investment/investing-in-spain-166569/

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