Savings income tax brackets
Combined state and regional scale in force since January 1, 2025. It applies to gains on selling funds and ETFs, dividends and interest.
| Savings income bracket | Rate |
|---|---|
| €0 to €6,000 | 19.00% |
| €6,000 to €50,000 | 21.00% |
| €50,000 to €200,000 | 23.00% |
| €200,000 to €300,000 | 27.00% |
| Over €300,000 | 30.00% |
Source: arts. 66 and 76 of Spanish Law 35/2006 on personal income tax, as amended by Law 7/2024 (BOE).
How funds and ETFs are taxed in Spain
As long as you do not sell, growth in an accumulating fund or ETF is not taxed. The gain is worked out when you sell: sale value minus purchase value, including dealing costs.
That gain is added to your other savings income for the year (dividends, interest) and taxed on the progressive scale: the first €6,000 at 19%, up to €50,000 at 21%, up to €200,000 at 23%, up to €300,000 at 27% and the rest at 30%.
Switching between funds: the big tax advantage
Article 94 of the Spanish income tax law lets you move money from one investment fund to another without tax: the new units keep the original purchase value and date, and tax is only due when you finally redeem.
Conditions: the switch is ordered through the receiving institution and the money never reaches your account. Foreign funds (Irish or Luxembourg, for example) qualify if they are registered with the CNMV for sale in Spain and bought through a registered distributor.
It does not apply to ETFs, in either direction. The only exception is transitional: foreign ETFs not listed on Spanish exchanges and bought before 1 January 2022 can be switched into a fund that is not an ETF.
Which units you sell first (FIFO)
If you bought the same fund on several dates, the tax office treats the oldest units as sold first. As those have usually grown the most, a partial sale can produce a bigger gain than you expect.
Offsetting losses
Losses on selling funds or ETFs are offset against gains of the same kind. Any remaining loss can offset up to 25% of investment income (dividends, interest), and the rest carries forward for four years.
Watch the wash-sale rule: a loss cannot be claimed if you buy back equivalent securities in the two months before or after the sale (one year if they are unlisted); it is claimed when you sell those securities.
Dividends from distributing funds
Distributing funds and ETFs pay dividends that are taxed every year as savings income, even if you reinvest them. That is why accumulating share classes are usually more tax-efficient for long-term compounding.
Basque Country and Navarre
The Basque Country and Navarre run their own income tax regimes with different brackets. This calculator applies the scale for the rest of Spain.