Tax, economy, and demographics

Dimension	Gibraltar	Spain
Corporate income tax	15%Moderate	25%Very high
Corporate tax basis	Pure territorialPure territorial	WorldwideWorldwide
Personal income tax (marginal)	25%Low	47%High
Personal tax basis	TerritorialTerritorial	WorldwideWorldwide
Population	34 k	49.6 M×1458
Area	7 km²	505,990 km²×72284
Population density	4,857 /km²	98 /km²
Capital	Gibraltar	Madrid
Currency	GIP (Gibraltar pound)	EUR (Euro)
Main airport	GIB (Gibraltar International Airport)	MAD (Adolfo Suárez Madrid-Barajas Airport)
Phone code	+350	+34
Internet TLD	.gi	.es

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Spain passport

#4

Henley rank

185

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Verdict

For professionals who prioritize tax freedom index, Gibraltar leads with 8.8 / 10 versus 3.3 / 10 for Spain. On flight index, Spain is at 7.1 / 10 compared with 3.4 / 10 for Gibraltar.

Frequently asked questions

• Gibraltar

  Can foreign residents open bank accounts and deploy capital in Gibraltar without friction?

  Gibraltar is a highly regulated, UK-aligned financial centre supervised by the Gibraltar Financial Services Commission (GFSC) under the Financial Services Act 2019, with eligible deposits protected up to GBP 120,000 per depositor per credit institution under the Gibraltar Deposit Guarantee Scheme. The principal banks operating locally are Gibraltar International Bank (government-owned, default choice for residents and SMEs), The Royal Bank of Scotland International Limited trading as NatWest International (NatWest Group offshore arm, accounts for UK expatriates and internationally mobile clients), Trusted Novus Bank (formerly Jyske Bank (Gibraltar) Limited until April 2020, now owned by Rooke Investments, focused on private banking and personal banking), Turicum Private Bank (Swiss-style private banking, conservative investment strategy), Bank J. Safra Sarasin (Gibraltar) Ltd (Swiss-Brazilian J. Safra Sarasin group, high net worth wealth management), Union Bancaire Privée (UK) Limited Gibraltar Branch (formerly SG Kleinwort Hambros, rebranded 1 April 2025 following UBP acquisition from Société Générale), and Xapo Bank Limited (credit institution under Permission No. 23171, paired with Xapo VASP Limited DLT licence under Permission No. 26061 for crypto custody). Resident foreign nationals open accounts with proof of valid residency, source-of-funds documentation, and compliance with KYC standards aligned with FATF and EU AMLD frameworks transposed into Gibraltar law. Account opening is significantly more demanding than in larger European centres: lead times of four to twelve weeks are typically reported for resident accounts, comprehensive source-of-wealth dossiers are routine, and personal interviews are common. Non-resident account opening for individuals has tightened materially since 2018 and is rarely accessible outside private banking thresholds, with reported minimum AUM in the GBP 500,000 to GBP 1 million range. Gibraltar has been FATCA-compliant since 2014 and CRS-compliant since 2017. The territory was removed from the FATF grey list on 23 February 2024 following sustained reform of its anti-money laundering and counter-terrorist financing framework, and was subsequently removed from the EU high-risk list in March 2024. There are no general foreign exchange controls, and capital can be deployed and repatriated without restriction within ordinary AML compliance. Real estate purchase on the open market is available to non-residents without nationality restrictions, while the restricted market (also called local market or 3-year residency market) is reserved to buyers who have lived in Gibraltar continuously for three years. Stamp duty on open-market property purchases is nil up to GBP 200,000, then 2% on the first GBP 250,000 and 5.5% on the balance up to GBP 350,000, 3% on the first GBP 350,000 and 3.5% on the balance up to GBP 800,000, and 3% / 3.5% / 4.5% on tranches above GBP 800,000, with first and second-time buyer exemption up to GBP 300,000 under the Stamp Duties (Amendment) Act 2024.

• Spain

  Can foreign residents open bank accounts and deploy capital in Spain without friction?

  Spain is a European Union (EU) and euro-area banking jurisdiction operating under the Single Supervisory Mechanism (SSM), in which the European Central Bank (ECB) directly supervises significant institutions while the Banco de España oversees less significant banks and macroprudential policy, the Comision Nacional del Mercado de Valores (CNMV) supervises securities markets and investment services, and Sepblac acts as the financial intelligence unit and anti-money laundering and counter-terrorist financing supervisory authority. The largest domestic banks by assets are Santander, CaixaBank, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Bankinter, followed by Unicaja, Abanca, Kutxabank and Ibercaja and a layer of cooperative and rural banking groups, while international institutions such as HSBC, Citi, Deutsche Bank and BNP Paribas operate mainly through corporate, institutional, private banking and wealth management arms rather than full mass-retail networks. Spain applies the EU anti-money laundering framework through Ley 10/2010 of 28 April, with the new EU package of Regulation (EU) 2024/1624 and Directive (EU) 2024/1640 taking effect mainly from 10 July 2027 under phased transposition and application dates. Foreign residents and non-residents can open Spanish accounts, but onboarding is risk-based rather than frictionless, with institutions requiring identity documents, proof of resident or non-resident status, the Numero de Identidad de Extranjero (NIE) where applicable, proof of address and evidence of economic activity, and higher-value, private banking, complex-structure, foreign-wealth or politically exposed profiles triggering enhanced due diligence with source-of-funds and source-of-wealth evidence. Processing times are not fixed by law and depend on the institution, the client profile and the completeness of documentation. Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reporting is fully operational. Cryptoassets are legal and taxed under ordinary Spanish rules, and the Markets in Crypto-Assets (MiCA) framework applies, with the CNMV as the competent authority for crypto-asset service provider authorization and the Banco de España retaining functions over e-money and asset-referenced token issuers. The Banco de España legacy provider registry stopped accepting new entries on 30 December 2024, and the Spanish transition window for pre-existing providers runs to 30 June 2026. Capital movements within the EU and between Spain and third countries are free under Article 63 of the Treaty on the Functioning of the European Union (TFEU), subject to anti-money laundering controls, sanctions and tax reporting. Physical means of payment, meaning cash and bearer instruments, must be declared on form S-1 under Article 34 of Ley 10/2010 from EUR 10,000 when entering or leaving Spain and from EUR 100,000 for internal movements within Spanish territory, while bank transfers are not subject to this cash declaration. Spanish tax residents may also face the Modelo 720 informative return on foreign assets above EUR 50,000 per reportable category, covering foreign accounts, securities and rights, and real estate, and the Modelo 721 informative return on cryptoassets situated abroad above EUR 50,000, meaning cryptoassets custodied by non-resident providers, with self-custody wallets outside its scope. Foreign nationals can acquire Spanish real estate without a general nationality-based prohibition, subject to the NIE, tax, anti-money laundering, notarial and land registry formalities. The main exception is the restricted foreign-ownership zones under Ley 8/1975 and Royal Decree 689/1978, which require military authorization and are far broader than isolated military perimeters, covering insular territories, Cartagena, the Strait of Gibraltar, the Bay of Cadiz, the Portuguese and French border areas, Galicia and the Spanish territories in North Africa, with EU citizens exempt from this authorization and European Economic Area (EEA) nationals generally treated as equivalent in practice. Agricultural land carries no general nationality-based restriction but remains subject to ordinary land, planning, environmental and defense-zone rules. Mortgage financing is available to foreign buyers as a matter of market practice rather than right and is profile-dependent, with EU non-residents commonly accessing 60 to 70 percent loan-to-value and non-EU buyers more often 50 to 60 percent, under fixed, variable or mixed structures rather than only Euribor-linked pricing. Capital deployment into Spanish equities, bonds and funds is open to non-residents through regulated intermediaries, and withholding tax can be reduced under an applicable double tax treaty, although treaty relief requires a certificate of tax residence and is not automatic.

• Gibraltar

  How does taxation apply to residents and foreign-source income in Gibraltar?

  Gibraltar applies a territorial corporate tax system, while individual taxation is mainly source-based but includes specific charges on certain foreign or passive income for ordinarily resident individuals, under the Income Tax Act 2010. Section 11 distinguishes three regimes: companies are taxed only on income accruing in or derived from Gibraltar (Tables A to C of Schedule 1), individuals not ordinarily resident are taxed only on Gibraltar-source income, and individuals ordinarily resident are also taxed on income specified in Table B and Table C accruing in, derived from or received in any place other than Gibraltar, with section 11(3) deeming receipt in Gibraltar where the taxpayer obtains an equivalent benefit in Gibraltar. Foreign-source income is therefore not automatically exempt by virtue of residence alone, but specific categories may become taxable depending on ordinary residence, actual receipt, deemed receipt, or statutory deeming rules. For companies, the standard corporate income tax rate is 15% (raised from 12.5% on 1 July 2024), with a 20% rate applying to utility providers, telecommunications companies (on their telecom income only), and companies abusing a dominant market position. Three explicit exceptions to corporate territoriality are set out in Schedule 1 of the Act: intercompany loan interest exceeding GBP 100,000 per annum, royalty income received or receivable by a Gibraltar-registered company, and (since the Income Tax (Amendment) Regulations 2018) non-trading rental income from movable property located outside Gibraltar received or receivable by a Gibraltar-registered company are all deemed to accrue in and derive from Gibraltar regardless of source, and taxed at 15%. The Development Aid Scheme (Development Aid Act) grants full corporate tax exemption to approved capital expenditure projects in real estate, tourism, housing, and infrastructure, until aggregate gains net of losses exceed the approved capex. The Global Minimum Tax Act 2024 introduced a Qualified Domestic Minimum Top-Up Tax for fiscal years ending on or after 31 December 2024, applying to multinational groups with consolidated revenue above EUR 750 million. For individuals, a dual-assessment mechanism applies automatically: each taxpayer is assessed under both the Allowances-Based System (rates 14% to 39% with personal allowances) and the Gross Income Based System (peak 28% on income GBP 40,001 to GBP 105,000, falling back to 25% above GBP 105,000), and the lower liability prevails. Since 1 July 2022, foreign residents holding neither CAT2 nor HEPSS, and not in genuine third-party employment, are taxed on their full passive income including savings, dividends, and pensions, neutralising the historical self-sufficiency tax position. There is no general capital gains tax (subject to the Income Tax (Amendment No.2) Act 2024 regime on residential property disposals from 1 January 2025 for persons holding five or more taxable properties), no wealth tax, no inheritance tax, no gift tax, no withholding tax on dividends, interest, or royalties paid to non-residents, and no VAT. Stamp duty applies on open-market real estate at rates of nil up to GBP 200,000, 2% on the first GBP 250,000 and 5.5% on the balance up to GBP 350,000, 3% on the first GBP 350,000 and 3.5% on the balance up to GBP 800,000, and 3% / 3.5% / 4.5% on tranches above GBP 800,000, with first and second-time buyer exemption up to GBP 300,000 under the Stamp Duties (Amendment) Act 2024. Gibraltar has no broad double-tax treaty network outside its agreements with the United Kingdom and Spain (the latter under the 2019 International Agreement on Taxation in respect of Gibraltar), which materially limits foreign tax credit relief for residents with multi-jurisdictional income. Source: Gibraltar Income Tax Office and Income Tax Act 2010.

• Spain

  How does taxation apply to residents and foreign-source income in Spain?

  Spain operates a worldwide taxation system for both companies and individuals, modulated by a dense network of special regimes and the 95 percent participation exemption mechanism. The general corporate income tax (CIT) rate is 25 percent under Ley 27/2014, the Corporate Income Tax Law (LIS), but Ley 7/2024 added a transitional reduced-rate schedule under the new Disposicion Transitoria 44 LIS effective 1 January 2025: microenterprises with turnover below EUR 1 million are taxed on a progressive scale (21 percent on the first EUR 50,000 and 22 percent on the rest in 2025, falling to 17 and 20 percent from 2027), and small companies with turnover below EUR 10 million move from 24 percent in 2025 down to 20 percent by 2029. Emerging companies certified by the Empresa Nacional de Innovacion (ENISA) under Ley 28/2022 are taxed at 15 percent for the first profitable year plus the 3 following, with deferral of CIT payment for the first 2 profitable years and exemption from fractional payments. The Canary Islands Special Zone (ZEC) under Ley 19/1994 applies a 4 percent corporate rate on income from activities materially carried out in the Canary Islands, capped at EUR 1.8 million plus EUR 500,000 per additional employee above the statutory minimum, requiring at least one Canary-resident director, EUR 100,000 (Tenerife, Gran Canaria) or EUR 50,000 (other islands) of fixed-asset investment within 2 years and 5 or 3 jobs created within 6 months, with new entity registrations authorized until 31 December 2026 and tax benefits available until 31 December 2032 subject to the EU State aid framework. The Patent Box under Article 23 LIS grants a 60 percent reduction on net income from licensing or sale of qualifying intangibles (patents, utility models, legally protected designs and models, and advanced registered software derived from research and development), excluding trademarks, ordinary software, secret formulas and procedures and commercial know-how, under the OECD Modified Nexus Approach, dropping the effective rate to approximately 10 percent. The Entidad de Tenencia de Valores Extranjeros (ETVE) holding regime under Articles 107 to 108 LIS combined with the Article 21 LIS participation exemption taxes qualifying foreign dividends and capital gains at approximately 1.25 percent (5 percent of 25 percent) and exempts outbound distributions to non-resident shareholders. Personal income tax is progressive. The state scale tops at 24.5 percent above EUR 300,000 of general income, and adding the autonomous community scale produces a combined top rate of 47 percent under the default reference, ranging by region from 45 percent in Madrid to 50 percent in Catalonia, 51.5 percent in La Rioja and 54 percent in the Valencian Community. Savings income (dividends, interest, capital gains) is taxed at 19 percent up to EUR 6,000, 21 percent up to EUR 50,000, 23 percent up to EUR 200,000, 27 percent up to EUR 300,000 and 30 percent above, the top bracket having risen from 28 to 30 percent under Ley 7/2024 effective 1 January 2025. The Beckham Law under Article 93 of the Personal Income Tax Law (LIRPF), expanded by Ley 28/2022 effective 1 January 2023, allows qualifying inpatriates with no Spanish tax residence in the prior 5 tax years to be taxed under Non-Resident Income Tax (IRNR) rules at a flat 24 percent up to EUR 600,000 and 47 percent above for 6 tax years. Employment and entrepreneurial business income is taxed wherever it arises, while foreign-source passive income such as dividends, interest and capital gains stays outside the Spanish tax net. The 2023 reform extended Beckham to employee digital nomads, entrepreneurs with ENISA certification and highly qualified professionals serving startups, plus spouses and children under 25. Spain levies wealth tax on worldwide assets above EUR 700,000 (with a EUR 300,000 primary residence allowance) and progressive rates from 0.2 to 3.5 percent, with material autonomous community variation. Madrid and Andalusia maintain a 100 percent rebate that neutralizes ordinary wealth tax for net worth below the large-fortune threshold, but since 2023, under Madrid Ley 12/2023 and the equivalent Andalusian measure, that rebate becomes a variable one for taxpayers liable to the federal large-fortune tax, so net worth above EUR 3 million is effectively taxed regionally rather than escaping wealth taxation. The Balearic Islands raised their exemption to EUR 3 million effective 1 January 2024 and Valencia to EUR 1 million, while Catalonia maintains a EUR 500,000 exemption with the highest progressive rates. The Impuesto Temporal de Solidaridad de las Grandes Fortunas (ITSGF), introduced for the 2022 and 2023 tax years as a federal anti-arbitrage floor on net worth above EUR 3 million and extended by Real Decreto-ley 8/2023 until wealth taxation is reformed within the regional financing system, applies regardless of region with credit for regional wealth tax paid. Inheritance and gift tax applies with major regional variation, effectively near-zero for close family in Madrid, Andalusia and the Valencian Community (the last through a 99 percent bonus on Groups I and II since 28 May 2023 under Ley 6/2023), while Catalonia and a few other communities such as Asturias can remain materially more expensive for larger estates depending on the relationship and estate size. Capital gains on principal residence sale are exempt under reinvestment rules. Spain has an extensive double tax treaty network covering all major OECD jurisdictions, comprehensive Latin American coverage given language and historical ties, and full Parent-Subsidiary and Interest-Royalties Directive access within the EU.

• Gibraltar

  What long-term residence options exist in Gibraltar for internationally mobile individuals?

  Gibraltar offers no digital nomad visa, no remote-work permit, and no freelancer track. The available pathways are employment by a Gibraltar-registered entity, self-employment with genuine local activity, self-sufficiency, and the two specialist tax regimes Category 2 (CAT2) and High Executive Possessing Specialist Skills (HEPSS). CAT2, governed by the Qualifying (Category 2) Individuals Rules 2004 under the Income Tax Act 2010, caps Gibraltar tax on the first GBP 118,000 of assessable income (income accrued in, derived from, or remitted to Gibraltar) under the Allowance Based System, producing a minimum annual liability of GBP 37,000 and a maximum of GBP 42,380 for 2025/2026. Foreign-source income that is neither received in nor remitted to Gibraltar is generally not taxed under the territorial system, so a CAT2 holder with offshore passive portfolio income typically pays the minimum GBP 37,000. CAT2 requires net worth of at least GBP 2 million, approved residential accommodation in Gibraltar reserved for exclusive use, forbids trade or employment in Gibraltar (except where economically beneficial under Finance Centre Director discretion), demands 5 years of prior non-residency (defined as not present more than 183 days in any tax year, nor an average of 90 days in three of those 5 years), and carries a non-refundable application fee of GBP 1,100 plus an advance tax deposit of GBP 42,380. HEPSS, governed by the HEPSS Rules 2008, is employment-based, fixes income tax at GBP 39,940 per year on a deemed GBP 160,000 base under the Gross Income Based System, requires a Gibraltar employer in a high executive or senior management position, salary above GBP 160,000 per annum, specialist skills not readily available locally, exclusive use of approved Gibraltar accommodation, and 3 years of prior non-residency. The HEPSS certificate is dependent on continued employment with the same Gibraltar company and ceases on change of employer. Since 6 October 2025, Legal Notice 729/2025 (Immigration (EU Exit) Regulations 2025) has suspended new general residency applications from UK and EEA nationals after applications roughly tripled following the 11 June 2025 political agreement on the UK-EU treaty. CAT2 and HEPSS applications continue on a discretionary economic-interest basis with Chief Minister approval. The Gibraltarian Status and Immigration (Amendment) Bill 2025, in force from 30 October 2025, doubled permanent residency under Section 55N IARA from 5 to 10 years, and Gibraltarian Status under ministerial discretion (Section 9(f) Gibraltarian Status Act) from 10 to 20 years. British Overseas Territories Citizen naturalisation remains available after 5 years of qualifying residence (3 years if married to a BOTC). Non-UK and non-EEA nationals are not affected by the LN 729/2025 suspension and follow the standard discretionary track.

• Spain

  What long-term residence options exist in Spain for internationally mobile individuals?

  Spain offers four particularly relevant long-term residence routes for internationally mobile non-EU nationals, following the abolition of the Golden Visa on 3 April 2025 by Ley Orgánica 1/2025 of 2 January 2025, which left Articles 63 to 67 of Ley 14/2013 without content rather than formally repealing them. The Digital Nomad Visa (DNV), created by the Ley 28/2022 Startup Act in force since 23 December 2022 and codified in Chapter V bis of Ley 14/2013, is the canonical route for non-EU remote workers and freelancers serving foreign companies. It requires a 2026 minimum income of EUR 2,849 per month for the main applicant, equal to 200 percent of the Spanish minimum wage (SMI) on its annualized 12-payment basis of EUR 1,424.50 per month, the SMI itself being set at EUR 1,221 per month over 14 payments by Royal Decree 126/2026, with EUR 1,069 added for the first dependent and EUR 356 for each additional family member. Applicants must hold a degree from a recognized institution or document at least 3 years of relevant professional experience, and salaried applicants may work only for companies located outside Spain while self-employed applicants may bill Spanish clients for no more than 20 percent of their total professional activity. The DNV consular visa under Article 74 quater is valid for up to 1 year, and within 60 calendar days before its expiry the holder may apply in Spain through the Unidad de Grandes Empresas y Colectivos Estratégicos (UGE-CE) for the residence authorization under Article 74 quinquies, valid for up to 3 years and renewable in 2-year periods, with eligibility for long-term residence after 5 years of continuous legal residence. The Non-Lucrative Visa, now governed by Articles 61 to 64 of Royal Decree 1155/2024, the general immigration regulation in force since 20 May 2025 that replaced Royal Decree 557/2011, targets retirees and financially independent individuals with sufficient savings, assets or periodic income and no work permitted in Spain. It requires 400 percent of the Indicador Público de Renta de Efectos Múltiples (IPREM), equal to EUR 28,800 per year, plus 100 percent of the IPREM, equal to EUR 7,200 per year, for each dependent. Initial validity is 1 year and renewals run in 2-year periods, with renewal conditioned since the 2025 reform on having resided in Spain for more than 183 days in the calendar year under Article 64.2.f of the regulation. The Highly Qualified Professional permit under Article 71 of Ley 14/2013, as amended by Ley 11/2023 transposing Directive (EU) 2021/1883, is the fast-track salaried route, processed by the UGE-CE within 20 working days with approval by positive administrative silence if no decision is issued, valid for 3 years and renewable for 2 years, the 2023 reform having removed the former employer size and turnover thresholds. The Entrepreneur Visa under Article 69 of Ley 14/2013 requires a favorable report from the Empresa Nacional de Innovación (ENISA) assessing the innovation, scalability and viability of the project. There is no fixed statutory minimum capital, the authorization is valid for 3 years and renewable for 2 years, and family members may apply jointly and obtain residence and work rights, with their status remaining linked to the principal holder. All four routes count toward long-term residence after 5 years of continuous legal residence and toward Spanish citizenship after 10 years, reduced to 2 years for nationals of Ibero-American countries, Andorra, the Philippines, Equatorial Guinea, Portugal and Sephardic Jews of Spanish origin, provided the residence is legal, continuous and immediately prior to the application. Existing Golden Visa holders are unaffected by the abolition, since applications filed before 3 April 2025 continue under the prior rules and authorizations already granted retain their validity and may be renewed under the rules in force at the time of the original grant.

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