France has a new prime minister (again), actually – no we don’t – another one gone! However, time is of the essence to ensure that the Finance Law is approved and passed into law by the end of the year. Prior to the government reshuffle, there was a plan to freeze the tax rates at their current level and not adjust them in line with inflation as has been done in the past few years.
Financial update France October 2025
By Katriona Murray-Platon
This article is published on: 6th October 2025
06.10.25
There was also a plan to set the 10% abatement on pensions at a maximum of €2000 per pensioner rather than the current maximum of €4399. Whether these measures will be adopted into law by the end of year, only time will tell.
According to a study published by the French National Statistics Body (INSEE, Focus 354), in 2024, 78% of French residents have a Livret A Savings account, compared with 42% who have an assurance vie and 27% that have a property savings plan (PEL/CEL). Only 19% of French residents have a retirement account (PER) and only 16.5% are part of an employer’s savings plan. Clearly the French prefer to keep their investments in assurance vies rather than in share accounts since only 9.8% of French residents have PEAs and only 9.6% have ordinary share accounts (compte titres). With the interest rate for the Livret A now at only 1.7%, this means that a large amount of French savings is not protected from inflation. Since money in an ordinary share account is subject to both tax and social charges, it is more tax efficient to invest in either an assurance vie or a PEA.
After another hot and dry summer, which has affected ground conditions in many areas, a decree has been published on 6th September 2025, which grants a subsidy to property owners in 11 departments to diagnose and remedy the potential damage of clay soil shrinkage and expansion.
This financial assistance could cover up to 90% of the costs up to a maximum amount of €2 000 for a “vulnerability diagnosis” of the property and up to 80% of the work costs up to a maximum amount of €15,000. Both will be means tested.
This autumn child care benefits (“complement de libre choix du mode de garde” or CMG) are changing. The CMG is a family benefit which covers part of the costs of a child being looked after by a carer (assistante maternelle) or at home by a nanny employed directly by the parents. This benefit is being amended in order to better assist families in certain situations. From 1st September 2025, the amount of this benefit will also change. In particular, single parents can now receive CMG until their child is 12 years old instead of 6 years old previously. From 1st December 2025, for parents with shared custody of their child, each parent can receive CMG under certain conditions. The calculation of the amount of benefits will be done automatically by Urssaf on the Pajemploi website and families will be informed of the new amount of benefits they will receive in the September 2025 declaration.
The Taxe Foncière statements are now available on your online account on the impots.gouv.fr website. You have until 15th October to pay the tax or20th October if you pay online. If you are already paying your taxe foncière monthly and the amount is higher than last year, then you will pay your regular amount on 15th October and the excess on 15th November.
Most people will have noticed an increase in their tax foncière of 1.7% due to the annual revaluation of the rental value which is the basis on which this tax is calculated.
There may also be an additional increase if your local council has voted for one. Other subsidiary taxes such as the tax to manage aquatic areas and the prevention of flooding may also have increased in certain areas. As for the tax for the refuse collection, a table produced by the Environmental and Energy efficiency (Agence de l’environnement et de la mâitrise de l’energy) published in Le Monde newspaper on 25th August showed that more than half of local authorities charge more than what it actually costs them to collect and treat the rubbish. If your tax foncière seems excessively high this year, it may be worth raising this issue with your local council.
If you have any questions on your financial situation in France, or know someone who does, please do get in touch and I would be happy to arrange a free, no obligation, phone or video call.
Driving in Spain as an expat
By Matthew Green
This article is published on: 4th October 2025
04.10.25
What you need to know about licences and rules
If you’re planning to drive in Spain as an expat, there are a few important things to know before hitting the road. From converting your license to understanding local rules, here’s a complete guide to make the process easier.
Can You Drive on Your Current Licence?
- EU/EEA Drivers: You can use your existing licence, but you may need to exchange it after two years of residency.
- Non-EU Drivers: You can usually drive with your foreign license for up to 6 months after becoming a Spanish resident. After that, you must get a Spanish licence.
- UK Drivers Post-Brexit: UK licences are no longer automatically valid beyond 6 months, but there’s a process to exchange without retaking the test (if done within the allowed timeframe).
How to Exchange Your Licence for a Spanish One
You’ll need:
- Valid foreign driving licence
- Proof of residency (padrón certificate)
- Passport/NIE
- Medical check at an authorized center (psicotécnico)
- Passport-size photos
- Application fee (around €28)
Appointments are booked through the DGT website (Spain’s traffic authority).
Driving Rules Expats Should Know
- Speed limits: 120 km/h on motorways, 90 km/h on secondary roads, 30 km/h in many urban areas.
- Always carry: licence, insurance, car papers, high-vis vest, and warning triangle.
- Using your phone while driving—even on speaker—can result in heavy fines unless hands-free.
- Alcohol limit: 0.5 g/l (lower than in some countries).
Insurance and Car Registration
If you bring your own car from abroad, you’ll need to register it in Spain and pay the relevant taxes. This can be complex—many expats hire a gestor to handle the process.
Plan Ahead for a Smooth Transition
Sorting out your driving documents is just one part of settling in Spain. Managing taxes, pensions, and investments under Spanish rules is another big step—and getting it right early can save you stress and money later.
As a financial planner with The Spectrum IFA Group here in Valencia, I help expats like you plan smart so you can enjoy life without financial worries.
If you’d like a free, no-obligation chat about setting up your finances for life in Spain, feel free to get in touch. It’s all about making sure you can enjoy everything Valencia has to offer—without financial stress.
The Spectrum IFA Group Malta
By Spectrum IFA
This article is published on: 30th September 2025
30.09.25
Trusted Financial Planning Across Europe
For over two decades, The Spectrum IFA Group has been a leading name in financial planning and wealth management for expatriates across Europe. With offices in key locations, Spectrum has built its reputation on providing clear and impartial client-focused advice.
The firm’s strength lies not only in its breadth of services – from pensions and tax planning to investments and wealth protection, but also in the people who deliver that advice.
Spectrum’s advisers are more than just professionals; they are trusted partners who build lasting relationships with clients by understanding their unique financial circumstances. In a world where financial landscapes can shift rapidly due to regulation, taxation, and market movements, Spectrum’s advisers deliver clarity, peace of mind, and long-term stability. The group’s success is rooted in a culture of collaboration, shared values, and a deep commitment to looking after their clients.
Within this framework, two individuals stand out in Malta for their dedication and complementary strengths: Craig Welsh and Jozef Spiteri. Together, they exemplify Spectrum’s blend of tradition and innovation.
Craig Welsh – Experience and Leadership
Craig has been at the heart of The Spectrum IFA Group since 2006, playing a pivotal role in shaping its culture and success. With nearly twenty years of experience in European financial services, his career began in Amsterdam, where he made an immediate impact in the Dutch market. His reputation was built on providing advice that was not only technically precise but also personally tailored – qualities that remain central to his approach today.
In 2017, Craig relocated to Malta to take on new responsibilities, combining client-facing financial planning with the management and oversight of Spectrum’s local operations. His leadership in Malta has ensured that clients continue to benefit from the highest standards of service, while also supporting the firm’s wider growth in the region.
Craig’s long-standing tenure with Spectrum is a testament to his commitment—not only to his clients but also to the company itself. His journey reflects the close-knit, supportive culture of Spectrum, where advisers thrive as part of a collaborative and values-driven team. For Craig, Spectrum is more than a workplace; it is a professional family built on trust, integrity, and a shared purpose.
Jozef Spiteri – Fresh Perspective and Drive
Joining the Malta team in 2021, Jozef brought with him a strong background in finance and a passion for helping people make well-informed financial choices.
From the outset, his energy and fresh perspective have been invaluable to Spectrum’s growth in Malta.
Jozef’s approach centres on accountability, professionalism, and a personal dedication to every client relationship. He has quickly built a positive profile in the local market, becoming a trusted adviser to those seeking guidance in areas such as investments, pensions and cross-border financial planning. His ability to combine technical expertise with a genuine interest in people’s lives makes him a natural fit for Spectrum’s ethos.
Together with Craig, Jozef forms part of a dynamic team that balances experience with innovation—offering clients the reassurance of established expertise alongside the agility of fresh ideas.
The Spectrum IFA Group – A Shared Mission
Craig and Jozef’s work in Malta highlights the very qualities that have made The Spectrum IFA Group so successful across Europe: professionalism, integrity, and above all a commitment to clients’ financial wellbeing. They embody both the enduring values and the forward-looking energy of the firm.
Spectrum’s advisers are supported by an extensive network of colleagues, knowledge-sharing, and resources that span multiple European countries. This collaborative environment allows them to deliver advice that is not only localised to Malta but also informed by wider European expertise.
In summary, The Spectrum IFA Group continues to thrive by combining experience, innovation, and a client-first philosophy. Through the work of dedicated professionals like Craig Welsh and Jozef Spiteri, Spectrum remains a trusted partner for expatriates and international clients across Europe, offering clarity and confidence in a complex financial world.
The Cost of Living in Valencia
By Matthew Green
This article is published on: 29th September 2025
29.09.25
How to Budget for Your New Life
Valencia is one of Spain’s most attractive destinations for expats—and for good reason. With its stunning beaches, vibrant culture, and affordable lifestyle compared to other European cities, it’s no wonder so many people choose to call it home. But before you pack your bags, it’s important to understand what life in Valencia really costs and how to plan your budget.
Housing Costs
Accommodation is likely to be your biggest monthly expense. Valencia offers a wide range of housing options, from modern apartments in the city center to charming villas on the outskirts.
- City Centre: Expect to pay €900–€1,300 per month for a two-bedroom apartment in areas like Ruzafa or El Carmen.
- Suburban or Coastal Areas: Prices drop as you move away from the center—€700–€900 can get you a similar apartment in quieter neighborhoods or near the beach.
- Buying Property: Valencia is still more affordable than Barcelona or Madrid, with prices averaging €2,000 per square metre, but the market is heating up.
Tip: Factor in community fees (for building maintenance), property taxes, and if renting, a deposit (usually one or two months’ rent).
Food and Entertainment
Spain is famous for its food culture, and Valencia doesn’t disappoint. From traditional paella to modern tapas bars, eating out can be surprisingly affordable compared to Northern Europe or the US.
- Groceries: A weekly shop for two people costs around €50–€70 at local supermarkets.
- Dining Out: A menu del día (three-course lunch) costs €10–€15, while dinner for two at a mid-range restaurant might be €40–€60.
- Coffee & Drinks: Coffee is usually €1.50–€2, and a glass of wine is often under €3.
Entertainment such as cinema tickets, concerts, and cultural events are also reasonably priced – expect €8–€10 for a movie ticket.
Education and Transport
If you have children, education will be a key factor in your budget.
- Public Schools: Free for residents, though lessons are mainly in Spanish and Valencian.
- Private Schools: Fees start at around €300 per month.
- International Schools: For English-language or IB programs, expect €700–€1,200 per month per child.
Transport is another area where Valencia shines:
- Public Transport: A monthly metro/bus pass is about €40.
- Driving: Fuel is currently around €1.60 per liter, and parking in the city can be challenging and costly.
Hidden Costs Expats Often Overlook
Many new arrivals forget to budget for these:
- Healthcare Insurance: If you’re not eligible for public healthcare, private plans start at €50–€100 per month.
- Taxes: Wealth tax, property tax (IBI), and possible double taxation issues—always check your situation before moving.
- Paperwork & Administration Fees: NIE registration, residency paperwork, translations, and notary costs can add up.
- Home Setup Costs: Furniture, appliances, and deposits for utilities.
Final Thoughts
Valencia offers a fantastic quality of life at a relatively affordable price, but like any move, planning ahead is key. Create a realistic budget, understand where your biggest costs will be, and allow some flexibility for the unexpected.
As a financial planner with The Spectrum IFA Group here in Valencia, I help expats like you plan smart so you can enjoy life without financial stress.
If you’d like a free, no-obligation chat about setting up your finances for life in Spain, feel free to get in touch. It’s all about making sure you can enjoy everything Valencia has to offer—without financial stress.
School fees in Valencia
By Matthew Green
This article is published on: 19th September 2025
19.09.25
If you are a parent in Valencia and are concerned about how to meet the rising cost of private education, you are not alone. Many families are looking for smarter, more tax-efficient ways to cover these expenses without depleting their hard-earned savings.
At The Spectrum IFA Group, we help clients create investment strategies that can provide reliable income streams for school fees — while protecting wealth for the future.
The García Family Example
Mr and Mrs García live in Valencia and, like many families, are planning for the cost of private education for their children. With nursery fees averaging around €800 per month and secondary school fees closer to €960 per month, they wanted to ensure that they could cover these costs in a sustainable and tax-efficient way.
After speaking with their adviser at The Spectrum IFA Group, they looked at how best to structure their savings to provide the required income without eroding their long-term capital.
Using Investments to Generate Income
The Garcías had €250,000 available, which they invested into a tax-efficient bond. With an assumed long-term growth rate of around 5% per year, they were able to withdraw approximately €12,500 annually (about €1,040 per month).
This income stream was enough to cover the monthly school fees, while keeping the original capital invested and growing over the years.
Tax Efficiency Matters
In Spain, life assurance bonds are particularly attractive because of their favourable tax treatment. Only the gain portion of each withdrawal is taxable, making the early years especially efficient.
This structure meant the Garcías could cover school fees with minimal tax drag and without dipping into their capital base.
Flexibility and Peace of Mind
By using investment growth to fund school fees, the family maintained:
- Flexibility — withdrawals can be adjusted if fees change over time.
- Capital protection — their €250,000 remained invested for future needs, such as university costs.
- Estate planning advantages — the investment can be passed on seamlessly and tax-efficiently to their chosen beneficiaries.
The Importance of Ongoing Advice
As with any financial plan, regular reviews with their Spectrum adviser ensure the investment stays on track, adapting to changes in fee levels, market conditions, or family circumstances.
Summary: By structuring their savings intelligently, families in Valencia can meet the challenge of private school fees while preserving wealth for the future.
If you would like to explore how your savings and investments can be structured to provide for school fees — or other future goals — in a tax-efficient way, speak to The Spectrum IFA Group. A personal consultation will give you peace of mind that your plan is sustainable and tailored to your family’s needs.
Le Tour de Finance September 2025
By Spectrum IFA
This article is published on: 18th September 2025
18.09.25
The latest stages of Le Tour de Finance brought together investors, financial experts, and international residents for two highly successful events that highlighted the importance of planning, transparency, and trusted advice. Both gatherings were very well attended, with participants eager to engage, ask questions, and share experiences in an open and interactive setting.
Across the two days in Granzay-Gript and Cognac, our expert panel delivered insightful presentations covering key topics such as pensions, investments, tax planning, estate structuring, and regulatory changes that affect expatriates in Europe. The sessions were designed to provide practical, up-to-date knowledge and were followed by lively Q&A discussions. Attendees made the most of the opportunity to ask specific questions relevant to their own circumstances, sparking valuable exchanges and deeper understanding.
We would like to extend our sincere thanks to all the partners; RBC Brewin Dolphin, Novia Global, The Prudential and Currencies Direct, whose ongoing support ensures the continued success of Le Tour de Finance. Their expertise and commitment to providing clear, professional guidance is at the heart of these events. We are also deeply grateful to the venues and hosts, who created such a welcoming and professional environment for our community.
Most importantly, we would like to thank all of the attendees who joined us. Your engagement and thoughtful questions helped make these events so dynamic and rewarding. The high level of interaction reflects the genuine need for clear, reliable information in the ever-changing world of financial planning.
As Le Tour de Finance continues, we look forward to building on this momentum and bringing more valuable insights to international residents across Europe. We are proud to provide a trusted platform where people can connect directly with experts and gain clarity for their financial future.
Valencia’s local secrets
By Matthew Green
This article is published on: 15th September 2025
15.09.25
So you’ve made the move to Valencia—or you’re planning to. Now comes the fun part: exploring everything this beautiful city and region have to offer. Sure, you’ve heard of paella and the beach, but Valencia has so many hidden gems and local traditions that make life here truly special.
Here are some must-do experiences for newcomers that will help you fall in love with your new home.
Dive into Valencia’s Festivals
Valencia knows how to celebrate, and no event is bigger than Las Fallas in March. For two weeks, the city turns into an open-air art gallery filled with giant sculptures, fireworks every day (mascletàs), and all-night street parties. It’s loud, colorful, and unforgettable.
If you’re feeling adventurous, take a day trip to La Tomatina in Buñol—a world-famous tomato-throwing festival held in August. Wear old clothes!
Explore Albufera Natural Park
Just 20 minutes from the city, Albufera is a serene lake surrounded by rice fields—the birthplace of paella. Take a boat ride at sunset, watch the birds, and finish with a traditional paella in the village of El Palmar. This is Valencia at its most authentic.
Discover Montanejos Hot Springs
Need a break from the city? Head inland to Montanejos, a stunning mountain village known for its thermal springs and turquoise river pools.
Perfect for hiking, swimming, and soaking up nature.
Enjoy Valencia’s Beaches Like a Local
Everyone knows about Malvarrosa Beach, but if you want something quieter, try Playa de la Patacona or head to El Saler, south of the city, for natural sand dunes and crystal-clear water.
Taste Authentic Paella Where It Was Born
Skip the tourist traps on the beach and head to local favorites in El Palmar or the Ruzafa neighborhood.
Remember: paella is a lunch dish, not dinner. And yes, the real one has rabbit and chicken—not seafood.
Embrace Valencia’s Café Culture
Valencians love their coffee breaks. Find a sunny terrace, order a café con leche, and watch the world go by. Try horchata too—a sweet, milky drink made from tiger nuts, served ice cold with fartons (pastry).
Cycle the Turia Gardens
The old riverbed of the Turia is now a 9 km green park running through the city.
Rent a bike, take a picnic, or just stroll past gardens, playgrounds, and the futuristic City of Arts and Sciences.
Shop Like a Local at Mercado Central
This grand market is one of the largest in Europe and a feast for the senses—fresh produce, seafood, and local delicacies. Go early in the morning for the best experience.(pastry).
Join a Language Exchange
Want to improve your Spanish and make friends? Valencia has dozens of language exchange meetups where locals and expats come together for conversation. Great for breaking out of the expat bubble.
Take Day Trips Beyond Valencia
From the orange groves of Xàtiva to the beaches of Cullera and the historic charm of Peñíscola, there’s so much to see just an hour away.
Plan Ahead for a Smooth Transition
Valencia is full of amazing experiences—but while you’re discovering its culture, don’t forget about your financial future here in Spain. Things like tax planning, pensions, and investments work differently, and the right structure can make a big difference.
As a financial planner with The Spectrum IFA Group here in Valencia, I help expats like you plan smart so you can enjoy life without financial stress.
If you’d like a free, no-obligation chat about setting up your finances for life in Spain, feel free to get in touch. It’s all about making sure you can enjoy everything Valencia has to offer—without financial stress.
Spain’s Budget 2025
By Tom Worthington
This article is published on: 12th September 2025
12.09.25
Setting the stage: Brussels wants homework in October
While the UK plays calendar Enie Meenie minie mo with Spring/Autumn Budgets (and the occasional “surprise!” emergency one), the EU prefers punctuality. Every October, member states hand in their budgets like model students. In 2024, everyone also had to submit a four-year plan to steer national debt toward (or below) 60% of GDP—the EU’s collective happy place.
Spain, after a domestically bumpy 2024 (Reuters politely called the 2024 draft “discontinued,” which is the fiscal equivalent of “we meant to do that”), pivoted to 2025—and got Brussels’ nod in late November for a longer seven-year clean-up plan under the rebooted EU fiscal rules. Translation: fewer vibes, more spreadsheets.
What actually changed (a.k.a. the “please don’t shoot the messenger” bit)
Goodbye, tax holidays
- Basic foods slid back to their usual 4% VAT, olive oil included (collective sigh across Iberia).
- Electricity returned to 21% VAT.
- Fuel duty nudged up.
Net result: monthly bills did the opposite of “Mediterranean chill.”
Nine new tax rises for 2025
Congress kicked off the 2025 tax year with nine approved increases, targeting roughly €4.5bn/year in extra revenue. Among the eyebrow-raisers:
1. “Bank Tax”: A progressive levy on net interest margin + commissions earned in Spain (roughly 1% to 7%).
2. Savings Income Tax: For incomes over €300,000, the top rate rises from 28% to 30%.
*Yes, this can touch insurance policy withdrawals and other taxable gains—mainly relevant for the well-heeled.
Business translation: banks are the piñata; high-net-worth savers bring an extra 2% candle to the tax cake.
Property:
The spicy bit everyone is arguing about…
Regional Property Transfer Tax still varies (hello, Valencia at 10% for buyers, residents and non-residents alike).
But the big headline: reports that Spain is considering a tax of up to 100% on properties bought by non-EU residents (yes, that includes the UK and US).
- PM Pedro Sánchez framed it as an “unprecedented” step amidst a housing emergency, warning against a society split into “rich landlords vs. poor tenants.”
- He cited 27,000 homes bought by non-EU residents in 2023 “not to live in, but to make money.”
- The Property Registry estimated foreigners (EU + non-EU) were ~15% of sales in 2023 (~87k of 583k total).
Important fine print: This is about plans and proposals being discussed, not a done deal. If you’re a non-EU buyer, keep your lawyer on speed-dial and your pulse steady.
Wealth & Solidarity: the sequel nobody asked for (but everyone pays attention to)
Spain has long had Wealth Tax for residents with net wealth ≥ €700,000, but regions can—and did—play with allowances. Madrid and Andalucía famously went full 100% relief.
Cue the central government’s 2022 plot twist: a “temporary” Solidarity Tax layered on top, using Wealth Tax rules as the base. Exemptions broadly still apply (primary home up to €300,000, business assets when it’s your main activity, and qualifying shareholdings >5%—or >20% family-owned). After exemptions, Solidarity hits at:
- €3m – €5,347,998: 1.7%
- €5,347,998 – €10,695,996: 2.1%
- Above €10,695,996.06: 3.5%
Also remember: non-residents can face Wealth Tax on Spanish-sited assets. Double Tax Treaties may soften the edges—but bring a professional to the knife fight.
The surprisingly cheerful chapter:
Inheritance tax (mostly) retires to the beach
Spain’s regions have been trimming Succession Tax like a minimalist Marie Kondoing their wardrobes:
- Madrid: 99% relief for Groups I & II (close family) for years now, plus 25% relief since 2023 for siblings, uncles/aunts, nephews/nieces.
- Andalucía (since 2022): €1m allowance + 99% relief for spouses/ascendants/descendants (inheritances; gifts differ). Group III allowance €10,000, top rate 26%.
- Balearic Islands (from 18 Jul 2023): 100% reduction for Groups I & II (residents only). Group III? -50% for siblings/uncles/aunts/nephews/nieces; -25% for in-laws.
- Canary Islands (from 6 Sep 2023): 99.9% reduction for Groups I–III, and for gifts to I–II.
- Valencia (draft approved 5 Sep 2023): 99% reduction for Groups I & II, mirroring Murcia/Andalucía vibes.
Estate-planning translation: check your postcode—it matters more than your zodiac sign.
Who should care (and why)
- Banks: Expect margin/comms to feel… taxed. (On the bright side, you’re still not a fintech.)
- High-net-worth investors: That 30% top savings rate taps your shoulder at €300k+ incomes. Tax deferral may become your new best friend.
- Non-EU property buyers: Keep watching the “up to 100%” tax proposal. This is the policy equivalent of a weather warning: it may drift, split, or hit land.
- Heirs in certain regions: Inheritance tax often now says, “I’m off to Ibiza.” Confirm local rules, then celebrate responsibly.
Jargon-buster (with tapas)
- TARIC: The EU’s giant library of tariff codes—great for insomniacs and importers.
- Wealth vs. Solidarity: Same family, different personalities. Solidarity uses Wealth Tax’s base… and adds an extra bill for the very wealthy.
- Groups I–III: Family-proximity ladder for inheritance reliefs (spouses/children up top; in-laws somewhere near the sand).
Practical checklist (so you can look clever on Monday)
- If you bank or broker in Spain: Model the 1–7% bank tax impact on your P&L and pricing.
- If your savings income can top €300k: Re-evaluate wrappers, timing of withdrawals, and asset location.
- Thinking of buying in Spain as a non-EU resident: Pause, get advice, and track the 100% property tax proposal closely.
- Inheritance planning: Re-run scenarios by region—reliefs can be massive, but rules differ.
- Budgeting households: Expect higher baseline costs from VAT/fuel/electricity resets; shop around, switch tariffs, and stop treating olive oil like cologne.
Conclusion
Spain’s 2025 plan blends EU-approved fiscal discipline with domestic social aims—and a dash of headline-grabbing housing policy.
For investors and families alike, the theme is simple: location matters, timing matters, and reading the footnotes definitely matters.
Opening a Bank Account in Spain
By Matthew Green
This article is published on: 11th September 2025
11.09.25
One of the first things you’ll need when moving to Spain is a local bank account. Whether you’re paying rent, utilities, or just want easy access to cash, having a Spanish account makes life much simpler. Here’s what you need to know.
1. Types of Bank Accounts in Spain
- Resident Accounts: For those officially registered as residents.
- Non-Resident Accounts: For people living abroad or not yet registered. Often with higher fees.
Tip: Once you have your padrón and residency, switch to a resident account for better conditions.
2. Documents You’ll Need
- Passport or national ID
- NIE (Foreigner Identification Number)
- Proof of address (rental contract, utility bill)
- Proof of income (employment contract or pension statement)
Some banks also ask for a non-resident certificate, which can be obtained from the police station or arranged by the bank.
3. Which Bank Should You Choose?
Spain has a mix of traditional banks (Santander, BBVA, CaixaBank) and digital options (Wise, N26).
Consider:
- Language support (does the bank offer English service?)
- Fees (some charge monthly maintenance)
- Online banking and app usability
4. Common Pitfalls
- Forgetting to update your status from non-resident to resident account.
- Unexpected fees—always ask for a fee schedule in writing.
- Assuming all banks offer English-speaking staff (many don’t).
Plan Ahead for a Smooth Transition
Opening a bank account is a key step – but so is understanding how to structure your income, savings, and investments in Spain. Banking here is different, and so are tax rules.
As a financial planner with The Spectrum IFA Group here in Valencia, I help expats like you make smart decisions for a stress-free life in Spain.
If you’d like a free, no-obligation chat about setting up your finances for life in Spain, feel free to get in touch. It’s all about making sure you can enjoy everything Valencia has to offer—without financial stress.
How to Register for the Padrón and NIE in Valencia
By Matthew Green
This article is published on: 8th September 2025
08.09.25
If you’re moving to Valencia, two words will come up quickly: padrón and NIE.
Both are essential for everyday life, but the process can feel overwhelming. Here’s a simple guide.
1. What is the Padrón?
The padrón municipal is the local census—registering your address with the town hall (ayuntamiento). It’s needed for:
- Health care
- School enrollment
- Resident parking permits
- Tax purposes
2. How to Register for the Padrón in Valencia
You’ll need:
- Passport or national ID
- NIE (if you have it)
- Rental contract or property deed
- Completed application form
Book an appointment (cita previa) on the Valencia City Hall website or by phone. Registration is usually free.
3. What is the NIE?
The Número de Identificación de Extranjero is your foreigner ID number. You’ll need it for almost everything: buying property, opening a bank account, paying taxes.
4. How to Get an NIE
- Apply at the foreigners’ office (Oficina de Extranjeros) or at a Spanish consulate abroad.
- Bring passport, completed EX-15 form, proof of why you need the NIE (e.g., work contract), and pay the fee (around €10).
Appointments must be booked in advance—and they fill up fast.
Common Tips
- Make photocopies of everything.
- Arrive early for your appointment.
- Consider using a gestor to avoid headaches if your Spanish is limited.
Plan Ahead for a Smooth Transition
Getting your padrón and NIE sorted is an important first step—but financial planning should be next on your list. From tax planning to pensions and investments, having a strategy will make life in Spain easier and more secure.
As a financial planner with The Spectrum IFA Group here in Valencia, I help expats like you plan for a stress-free life in Spain.
If you’d like a free, no-obligation chat about setting up your finances for life in Spain, feel free to get in touch. It’s all about making sure you can enjoy everything Valencia has to offer—without financial stress.