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    Spain Facts And Figures

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    Facts About Spain

    Reviewed by Kathleen Peddicord

    Kathleen is the Live and Invest Overseas Founding Publisher. She has more than 30 years of hands-on experience traveling, living, and buying property around the world.


    Compass on a map pointing at Spain
    Alamy/Mattia Dantonio

    Spain is the second-largest country in Western Europe both in size and in population, which means the lifestyles here are as diverse as they come…

    Settle in a bustling city, in a resort-style beach community, in the rugged mountains or the dessert of the north, on an unknown stretch of coastline that sees no tourists, on your own farm in this fertile land known as “the garden of Europe” for how much produce it provides its neighbors…

    Information TypeSpain Data
    Population47,558,630 (June 2022)
    Gross Domestic Product PPP (GDP)US$1.875 trillion (2022)
    GDP Per CapitaUS$45,825 (2022)
    Inflation Rate2.40% (2023)
    CurrencyEuro
    Exchange Rate Versus U.S. Dollar0.95 euro per U.S. dollar (October 2023)
    LanguageCastilian Spanish (official) 74%, Catalan 17%, Galician 7%, and Basque 2%
    CapitalMadrid
    Population of Capital City6.75 million (metropolitan area)
    Time ZoneUTC/GMT +1 hour
    SeasonsTemperate. Clear, hot summers in interior, more moderate and cloudy along coast. Cloudy, cold winters in interior, partly cloudy and cool along coast.
    International Dialing Code34
    Electricity230V, 50 Hz
    System of GovernmentParliamentary Monarchy
    Current LeaderPrime Minister Pedro Sánchez (since June 2, 2018)
    Income Tax Rate for Residents20% to 47%
    Property Tax0.4% for urban properties and 0.3% for residential, plus an annual 3% tax on the cadastral value of real estate owned by nonresidents.
    Capital Gains TaxResidents: 20% to 24%Nonresidents: 19% to 23%
    Inheritance TaxFrom 7.65% to 34%, after certain tax-free amounts have been deducted.
    Rental Income TaxNonresident: flat rate 24.75%
    Transfer TaxScaled at 8%, 9%, 10%
    Sales Tax21%
    Restrictions on Foreign Ownership of PropertyNo
    Local Chamber of CommerceAv. Diagonal 452-454 08006 Barcelona Tel: 902-448-448
    American Chamber of CommerceBarcelona: Pl. Francesc Macià, 5 Piso 1º 1Tel: 34-93-415-99-63
    Primary ExportsChemicals, fruit and vegetables, machinery, motor vehicles, olive oil, petroleum products, shoes, small metal manufactures, textiles, wine.
    Residency and Visa RequirementsMany non-EU citizens require a visa to enter Spain. If the stay is intended to be under three months (90 days), a tourist visa may be required. This is called a Schengen visa, valid for all of thecountries in the Schengen Area, and is issued by the Spanish Embassy in the home country (or the embassy of the Schengen country in which a traveler will arrive).Anyone arriving in Spain with the intention of staying longer than three months requires a Residence Visa(Visado de Residencia). This must be requested from and issued by the Spanish Embassy of the applicant's home country, before departure for Spain. It is different to the standard 90-day Schengen visa in that it allows the holder to begin the residency application process. Application for residency is not typically accepted from anyone arriving on a Schengen visa. Golden Visa program. This allows anyone from outside the EU to obtain residency by investing 500,000 euros either in government bonds or real estate.
    Special Benefits for Foreign Residents or RetireesResidency in Spain doesn’t just allow you to live in Spain. You can stay as long as you like in any of the 26 Schengen visa countries, meaning you could move as you wanted amongSpain,France,Italy, Germany, Austria, Switzerland, and beyond.
    National AirlineIberia

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    My Favorite Part Of Spain

    by Lee Harrison
    June 22, 2024
    0

    Spain should be near the top of your list for a retirement or second home destination. The lifestyle is fantastic… the cost of living is relatively low… the cost of properties is reasonable… and the language is fairly familiar. Spain, in fact, was my first overseas destination, years before my wife and I finally settled in South America. I’ve enjoyed repeated visits to Spain’s major cities, and the countless attractions they hold. From Madrid to Barcelona… and from Granada to...

    Read more

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