Last updated 2026-06-27

Non-Resident Tax

Non-resident tax is tax levied by a country on income earned within its borders by taxpayers who are not domiciled there. For investors, this primarily means withholding tax on dividends and interest. The applicable rate depends on whether a tax treaty exists between the source country and the investor's country of residence.

Non-resident investors are generally subject to withholding tax only on income sourced in the relevant country, not on capital gains (with exceptions — e.g. real estate). Spain taxes non-EU non-residents at 24% on dividends but EU residents at 19%, then allows treaty-country investors to reclaim the difference above their treaty rate via Modelo 210.