The Beckham regime with a large foreign investment portfolio

Key rules

• Foreign dividends and gains: Dividends and gains from non-Spanish sources are generally not taxed in Spain under the regime.
• Spanish-source exceptions: Gains on Spanish real estate, Spanish assets and shares in entities mainly holding Spanish property are taxed in Spain.
• Spanish savings income: Spanish dividends, interest and gains are taxed at 19% to 28% on the 2025 savings scale.
• Rental income: Spanish rental income is taxed on the general scale, 24% up to 600,000 EUR and 47% above.

The short answer

If most of your investment income comes from outside Spain, the regime can be very valuable. Under the regime you are taxed like a non-resident, so only Spanish-source income is taxed in Spain. Foreign dividends and foreign capital gains are generally not taxed in Spain.

Under normal Spanish residence, that same income would be taxed on the savings scale. That is why a large portfolio often tips the comparison toward the regime.

What is not taxed in Spain

• Dividends from shares in non-Spanish companies.
• Capital gains from selling non-Spanish investments.
• Other foreign-source income, apart from the exceptions below.

What is still taxed in Spain

Some income counts as Spanish-source even if you hold it through a foreign account. Expect Spanish tax on:

• Dividends, interest and gains from Spanish companies and other Spanish assets.
• Gains on Spanish real estate.
• Gains on shares in entities that mainly hold Spanish property.
• Foreign employment income for work you physically carry out in Spain.
• Income attributed to a Spanish permanent establishment.

Spanish dividends, interest and gains are taxed under the savings scale for non-residents (IRNR). The 2025 rates were:

Spanish rental income is taxed on the general scale, the same as employment income: 24% up to 600,000 EUR and 47% above.

A small transition rule

Since 2023, some people under the regime get a 3-year transition. During it, the first 6,000 EUR of foreign-source income is taxed on the savings scale. Whether this applies to you depends on your case, so ask an adviser.

When your portfolio changes the comparison

• Mostly foreign holdings: the regime's value is highest, because most of your income stays outside Spanish tax.
• Mostly Spanish holdings: the advantage shrinks. Spanish-source income is taxed at similar savings rates either way.
• Plans to sell Spanish property or Spanish-property companies: these gains are taxed in Spain, so do not count them as tax-free.

Before you decide, list your holdings by country and by type, and have an adviser check where the boundary falls for each. The questions below cover the most common cases.

Frequently asked questions

Are dividends from my foreign shares taxed in Spain under the Beckham regime?

No, dividends from non-Spanish companies are generally not taxed in Spain under the regime, because you are taxed only on Spanish-source income, like a non-resident. Dividends from Spanish companies are taxed, on the savings scale.

Which capital gains are still taxed in Spain if I sell investments?

Gains on Spanish real estate and on other Spanish assets are still taxed in Spain, on the savings scale. Gains on shares in companies that mainly hold Spanish property are also taxed. Gains from non-Spanish sources are not.

What rates apply to Spanish dividends, interest and gains under the regime?

Spanish dividends, interest and gains follow a savings scale: 19% up to 6,000 EUR, 21% to 50,000 EUR, 23% to 200,000 EUR, 27% to 300,000 EUR and 28% above. These were the 2025 rates.

Is any foreign income still taxed in Spain under the regime?

Yes, foreign employment income is taxed if the work is physically done in Spain, and so is income attributed to a Spanish permanent establishment. Since 2023, some people also get a 3-year transition to the savings scale for the first 6,000 EUR of foreign-source income. Ask a tax adviser where your own case falls.